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Most retirees in Quebec feel they have not saved enough

Most retirees in Quebec feel they have not saved enough

As they near retirement, 76% of Quebecers aged 50 or older feel they haven’t saved enough, according to a recent survey by the Royal Bank of Canada (RBC).

However, this is the lowest percentage across the country, with British Columbians (85%), Ontarians (85%) and Albertans (88%) believing they have saved less than they will need in retirement. The national average is 83%.

The findings of the investigation, released on Tuesday, revealed that more than a third (38%) of Quebecers expect to live at least 10 years after depleting their savings, the highest percentage in Canada (32%).

Half of Quebec retirees (53%) also said they are concerned about spending their retirement savings, compared to 55% nationwide.

“In order to make up for any shortfall, it’s important to know where your retirement income will come from and how much it will be,” said Rick Lewis, vice president, retirement strategy, RBC.

“Trying to figure out your sources of retirement income and how it will affect your cash flow and taxes may seem like a daunting task, but it is essential to do so to help you plan to manage any shortfalls,” he added.

Furthermore, 19% of Quebec respondents said they developed a retirement plan with a financial planner, while 20% of Quebecers said they only had a plan “in their heads.”

The survey was conducted on 2,200 Canadians, between May 21 and June 1, 2021.

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