Annual Investment Poll Results Released By ScotiaBankPosted by Yoofi Gerard Hagan on Saturday, February 9th, 2013 at 3:16pm.
The bank finds this worrisome.
ScotiaBank’s Mike Henry, a Senior Vice President for the Retail Payment, Lending and Deposit department, is encouraging Canadians to take advantage of the RRSP program, even if they put aside just a small amount each year. Monthly contributions, in small doses, can even make it a less painful process.
The report also noted that 60 percent of Canadians were counting on their savings, 57 percent on some sort of government payments and 52 percent had private work pensions. Another 22 percent planned on selling their properties. Nearly 68 percent of those surveyed were concerned that they would not have enough put away to carry them through retirement.
Nearly 41 percent of those expecting to retire believe they will need under $300,000 to retire comfortably. At the same time during the last five years, the average amount saved per person was $24,469. That is less that the average $31,824 saved when the survey was conducted in 2011. About 44 percent of Canadians stared their retirement savings within the last ten years and average under $200 per month.
As far as dollar requirement for retirement, that is determined by the individual retiree. No matter what the magic number is, the plan should be to invest early, regularly and keep at it. Having a yearly financial plan makes this easier.
Questions about the Canadian economy revealed that 46 percent were optimistic about the subject. At the same time 33 percent of Canadians have delayed their retirement because of the current economic state. Of those delaying retirement, 58 percent were planning on delaying by between five and nine years, while 27 percent would stay in the work force for ten years or more.
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