Older respondents expect to live longer

Transcription

1 Older respondents expect to live longer Average age Ages (n=1277) 83 years Ages (n=799) 84 years Ages 70+ (n=169) 88 years QB1aNEW. You may or may not have thought a lot about this, but if you had to estimate, until what age do you expect to live? 1

2 Younger respondents, and/or females, feel their family history has more influence on their estimate of longevity; retirees, and/or older respondents, feel their current health has more influence My family history/the age of my parents My current health The health I expect to have as I get older 17% 1 16% % % % % % Males 16% 44% 46% % Females 50% My current lifestyle 10% 9% My expectations of modern medicine 5% 5% The lifestyle I expect to have as I get older Other 2% 2% 4% 5% Retired (n=1089) Not retired (n=1156) QB1bNEW. Which of the following factors do you think has the most influence on your estimate? 2

3 Older respondents also expect to maintain their independence, free of health or disability constraints, to an older age Average age Ages (n=1277) 75 years Ages (n=799) 78 years Ages 70+ (n=169) 83 years QB1cNEW. At what age do you think the lifestyle or independence you have now will change due to health or disability constraints? 3

4 All age groups expect their money to outlast them; among ages there is not a big margin Average age Until what age do you expect to live? Ages (n=1277) 84 Years (+1) 83 Ages (n=799) 87 Years (+3) 84 Ages 70+ (n=169) 93 Years (+5) 88 QB4. Until what age do you think you could financially live comfortably in retirement? (Question updated in 2011) 4

5 More respondents in 2011 think their parents may outlive their money; there is also a greater expectation this year that the government will help support their parents; retirees are less sure who will cover the shortfall Yes No 20% 17% 72% 77% Government money/funding Their adult children shared/will share the costs A close family member or friends shared/will share the costs 4% 2% 29% 30% 69% 64% Retired 24% Pre-retired 3 Don't know 7% 6% Don't know 14% 18% Retired 19% Pre-retired 11% 2011 (n=2245) 2010 (n=2143) 2011 (n=465) 2010 (n=356) QB6. Did your mother or father outlive their money in retirement or are they likely to outlive their money in retirement? QB7. Who supported/will support them? Base: Parents outlived/outliving money 5

6 Retirees are more likely than pre-retirees to say TFSAs and Annuities will be income sources for them in retirement; 1-in-4 pre-retirees are expecting an inheritance to be one of their income sources RRSP or RRIF CPP/QPP (Canada or Quebec pension plan) OAS (Old Age Security) Registered pension plan from an employer Equity in my home - I can sell my home or take out a loan or mortgage if I need to Non-registered savings or investments TFSA (new in 2011) Inheritance (new in 2011) Annuity (new in 2011) Insurance GIS (Guaranteed Income Supplement) Home equity loan Reverse mortgage Other 20% 26% 19% 15% 15% 1 12% 1 1% 10% 9% 72% 66% 64% (67%) 58% (65%) 55% (59%) 56% (59%) 54% (6) 47% (58%) 45% 40% Retired (n=1089) Not retired (n=1156) 87% (91%) 90% 86% (91%) 84% (87%) (77%) QD2. Which of the following income sources does your household have/ expect to have to fund your retirement? = significant difference compared to

7 Older respondents are more likely to include CPP and OAS in their retirement income; those with a plan are more likely to expect income from RRSPs, employer pension plans, non-registered savings and TFSAs Age Gender Retirement plan Total Males Females Yes No (n=2245) (n=1277) (n=799) (n=169) (n=1255) (n=990) (n=1353) (n=892) % % % % % % % % RRSP or RRIF CPP/QPP (Canada or Quebec pension plan) OAS (Old Age Security) Registered pension plan from an employer Equity in my home - I can sell my home or take out a loan or mortgage if I need to Non-registered savings or investments TFSA Inheritance Annuity Insurance GIS (Guaranteed Income Supplement) Home equity loan Reverse mortgage QD2. Which of the following income sources does your household have/ expect to have to fund your retirement? 7

8 The majority of respondents, particularly women, are prepared to adjust their lifestyles in order to keep pace with inflation in retirement; those with a plan are more likely to have invested with inflation in mind I will adjust my lifestyle as necessary I've invested with inflation in mind I will trust my financial advisor to take this into consideration for me 35% 34% 30% 31% Plan 40% % Males 37% Plan 40% Females 34% 69% 70% Females 7 Females 77% No plan 76% I will take on more debt to invest in assets that will appreciate in value 2% % Other plans I won't do anything 11% 9% 6% Males 1 Males 11% Plan 8% Retired (n=1089) Not retired (n=1156) E10aNEW. How do you anticipate keeping pace with inflation throughout your retirement? 8