September 21, 2012 (PLANSPONSOR.com) – Most of Canada’s 50- to 59-year-olds do not plan to sacrifice their current lifestyle as they enter retirement, despite falling short of their retirement savings goals, a CIBC poll found.
Conducted by Leger Marketing, the poll also reveals that some Canadians in their 50s are planning to carry debt into retirement with no immediate plans to pay it off—which could reduce their retirement cash flow and jeopardize their plans for a higher standard of living.
Key poll results include:
- Only 25% of Canadians ages 50 to 59 would choose to retire earlier than planned but give up their current lifestyle and live more modestly in retirement;
- More than half (57%) said they would rather “work longer and live better” in retirement, and would maintain their current lifestyle; 18% were undecided; and
- Nearly one-quarter (24%) said they plan to carry debt into retirement. The majority (80%) said they will carry some debt throughout retirement, implying they have no immediate plans to pay off their outstanding debt.
These findings expand on earlier CIBC/Leger Marketing research that shows Canadians in their 50s have fallen short of their retirement savings goals, with almost 45% having saved less than $100,000 over their lifetime for retirement.
The results are based on a CIBC poll surveying 805 pre-retired Canadians ages 50 to 59 years old, conducted online from July 5 to July 8, 2012, by Leger Marketing via its LegerWeb panel, which is comprised of more than 400,000 households.