Most Canadians say inflation negatively impacting retirement plans: BMO survey
BNN Bloomberg
A new survey from BMO finds the majority of Canadians say the rising cost of living is affecting their retirement plans
Seventy-four per cent of respondents say inflation has raised concerns about whether they will have enough money to fund their retirement.
Meanwhile, 66 per cent say inflation is already impacting their ability to save and invest for their golden years.
The survey also finds that 30 per cent of respondents say they do not know how long their money will last in retirement before it runs out.
Brent Joyce, chief investment strategist at BMO Private Wealth, says that while inflation is a threat to retirement savings, the key is to stay invested and include inflation assumptions in financial plans.
The survey was conducted by Pollara Strategic Insights with an online sample of 1,500 Canadians between Nov. 4 and Nov. 10 last year.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
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Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.