Despite the worries of many Canadians, eight in ten are financially on track for a fine retirement.
So says a just released survey from McKinsey consulting which look at the finances of 9,000 households with those of working age and 3,000 with those retired.
After going over the CPP, Old Age Security, company pension plans, personal retirement savings like RRSPs and the value of other assets, McKinsey found, ”Despite the general perception of a retirement crisis” the survey found a ”strong majority” of Canadian households are on track for retirement.
Susan Eng of CARP – A New Vision of Aging -asks AM 740 News,”what do you do for the other 20 percent? These are people who have no way of making up the deficiency in their savings and they’re not going to make it through (retirement). And that’s the group that we’re worried about.”
The percentage of Canadians 65-year old is expected to grow from 15 percent now to 23 percent in 20 years.