Canada's Boomers Unrealistic but Optimistic
Baby boomers in Canada may have unrealistic hopes about how much they can save in the few years before they retire but many are still optimistic about their personal financial situation.
That's according to a survey conducted by Vision Critical for the $70 billion Central 1 Credit Union. On average, boomers who have not yet retired have $231,000 in assets and expect to retire with $707,000. Older boomers who have already retired have $344,000 in assets.
More than one half of those who have not retired said not saving enough or diminished investments were the reason they will delay retiring. Of those who have retired, 30% said it was because of job loss or downsizing, while 28% said health issues were a factor.
Half of the retired boomers said they had debts when they retired, the survey showed. Twenty-six percent had mortgages, 26% had line of credit balances, 24% had credit card balances and 8% had personal loans.
They survey also revealed that 66% said they have a very good understanding of financial products and 59% believed they can reach all their retirement goals. Seventy-seven percent said they want advice from a knowledgeable professional.
Vision Critical interviewed 2,180 boomers in Ontario and British Columbia between Sept. 22 and Oct. 2.