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Life In Retirement Positive

Canadian retirees are living on 62% of the income they had before retiring, despite this prolonged period of slow economic growth in Canada, says the ‘Sun Life Financial Retirement Now Report.’ It also found that the majority of retired Canadians (88%) described life in retirement as positive, with 32% saying their biggest financial surprise of retirement is how they were able to manage on a reduced budget. Another 10% said they are spending less than expected. On average, retirees are spending $2,611 a month on expenses that include food, housing, healthcare, and taxes. This is 24% less than the $3,431 working Canadians spend each month on the same expenses. "This is the first time we've measured what percentage of pre-retirement income retirees are living on," says Kevin Dougherty, president of Sun Life Financial Canada. "Life in retirement is more sustainable than you might think. Despite current economic conditions, Canadian retirees are doing quite well living on just over 60% of the income they had when they were working. And this average doesn't change much when comparing men with women or taking marital status into account."

Courtesy of Benefits and Pensions Monitor website News Alerts 



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