Is 70 is the new 65? Canadians are pushing back retirement plans

A recent survey from CIBC said that two-thirds of Canadians say recent economic changes, including inflation and the cost of living, have made them adjust retirement plans.

For Diane Clark in Regina, playing cards at a seniors home was not how she intended to spend her retirement, but due to rising costs and limited income, that’s changed.

“We don’t travel anymore, we don’t buy as good of food as we used to buy, basically, and we stick at home a lot,” the 75-year-old told Global News in an interview.

She said the 2008 financial crisis caused a big hit to her pension, which was invested in a bank, as it did for many people. That, coupled with post-COVID-19 pandemic inflation, left many retirees with limited lifestyles.

When asked what she would tell Canadians looking ahead to retirement, she had four words: “Save, save and save.”

A recent poll from CIBC shows amid economic changes, including inflation and the increased cost of living, about 66 per cent of Canadians are changing their plans for when they retire.

As a result, some retirees are looking to save more, while those already retired told CIBC they’re cutting back on planned travel or leisure activities, reassessing investments and adjusting their budget.

Financial planners say now is the time for soon-to-be retirees to get their finances in place.

“Look at an actual budget, and part of that budget should include retirement savings and making sure we’re taking advantage of all the different registered plans,” said Jamie Golombek, the managing director of CIBC tax and estate planning.