Getting into the month of March means we’ll get a bit of a break from the RRSP advertising and reminders that saving for old age is an important part of being an adult.
But, just because the promotions are over, it is not a signal that we are about to stop worrying about our personal finances.
A new survey from CIBC shows that in spades. It found that more than half of us – 57 per cent actually – doubt we’ll achieve our first milestone which is to retire at 61. That’s the age many Canadians polled said they envision handing up the cleats.
Two-thirds of those who are still working worry they’ll run out of money in their retirement years. Yet, 85 per cent of us don’t have a formal retirement saving plan.
Here are the top ways Canadians are choosing to do their retirement financial planning:
- Topping the list is “their best guess” system. 33 per cent said that.
- That option is followed by “hoping they will have enough money” to fund their retirement which comes from 28 per cent.
- A further 21 per cent said they’ll try to figure out their financial requirement on their own.
- Only 14 per cent said they’d get professional help.