77 per cent of Canadians aged 55-69 worried about retirement finances: survey

More than three quarters of Canadians nearing or in early retirement are worried about their finances, at a time when more and more Canadians plan to age at home for as long as possible, a new survey has revealed.

The survey from Ryerson University’s National Institute on Ageing (NIA),conducted in collaboration with HomeEquity Bank, found that 77 per cent of Canadians within the 55-69 age demographic are worried about their financial health.

Additionally, 79 per cent of respondents aged 55 and older revealed that their retirement income -- through RRSPs, pension plans, and old age security -- will not be enough to be a comfortable retirement.

“Determining where to live and receive care as we age has been an especially neglected part of retirement financial planning,” Dr. Samir Sinha, NIA director of health policy research, said in a news release.

“These are vital considerations that can also be costly. With the vast majority of Canadians expressing their intention to age at home, within their communities, it is essential that we find both financial and health care solutions to make this option comfortable, safe and secure.”