What today’s savers can learn from today’s seniors about retirement planning

Future retirees can learn a lesson from their elders by looking to current retirees in Canada and around the world.Antonio Heredia/Bloomberg

Future retirees can learn a lesson from their elders by looking to current retirees in Canada and around the world. Research from Schroders in their recent Global Investor Study solicited feedback from international retirees from 30 countries. The results are insightful and help highlight areas to address in the pursuit of financial independence.

When asked if they wished they had saved more for retirement, only 14 per cent of the retired Canadian respondents said they wished they had saved “a lot” more. That is good news for Canadian seniors. 42 per cent felt they had saved enough and 44 per cent wished they had saved “a little” more.

Analyzing their sources of retirement income yields some interesting insights. Nearly one-quarter of their retirement income has come or will come from company pensions. There have been trends in Canada towards reducing employee pension coverage, shifts towards temporary and contract workers and an increase in self-employment. These all put more personal responsibility onto today’s workers to save proactively to be tomorrow’s happy retirees.

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