Retirees in British Columbia are the most likely in Canada to say they are afraid of running out of money for their retirement, according to the results of a CIBC poll released this morning.
When surveyed, 45% of retired British Columbians report having this fear, compared with a national average of 28%.
Only 60% of B.C. retirees say they are living the retirement they had hoped for, compared with a national average of 69%.
“While it is positive to see that a majority of retired Canadians are living the retirement they hoped for, our poll findings also show there is concern around whether their retirement savings will sustain them in the years to come,” said Christina Kramer, CIBC’s executive vice-president, retail distribution and channel strategy.
“There are some unique factors facing today’s retirees as they look to the years ahead, including low interest rates on savings and the need to make their retirement funds last longer than previous generations.”
British Columbian retirees are the least likely in Canada to be able to deal with an unexpected financial emergency, such as a roof replacement or car repairs, with 66% saying that given their current incomes and cash flow, taking on a loan payment of $500 a month would not be manageable, compared with 54% nationally.
