Canadians approaching retirement are feeling more financially secure, according to a new Russell Investments survey.
The survey found a wide difference in perception between those who are far from approaching retirement compared with those already in retirement.
Canadians who were more than 10 years from retirement were the least secure about their financial future: 17% said their financial health was excellent or very good. But according to the survey, that number gradually increased the closer a respondent was to retirement: 34% of respondents five years from retirement said their financial health was excellent or very good.
More than half of Canadian retirees said their financial health was excellent or very good and that perception increased the longer they had been retired. More than 60% of people retired for more than 15 years said they were in strong financial shape.
The survey found that those furthest from retirement were the least secure because they didn't have a clear understanding of their retirement needs or were influenced by a climate of fear created by media and advertising campaigns.
The survey found that respondents in the best financial health had higher net worth, assets and income, a pension or had started their retirement planning earlier in their lives.
But the survey noted that high net worth and income were not a guarantee of financial health and even those who had started their retirement planning later could still achieve their retirement goals.
The survey found that as much as 60% of retirement income can be made from retirement investment growth.