A majority of Canadian retirees recently polled say they’re living the retirement they had anticipated but some express financial worries for the future.
The survey by Leger Marketing for Canadian Imperial Bank of Commerce found that 69 per cent of retired Canadians are happy with the way their retirement is unfolding.
But 28 per cent said they’re afraid of running out of money over the longer term.
“While it is positive to see that a majority of retired Canadians are living the retirement they hoped for, our poll findings also show there is concern around whether their retirement savings will sustain them in the years to come,” Christina Kramer, CIBC executive vice-president of retail distribution and channel strategy, said in a news release Monday.
“There are some unique factors facing today’s retirees as they look to the years ahead, including low interest rates on savings and the need to make their retirement funds last longer than previous generations, which makes long range planning even more important.”
Some retirees may not be in healthy enough financial shape to handle unexpected expenses, such as needing a new roof or replacing a car, according to the survey.
Given their current income and cash flow, 54 per cent of the respondents said having to deal with a new $500 monthly payment would be unmanageable.
Of those, 34 per cent said it would be very unmanageable and 19 per cent said it would be somewhat unmanageable.
“It’s important to plan for your long term retirement needs, but your plan should also include an emergency savings component,” said Ms. Kramer.
The results are based on a poll conducted by Leger via a Web survey. The data came from a sample of 867 retired or preretired Canadians between Sept. 18 and 21, 2012.
CIBC did not provide figures on the accuracy of the survey.