6 ways to adapt in the Aging Economy
By NextHome Staff
October 29, 2018
October 29, 2018
Canadians aren’t just slow to prepare for retirement, they’re concerned about living comfortably in the Aging Economy.More than half of respondents in a survey of Canadians aged 55 and over report that living longer comes with increasing concerns on health and caring for the aging population.The Aging Economy: Improving withAge, from BMO Wealth Management, draws insight from a demographic that has tremendous influence on the Canadian economy, with the number of seniors increasing at a faster rate than the number of children born. The report reveals that living longer has not changed the number of years spent in retirement because Canadians are extending their working years.“In order to have the long and fulfilling retirement that most Canadians want, effective financial decisions need to be made about savings strategies, retirement and estate planning goals,” says Chris Buttigieg, director, Wealth Institute, BMO Wealth Management.
KEY SURVEY FINDINGS:
- 51 per cent of respondents are concerned about the health problems and costs that come with living longer; 40 per cent are worried about becoming a burden on their families and 47 per cent are afraid of running out of money
- Canadians are staying in the workforce longer to supplement their retirement income
- 59 per cent of respondents say they have differing opinions from their partners about their individual and shared financial goals
- 33 per cent say they want to help their children financially in their lifetime even if they live beyond average life expectancy
- 25 per cent are concerned about maximizing their retirement income, followed by 22 per cent who expressed concerns about outliving their savings and investments