The Quebec singles are afraid of running out of money in retirement

QMI agency

Tuesday, January 23, 2018 12:16

UPDATE
Tuesday, January 23, 2018 12:18

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A good part of the singles sees their retirement years with apprehension.

Nearly half (45 %) of Quebec singles over 40 years old have a fear of living longer than their retirement savings, reveals the results of a survey commissioned by TD Bank.

They are worried above all by the rise in living expenses (36 % of them), by the growth of health care costs (35 %) and the lack of resources for elders (31 %).

“To live alone in retirement is more common, but the high level of anxiety accompanying this trend is particularly striking”, said Martin Pippin, financial planner, wealth Management, TD, in a statement released Tuesday.

“Quebecers who plan to retire in solo, he added, are extremely concerned do not know if they save enough to pay for the range of costs that they will incur during their old days.”

The bank survey also indicates that two-thirds of Quebecers (66 %) single people over 40 years of age expect to be alone at the time of retirement.

To allay these fears vis-à-vis the money, the bank recommends that to plan properly for their old days.

These data are drawn from a survey conducted at the scale of Canada survey of 2500 people by Environics.