SOURCE: Rogers Group Financial

Rogers Group Financial

May 21, 2015 18:34 ET

Horizons Retirement Report Surveys Canadians on the Realities of Retirement

VANCOUVER, BC--(Marketwired - May 21, 2015) - Clay Gillespie, Managing Director of Rogers Group Financial, commissioned Concerto Marketing to nationally survey retired Canadians and Canadians approaching retirement.

The results:

  • The major concerns of those approaching retirement include health and fitness, having enough money, market volatility and inflation levels in that order.
  • Only 53% of pre-retirees have a written financial plan and only 50% have obtained a power of attorney.
  • Canadians tend to be very optimistic about their prospects for quality of life in retirement, with 97% expecting the retired life to be "better than" or "about the same" as the life of an average retired Canadian.
  • The median expected retirement income for Canadians planning for retirement is between $4,000 and $5,000 per month.
  • Debt still is an issue with a quarter of the pre-retirees believing they're going to carry at least $10,000 worth of debt into retirement.
  • 71% of Canadians describe themselves as being at least reasonably familiar with investing and the types of investments available but only 16% of those surveyed could answer four basic investment questions (see page 27 of the report).
  • We asked if Canadians had to reduce their living expenses after they retire, the most likely lifestyle change they would make would be to downsize to a smaller home. Moving in with an adult child was the least likely lifestyle change.
  • Lastly, when we asked the retirees for advice for those still planning for retirement, they said 'be realistic with finances and plan ahead'.

"The two most disturbing results from the report are the level of debt retirees are taking into retirement and the lack of basic financial knowledge. As a society, we need to continue to educate all Canadians on their investment knowledge so they can make better long-term decisions," remarked Clay Gillespie.

To view the full report, click here.

About Rogers Group Financial

Rogers Group Financial is an independent, Vancouver-based financial advisory firm. Our group of professionally-qualified financial advisors and portfolio managers combine strategic thinking with independent advice to offer our clients custom financial plans that meet their unique circumstances. We are also fully qualified to implement your plan and will closely monitor it through periodic reviews and comprehensive reporting to align your financial objectives with an ever-changing marketplace.

Contact Information

  • To learn more about this report, please contact
    Clay Gillespie, BBA CFP CIM
    Financial Advisor & Portfolio Manager
    Managing Director
    Tel: 604.732.6551
    Fax: 604.732.6553
    Tollfree: 800.784.6066
    cgillespie@rogersgroup.com
    www.rogersgroup.com/claygillespie
    500 - 1770 West 7th Avenue Vancouver, BC V6J 4Y6