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Home Is Plan For Retirement


As housing prices continue to rise in large Canadian cities, nearly a quarter of Canadians plan to use their homes as their primary source of income after they leave the workforce, says the ‘2014 Sun Life Canadian Unretirement Index.’ It also reveals that 17 per cent do not know if their investment in their home will serve as their primary source of income during retirement. At the same time, 28 per cent of Canadians expect to be retired at age 66. Twice that many (56 per cent) are expecting to work past the traditional retirement age, with 65 per cent citing that they will need to. Among Canadians closest to retirement, those aged 55 to 65, the average expected retirement age is 67. Canadians on average expect approximately 10 per cent of their retirement income to come from home equity. They also plan on 30 per cent to come from government plans; 27 per cent to come from personal savings; 23 per cent to come from employer plans; five per cent to come from inheritance; and six per cent to come from other sources.

Courtesy of Benefits and Pensions Monitor website News Alerts

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