CIBC poll finds many will not have the future they had imagined
As retirement approaches for millions of Canadians, many are realizing that the future they had planned for decades is likely to be replaced by a new reality.
That means working well past the age they thought they would be able to stop and concerns that the money they have saved won’t be adequate. A new CIBC poll reveals that two thirds of respondents have been forced to adjust their retirement plans due to economic conditions including inflation.
While 70% of those still working are expecting to continue to do so with a phased or semi-retirement approach, they are also looking at how they can save more for their retirement and cut the amount of income they will need.
But that will likely mean giving up on some retirement dreams such as certain travel and leisure activities, trimming their retirement budget, and also ensuring that their investment strategy is optimized to give them the best chance of boosting their retirement savings.
"Many Canadians worry about the cost of living today, but those close to retirement worry about how higher costs will affect their finances tomorrow, knowing they will be on a more fixed income," said Carissa Lucreziano, Vice-President, Financial Planning and Advice at CIBC. "Working with a financial advisor now can help you reach your ambitions in retirement, and poll findings show that there is an increase in demand for financial advice, with three quarters considering or currently using financial advisors."
Recent research from the bank shows that 66% of respondents are using online investment management tools and 53% said that they have engaged with social media groups or blogs dedicated to financial/retirement planning.
While social media can be a ‘wild west’ when it comes to financial advice, a survey last year found that younger people are more likely to be targeted by fraudsters on the platforms than older people.
