As per a survey by the Canada Pension Plan Investment Board, 59% of Canadians fear they will outlive their retirement savings. This is a significant number of Canadians. Anxiety peaks especially with Canadians aged 55 to 59 concerned that they do not have enough money for their retirement. 55% of non-retirees and 44% of retires said they do not have a retirement plan.
This survey also revealed a gender gap that states that 63% of women reported that they are worried about running out of money in retirement. Unfortunately, women were less likely to have a retirement plan and more likely to feel stressed overall about money, influenced by their lower lifetime earnings, career breaks for caregiving and longer life expectancy.
Retirement plans are an important part of your financial plan and will help you to be on track to make sure you have enough money during your retirement to enjoy your golden years.
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