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Ability To Save For Retirement Impaired


Canadians (aged 18 to 54) are concerned that their ability to save for retirement will be impaired both by saving for their children's education (48 per cent) and by taking care of their aging parents (36 per cent), says the ‘23rd Annual RBC RRSP Poll.’ Despite the potential strain of these family priorities on their retirement savings, more than half (57 per cent) of Canadians aged 18 to 54 say their parents' retirementexperience has shaped their expectations of retirement. "While Canadians may see their parents' retirement experience as a model for what to expect, the reality is that their retirement may not be the same, particularly if they are part of the sandwich generation with both aging parents and school age children," says Amalia Costa, head of retirement strategies at RBC.

Courtesy of Benefits and Pensions Monitor website News Alerts

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