Money on the mind: More than 75 per cent nearing retirement worry about finances
More than three quarters of Canadians nearing or in early retirement are worried about finances at a time when more and more people plan to age at home for as long as possible, according to a new survey.
Bernie Larusic, a senior's advocate in Sydney, N.S. says with the cost of living is on the rise, it's hard to save money for the future.
"When you look at inflation, and when things started in 1967 for CPP, it was $50, now it's a $1,000 . So in 50 years, it hasn't gone up that much." added Larusic.
A recent survey from Ryerson University’s National Institute on Ageing says 77 per cent of Canadians aged 55 to 69 worried about retirement finances.
Larusic says he's not surprised.
"Now people understand, holy cow what am I going to do when I hit 60, 65, or 70? What am i going to live on?"
As the COVID-19 pandemic revealed some shortcomings in the long-term care system, 44 per cent of respondents are planning to age at home, but many don’t fully understand the costs involved.
"The pandemic has kind of turned the world upside down. The market has been up and down, but we tell people to stay the course and set a budget and stick to it." says Tim Burns, a financial advisor in Sydney.
The researchers also suggest leveraging home equity and purchasing private long-term care insurance as ways to help with financial stability for the later years.
Burns says it's important to stay the course. He is not surprised concerns are rising as costs soar.
"They worked hard their whole life and with the cost of living increasing, of course they're going to be concerned. Everything cost money, but with a proper plan in place they should be able to live the way they want too into retirement." says Burns.
To help with their financial future, the researchers suggest Canadians should delay receiving any Canada Pension Plan, which in return would increase their pay out in later years.
But Larusic says seniors are already pinching pennies.
"It's too much for them. They're struggling. I mean even baloney is going up. You go to a meat counter now and you just don't buy meat anymore, it's too expensive." added Larusic.
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.