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Canadians Fear Exhausting Savings

Two out of every ten (19%) Canadians aged 50 and older have no idea how much they have saved for retirement, and half of all respondents believe they will exhaust their retirement savings within the first 10 years after they leave the workforce, says an Investor Education Fund (IEF) study. ‘Home Equity as a Source of Retirement Income’ also found that four out of ten (41%) homeowners were clear that the amount they had saved was less than $100,000, with just two out of ten (21%) having more than $250,000 allocated to their golden years. In addition, when presented with five potential ways of capitalizing on the equity of a home, such as downsizing, selling their home and renting, or getting a home equity line of credit, four out of ten (41%) homeowners were not willing to consider any of the options. "That Canadians aren't saving enough for retirement is nothing new, but it is unsettling to learn that homeowners approaching retirement age are so unprepared because they are a comparatively well-off group," says Tom Hamza, IEF president.

Courtesy of Benefits and Pensions Monitor website News Alerts

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