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Technology Canadians finding retirement is not all it's cracked up to be: survey

23:05  20 november  2019
23:05  20 november  2019 Source:   financialpost.com

Shrinking disposable income pushes more Canadians into debt

  Shrinking disposable income pushes more Canadians into debt Shrinking disposable income pushes more Canadians into debtAverage monthly disposable income after paying bills and debt obligations fell $142 to $557, says the survey by MNP Ltd., which calls itself the country’s largest insolvency practice.

Almost three in four retirees (72 per cent) say retirement is not what they were expecting — and not in a good way, according a new Sun Life Financial Inc. survey being released Tuesday. The 2019 Sun Life Barometer, based on an Ipsos online poll

Sometimes, the stuff that people say about early retirement (and early retirees) is terrible. It is assumed that early retirement is the end of productive life and that unless we ’ re swimming in millions in cold hard cash, early retirement will eat us alive.

a stack of books© Getty/Thinkstock

Almost three in four retirees (72 per cent) say retirement is not what they were expecting — and not in a good way, according a new Sun Life Financial Inc. survey released Tuesday.

The 2019 Sun Life Barometer, based on an Ipsos online poll, found that many Canadians don’t seem to be financially prepared for retirement, with 23 per cent of retirees describing their lifestyle as a frugal one that involves “following a strict budget and refraining from spending money on non-essential items.”

If that doesn’t sound like much fun, consider the gloomier alternative: almost half of working Canadians (44 per cent) expect they’ll still be employed full-time at age 66. Among the “frugal” retirees still working after the traditional retirement age, 65 per cent say it’s because they need to work for the money rather than because they enjoy it.

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it ’ s a career that usually makes parents proud, but a recent survey has revealed that lawyers reckon their professional life isn’t all it ’ s cracked up to be . Nearly 60 per cent of 800 lawyers surveyed last March said that they wished they had chosen different careers. Indeed, in terms of job satisfaction

This all appears to be a rational response to the long-established fear that retirees will run out of money long before they run out of life. Forty-seven per cent still in the workforce believe there’s a “serious risk they could outlive their retirement savings,” with Sun Life finding that three in four working Canadians don’t have a financial plan.

Related gallery: 23 reasons why retiring is harder than it used to be (Provided by Cheapism)

At one time in our history, retirement was a given, an all-but-assured final chapter after years of working hard. While some people might choose to work past 65, many look forward to leaving the work force. Today, enjoying one's golden years work-free has become an unattainable dream for many — even if you find a great place to retire. According to a Northwestern Mutual study, nearly eight in 10 Americans are extremely or somewhat concerned about affording a comfortable retirement. Here's a closer look at what's impacting our ability to retire based on input from financial experts across the country.   Related:   The Biggest Retirement Regrets Among Seniors

This is the second year for the survey but this year’s edition has a greater focus on retirees, said Sun Life Canada president Jacques Goulet in an interview. Nor was he surprised by the findings, which were based on a poll of 2,151 employed Canadians aged 20 to 64 and 750 retirees aged 55 to 80.

Nearly half of Canadians expect to be working full-time at age 66: Survey

  Nearly half of Canadians expect to be working full-time at age 66: Survey Nearly half of Canadians expect to be working full-time at age 66: SurveyA new survey from Sun Life Financial suggested half (47 per cent) of Canadians working today are afraid they might outlive their retirement savings.

Some retirees are finding out that retirement is more expensive than they planned for, according to a Wells Fargo/Gallup Investor and The poll was taken during the first quarter and it targeted 1,321 investors aged 18 and older with ,000 or more saved and invested to survey investor confidence.

It ' s become fashionable to view the Freelance Economy as one great unleashing of creative energy that gives But a recent survey shows that 67% of Americans who have worked as independent contractors would choose not to Systematic shedding of employees, benefits and retirement plans.

The survey also seems to reflect the current state of pensions and retirement saving in this country. There’s long been a huge and growing divide between the retirement preparedness of the fortunate few with inflation-indexed defined benefit pensions (typically government workers, union members and politicians) and the many in the private sector who lack such plans.

The latter must save and invest in employer-sponsored defined contribution (DC) pensions, group RRSPs or individual RRSPs. As Goulet puts it, employers are “devolving responsibility onto the shoulders of individuals” by in effect making employees “undertake the underwriting of longevity risk.”

“But achieving financial security is not an easy task,” Goulet added.

With interest rates at minuscule levels and stuck at “lower for longer,” the latter group is forced to take on more stock-market risk and its attendant anxieties. Add in rising longevity and it’s little wonder a common response is to work longer and be frugal, since those factors are under one’s personal control.

Canadian men are shopping on social media more than women, PayPal survey finds

  Canadian men are shopping on social media more than women, PayPal survey finds The study, published by PayPal Canada, found that 33 per cent of men are shopping on social media compared to 26 per cent of women on a monthly basis.PayPal Canada's Social Commerce Trend Study found that 33 per cent of men who use social media are doing their shopping through those platforms on a monthly basis, compared to 26 per cent of women.

(also not everything/what it ' s cracked up to be ). This software isn’t all it ' s cracked up to be .

Hard irony that it is , the UK North Sea is having to tighten its belt at a time when the price of a barrel of oil has never been higher just to remain competitive globally. A joint government/industry taskforce looking to find a collective means of developing a gas export hub and long-distance pipeline to stream

Canadians are leaving on the table up to $4 billion in savings by not taking advantage of the “free money” available with employers matching DC contributions (often an extra 50 cents for every $1 employees put in), Goulet said.

Worse, there is a third group of totally unprepared Canadians who have neither employer pensions nor save in RRSPs or TFSAs. They’ll have little more than government programs, such as CPP and OAS, available as early as age 60 and 65 respectively, but in those cases they’d be better off deferring benefits till 70 and continuing to work and save (at least in TFSAs.)

That’s one group the survey was trying to get at, Goulet said — the “47 per cent (who) are at serious risk,” many of whom don’t understand the concept of life expectancy and underestimate the complexity of the task.

“For most Canadians, managing day-to-day finances is hard enough, let alone worrying about planning and saving for the future,” Goulet said.

As for the remedy, Sun Life is urging the unprepared to seek “holistic” personalized financial advice, take those free matching dollars if they can, and to budget and plan whenever possible in order to turn “small steps into big leaps.”

Jonathan Chevreau is founder of the Financial Independence Hub, author of Findependence Day and co-author of Victory Lap Retirement. He can be reached at jonathan@findependencehub.com

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Tips to get out from under those holiday bills .
According to a recent poll commissioned by CIBC, debt repayment is the top financial priority for Canadians for the 10th year in a row. But just how much did consumers spend over the holidays? "About $1,500 a family, but some surveys are actually saying that Canadian families are spending even more,” explained personal finance expert Rubina Ahmed-Haq."Older adults are actually a lot more sensible when it comes to spending. Younger millennials, Gen Z, they're the ones that are spending more year over year.”The survey also revealed most people were more concerned about paying down debt than building up savings.

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