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Three-quarters of Quebecers have not planned their retirement



October 12, 2018 09:30

Photo : Freepik

A survey Question for Retirement , reveals that nearly three-quarters of Quebecers (73 %) aged 18 to 64 years of age do not have a clear purpose as to their retirement income. In addition, 50% of respondents do not believe have prepared “properly” the financial aspects of their retirement, also illustrate the results of the survey.

However, 73% of respondents say they are very or fairly confident about the financial aspects of their retirement.

“That retirement is permanent or progressive, it is always disturbing to see a lack of planning among many Quebecois. If they don’t ask now the essential gestures, including the one to equip themselves with specific objectives, several of which could compromise their financial security in retirement. Education being the basis of everything, we will increase our efforts to raise awareness about the importance of saving, ” explains Nathalie Bachand, president of Question Retraite.

Late retirement

A greater proportion of Quebecers who plans to leave later in retirement than it was 15 years ago, finds the survey. In fact, 43 % of respondents 25 to 64 years of age non-retirees believe that it is “very likely” that they will retire before 65 years, whereas this rate was 62 % in 2003.

As a result, 51% of people surveyed in the same age bracket say they think about taking their pension at 65 years of age or more, a jump of 21 % since 2003. In the same year, 5 % said they do not plan to take retirement, while 1 % said the same thing in 2018.

“These data reveal a constant change in the perception that workers have of their own retirement : they realize that they will have to work longer to accumulate enough money and, increasingly, the aim to completely withdraw before 65 years seems unattainable. The pension is now less seen as an end in itself, but rather as a change in the rhythm of work, ” adds Ms. Bachand.

The phased retirement rises in popularity

Six in ten Quebecers aged 18 to 64 years plan to undertake a phased retirement, while only 20 % think to withdraw definitively from the market, indicates Question Retirement.

The respondents said that they wanted to slowly get used to the idea of retirement (36 %), having income from working longer/increase their retirement income (14 %) and allow it to remain in employment for as long as possible (13 %) as reasons for adopting a phased retirement.

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