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3 key retirement lessons

We asked Canadians 50+ about their experiences with planning for and living in retirement. Three things emerged that they wish they had known about ahead of time.

3 key retirement lessons

#1: Expect the unexpected

58% of respondents experienced major unanticipated life events that challenged their financial plans. These included having to support a family member, health issues, and loss of income.

3 key retirement lessons

#2: You need a retirement plan

Among retired persons under age 75, 35% reported that they were forced to retire earlier than they wanted. A plan that includes investing early and often can help you to save money.

3 key retirement lessons

#3: Get retirement advice

9/10 respondents felt financial advice in and approaching retirement would be useful. Canadians want help knowing how much they need to save should they live long and have health challenges.

3 key retirement lessons

Working with an advisor can help

A financial advisor can help both older and younger Canadians prepare for retirement. Learn more about the study findings and get tips on working with an advisor at GetSmarterAboutMoney.ca.

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