Monday, April 15, 2024

How the Pandemic Has Impacted Canadians’ Retirement Plans

While there have always been many factors to consider and juggle when it comes to your retirement, the pandemic has thrown many for a loop and it has impacted their thinking and approach. A new poll conducted by RBC Canadians Retirement Myths and Realities reveals that Canucks are taking another look at what their retirement years might look like, when it may be that they can retire now, and also the finances they’ll need in order to retire.

As reported in BNN Bloomberg, the pandemic has stirred up a fear about the potential of needing to delay when you retire. The poll shows many Canadians (18 percent) have decided to prolong the time until they retire, with Alberta showing the greatest percentage (33 percent).

Another shift? There’s a greater unease about living longer than the retirement savings you’ve accrued. And they’ve spent their time differently than they perhaps would have if there had not been a global pandemic: 16 percent have taken up a new hobby or career, for example, realizing that life is too short. Learn more about how the pandemic has altered Canadians approach to life and their retirement years in particular, read more here.

Read more:

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Why More and More Seniors Are Choosing to Enjoy Retirement in an RV

Top 10 Greatest Fears About Retirement

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