February 24, 2021 | By: Sound Choices

Retirement Trends – Do You Need to Adjust Your Plan?

2 min read

Retirement Trends

Getting a better understanding of these major retirement trends and changes will help you better plan for your retirement.

1. Canadians are living longer

At age 65, the average lifespan of Canadian men and women is 85 and 87, respectively.1


2. We are retiring early

The majority of us are not working through retirement. Actually, we are retiring early. The average retirement age in Canada is 64.2


3. We are not on track

4-in-10 Canadians over 55 say they’re falling short in their saving for retirement and almost half don’t have a financial plan.3


4. COVID-19 is having an impact 

1/4 of Canadians have been unable to contribute to retirement savings4 and 1/3 say they’ll retire later than planned as a result of COVID-19.5


While retiring early and living longer can both be good, the pandemic has underscored the need to have a plan and start early. Contributing to your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) are two of the best ways to make sure you’re on track for retirement.

 

To learn more about saving and investing for your retirement, talk to your financial advisor. Don’t have a financial advisor? Before you start your search, read about working with a financial advisor.


 

1Source: Statistics Canada. Table 13-10-0114-01 Life expectancy and other elements of the life table, Canada, all provinces except Prince Edward Island.
2Source: Statistics Canada. Table 14-10-0060-01 Retirement age by class of worker, annual
3Source: RBC Financial Independence in Retirement Poll, February 2020.
4Source: CIBC Poll: COVID-19 Impact on Retirement Planning, October 2020.
5Source: Edward Jones Canada, The Four Pillars of the New Retirement (June 25, 2020).
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February 24, 2021
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