Key Findings – RRIFs
July 29, 2014: While the strong majority of members have (or will have) RRIFs, more than half are worried they will outlive their savings, more than half of which will be in RRIFs. While most expect their retirement savings to last as long as they do, a significant proportion do not know how long they will last, which renders the point moot.
One half say they now expect to live longer than they did when they started saving for retirement, and a significant minority say their retirement outlook would change for the better if mandatory RRIF withdrawals were dropped. The wide majority agree these rules have not kept up with recent demographic and economic changes. Three quarters agree it is more important to allow retirees the flexibility to control their own savings than it is for the government to collect deferred tax on income.
Two thirds of members have experienced true financial need, and this need is seen to be most likely brought on by a market crash or unexpected catastrophic illness. In this case, investments would be liquidated or the home would be sold to pay unforeseen costs. Two thirds would not be able to return to work. Members conclude the best way to ensure the security of their retirement savings is to have full control over them, which they do not have now.
Three quarters like the idea of free or discounted seniors’ tuition, mostly because of the advantages of lifelong learning to older Canadians, and also because they deserve t, having supported higher education through taxes all their lives.
The Conservative vote share has increased at the expense of the NDP and the Greens, but the Liberals still lead.