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Future Retirees Comfortable About Goals

More than half (55%) of future retirees in Canada are comfortable that they are on track to achieve their retirement goals, says a poll for the Bank of Nova Scotia. This is on par with results from a 2012 poll. The comfort level in achieving retirement goals jumps to 75% for those who say they have a written financial plan. However, when it comes to funding for retirement, the poll reveals a downward trend in the reliance on the traditional sources of income: 55% savings (versus 60% in 2012 and 63% in 2011); 53 % government (versus 57 per cent in 2012 and 60 per cent in 2011); 50 per cent RSP contributions (versus 65 per cent in 2012 and 70 per cent in 2011); and 47% work pension (versus 52% in both 2012 and 2011). Just as in previous years, about 58% expect to work after retiring from the workforce. The most common given reason for working after retirement continues to be the desire to remain mentally active (52%), followed by financial necessity (49%).

Courtesy of Benefits and Pensions Monitor website News Alerts

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