As the average life span increases, many baby boomers in British Columbia are concerned about having enough money to last for their retirement, according to a Scotiabank study released June 24.
The survey found that 43% of B.C. boomers worry about not having enough retirement savings. The top concern was maintaining a comfortable lifestyle (43%), followed by having enough money to keep healthy and meet any health-related needs (23%). In addition, 15% of respondents said that they are concerned that they won’t have enough money to travel.
Almost half of those surveyed said they have done either a great deal or quite a bit of financial planning for their retirements. A quarter of all respondents said they have done very little or none at all.
Across Canada, the numbers are similar, with 44% of boomers worried about their retirements.
“Canadians who have insufficient funds in their retirement years can not only constrain their lifestyle choices, but also significantly impact their overall health and well-being,” said Dr. Samir Sinha, director of geriatrics at Mount Sinai and the University Health Network Hospitals.
“Successful aging should no longer be solely centered around our health but ensuring that we will have the financial resources to not only live longer, but also live well.”
The survey consisted of online interviews of Canadians with investable assets of $50,000 or more; 37% of those respondents are retired and 63% not retired.
