27 Oct 2011

More than half of older Canadians worried about retirement prospects

A considerable number of Canadians are concerned that the global economic climate may impact their ability to retire.

According to financial services organization Sun Life Financial, a majority of respondents age 45 and older said they spent a great deal of time worrying about whether they will have enough money to live comfortably in retirement.

Included in the findings, the researchers found that 33 percent worried about losing money due to market downturns, 30 percent feared unanticipated events would drain the money they had saved and another 30 percent believed their current lifestyle would require them to continue working after leaving their jobs.

"These poll results reflect some concerns that we are hearing from our clients in the 45-plus age bracket about the economic challenges," said Kevin Dougherty, president of Sun Life Canada. "Now more than ever, it is critical to ensure you have the right plan to save enough for your retirement."

Maintaining a sufficient supply of funds either in a bank or in a personal storage unit, such as a safety deposit box, can help give retirees more financial security. Retirees can keep track of locations of their various deposit boxes and store financial records in a monitored storage building in Toronto such as Jiffy Self Storage.

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