Currently Viewing Posts Tagged 上海品茶网EHR

Canadians need help planning their retirement years

first_img Keywords Retirement Survey finds Canadians aren’t sure how much they’ll need for retirement Although an increasing number of Canadians are saving for retirement, most are still stressed about their post-employment savings and can use some assistance in developing a realistic idea of what their expenses will be during these years, according to the results of a study that Toronto-based Franklin Templeton Investments Corp. released on Monday. Specifically, the firm’s 2016 Retirement Income Strategies and Expectations survey found that 70% of Canadian pre-retirees are saving for retirement, an increase from 63% in 2015 and 60% in 2014. This rising trend is in contrast to the firm’s U.S. research, which found that 59% of pre-retirees in the U.S. have begun to save for retirement, down from 61% in 2015 and 65% in 2014. Earnings surge for Great-West Lifeco in Q4 Tessie Sanci Related news Snowbirds win legal battle to reinstate out-of-province medical coverage Share this article and your comments with peers on social media The research notes that Canadian pre-retirees who work with financial advisors are likely to make retirement planning a priority, as 91% who work with a financial professional have started to save for retirement compared with 52% of Canadians who have never worked with an advisor but are still saving for retirement. Another factor that may be contributing to Canadians’ willingness to save for retirement is their increased use of workplace savings programs. Approximately one-quarter (26%) of Canadians are saving for retirement by taking advantage of salary deduction programs, says Duane Green, managing director in Canada for Franklin Templeton, in a statement. This represents an increase from the 20% of pre-retiree Canadians who stated this to be the case in 2014. “However, despite this positive savings trend in Canada, we tend to see some recurring anxieties about retirement, both from our annual survey and anecdotally in our ongoing retirement discussions with individual Canadians,” Green adds. In fact, almost three-quarters (72%) of Canadians experience varying levels of stress when thinking about their retirement savings and investments. Among the 9% who report significant stress and anxiety, 76% don’t work with an advisor. Close to one-fifth (18%) report experiencing moderate stress and anxiety regarding their retirement investments, and 65% of those individuals do not work with an advisor. “Engaging professional investment advice can help alleviate some of the stress and uncertainty surrounding the prospect of retirement,” says Matthew Williams, head of defined contribution and retirement at Franklin Templeton, in the statement. “Creating a retirement plan can help Canadians gain confidence in their preparations for whatever type of retirement they envision — whether that is working part-time, volunteering or travelling,” he continues. See also: Realities of Retirement: Four tips for clients It seems Canadians can also use some assistance in preparing a realistic retirement budget. More than two-thirds (69%) of Canadian pre-retirees believe they will spend less in retirement, yet 43% of retirees say their expenses have increased since beginning their retirement. Advisors can play a part in helping Canadians formulate and implement a retirement plan that includes a budget, notes Williams. The results from this study come from an online survey 2,006 adult Canadians and 2,019 adult Americans. Orc International’s Caravan Omnibus Surveys conducted the surveys in Canada from Jan 4-18 on behalf of Franklin Templeton. Facebook LinkedIn Twitterlast_img read more