A new survey revealed while baby boomers in Canada may have unrealistic hopes about how much they can save in the few years before they retire, many are still optimistic about their personal financial situation.
Conducted by Vision Critical for the $70 billion Central 1 Credit Union, the survey showed 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.
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