INSIGHTS WEST Survey of Canadians on Retirement - December 14, 2016

Transcription

1 At what age did you retire? Canadian Gender Work with planner? Female Male Yes No Before I turned 65 76% 78% 75% 71% 79% At age 65 9% 12% 8% 6% 11% At age 66 or older 14% 12% 17% 24% 11% Not sure 0% 0% 0% 0% 0%

2 Would you say you retired earlier than you expected, at the age you expected, or later than you expected? Canadian Gender Work with planner? Female Male Yes No Earlier than I expected 62% 64% 61% 52% 67% At the age I expected 28% 28% 27% 35% 25% Later than I expected 8% 5% 11% 13% 7% Not sure 1% 2% 0% 0% 1%

3 Prior to your retirement, did you work with a financial planner or advisor? Canadian Female Gender Male Yes, I did 29% 35% 25% No, I did not 71% 65% 74%

4 How long did you work with a financial planner or advisor? - Retired respondents Worked Gender with a planner Female Male Less than three years 23% 24% 21% Three to five years 18% 21% 14% Six to nine years 5% 3% 7% Ten years or more 53% 48% 59%

5 Thinking about your financial plans prior to retirement, would you say your financial planner or advisor helped you have the retirement you wanted? Worked Gender with a planner Female Male Definitely 35% 24% 48% Probably 31% 27% 38% Probably not 16% 21% 7% Definitely not 10% 15% 3% Not sure 6% 12% 0%

6 In your retirement, do you rely on any of these sources of income? Canada Pension Plan (CPP) Old Age Security (OAS) Another pension plan Withdrawal from Registered Retirement Savings Plan (RRSP) or RIF Interest from savings accounts such as term deposits or GICs Dividends from equities Bond income Annuities Inheritance Part-time work Rent from property Royalties (from music, books, patents) Running a small business Reverse mortgage Equity in home (selling and downsizing, and using extra equity to fund retirement) Canadian Gender Work with planner? Female Male Yes No Major source of income 43% 48% 38% 40% 44% Minor source of income 39% 31% 46% 47% 35% Not a source of income 18% 21% 16% 13% 21% Major source of income 33% 40% 28% 31% 35% Minor source of income 36% 29% 41% 45% 32% Not a source of income 31% 31% 31% 23% 33% Major source of income 37% 35% 40% 52% 32% Minor source of income 19% 16% 21% 18% 19% Not a source of income 44% 51% 38% 32% 49% Major source of income 15% 15% 15% 19% 14% Minor source of income 33% 28% 37% 42% 30% Not a source of income 51% 57% 47% 40% 56% Major source of income 4% 3% 4% 6% 3% Minor source of income 35% 32% 38% 39% 33% Not a source of income 61% 65% 57% 55% 63% Major source of income 8% 4% 10% 10% 7% Minor source of income 20% 19% 21% 19% 20% Not a source of income 73% 78% 68% 71% 73% Major source of income 1% 0% 2% 2% 1% Minor source of income 12% 13% 13% 13% 12% Not a source of income 86% 87% 85% 84% 87% Major source of income 5% 5% 3% 5% 4% Minor source of income 12% 7% 15% 13% 11% Not a source of income 84% 87% 81% 82% 85% Major source of income 6% 9% 3% 13% 3% Minor source of income 12% 9% 15% 13% 12% Not a source of income 82% 82% 81% 74% 85% Major source of income 2% 1% 4% 2% 3% Minor source of income 18% 16% 20% 23% 16% Not a source of income 79% 83% 76% 76% 81% Major source of income 1% 2% 1% 2% 1% Minor source of income 6% 4% 8% 3% 7% Not a source of income 92% 95% 91% 95% 91% Major source of income 1% 0% 2% 0% 2% Minor source of income 1% 1% 3% 2% 1% Not a source of income 97% 99% 96% 98% 97% Major source of income 1% 1% 1% 2% 1% Minor source of income 4% 1% 6% 5% 4% Not a source of income 95% 98% 92% 94% 95% Major source of income 0% 0% 0% 0% 0% Minor source of income 0% 1% 0% 0% 1% Not a source of income 100% 99% 99% 100% 99% Major source of income 4% 6% 2% 10% 2% Minor source of income 10% 6% 14% 10% 11% Not a source of income 85% 87% 84% 81% 87%

7 Did you do any of the following to save for retirement? (Select all that apply) Canadian Gender Work with planner? Female Male Yes No Monthly contributions to a savings account 32% 25% 37% 34% 31% Contributions to a Registered Retirement Savings Plan (RRSP) 63% 56% 69% 89% 52% Contributions to a Group RSP where my employer contributed 33% 26% 39% 39% 31% By working a second job 9% 5% 13% 11% 9% Having a business on the side 4% 3% 5% 2% 6% Relying on a future inheritance 5% 6% 4% 2% 7% None of these 22% 27% 17% 6% 28%

8 Thinking about your retirement, do you agree or disagree with each of the following statements? My retirement is everything I thought it would be My health has improved since I retired I have enough money to sustain me through my retirement years In hindsight, I should have saved more when I was in my working years I am satisfied with my current situation in retirement I have more debt than I expected in retirement I find myself having to work during retirement Canadian Gender Work with planner? Female Male Yes No Strongly agree 16% 14% 18% 21% 14% Somewhat agree 41% 40% 41% 44% 39% Somewhat disagree 22% 21% 22% 24% 21% Strongly disagree 16% 21% 11% 8% 19% Not sure 6% 4% 7% 2% 7% Strongly agree 8% 15% 3% 11% 7% Somewhat agree 35% 34% 35% 35% 35% Somewhat disagree 33% 23% 40% 32% 33% Strongly disagree 18% 23% 14% 16% 19% Not sure 6% 5% 7% 3% 7% Strongly agree 25% 18% 30% 35% 20% Somewhat agree 43% 45% 41% 42% 43% Somewhat disagree 11% 7% 14% 10% 12% Strongly disagree 14% 20% 9% 3% 19% Not sure 7% 8% 5% 10% 6% Strongly agree 35% 43% 27% 27% 38% Somewhat agree 33% 27% 38% 32% 33% Somewhat disagree 14% 8% 18% 18% 13% Strongly disagree 13% 14% 13% 19% 11% Not sure 5% 7% 3% 5% 5% Strongly agree 22% 19% 25% 29% 19% Somewhat agree 47% 44% 50% 50% 46% Somewhat disagree 19% 19% 19% 13% 21% Strongly disagree 12% 17% 8% 6% 14% Not sure 0% 1% 0% 0% 1% Strongly agree 11% 14% 9% 6% 13% Somewhat agree 19% 22% 17% 18% 19% Somewhat disagree 14% 11% 16% 13% 14% Strongly disagree 53% 52% 56% 61% 50% Not sure 3% 3% 3% 2% 3% Strongly agree 4% 3% 4% 2% 5% Somewhat agree 14% 19% 10% 6% 17% Somewhat disagree 18% 20% 17% 19% 18% Strongly disagree 58% 52% 62% 66% 55% Not sure 6% 6% 5% 6% 5%

9 At what age do you expect to retire? Canadian Gender Age Working with planner? Non- Female Male Yes No Before I turn 65 29% 27% 31% 31% 29% 24% 42% 23% At age 65 21% 21% 21% 22% 22% 18% 21% 21% At age 66 or older 27% 27% 27% 29% 21% 37% 26% 27% Not sure 23% 25% 21% 18% 28% 21% 11% 28%

10 Have you spoken with a financial planner or advisor to discuss retirement? Canadian Gender Age Non- Female Male Yes, I have 29% 29% 30% 19% 37% 36% No, I have not 71% 71% 70% 82% 63% 64%

11 Do you have a financial plan for your retirement? Canadian Gender Age Working with planner? Non- Female Male Yes No Yes, I have a plan 42% 37% 49% 33% 45% 54% 85% 24% No, I do not have a plan 58% 63% 51% 67% 55% 46% 15% 76%

12 In your retirement, do you expect to rely on any of these sources of income? Canada Pension Plan (CPP) Old Age Security (OAS) Another pension plan Withdrawal from Registered Retirement Savings Plan (RRSP) or RIF Interest from savings accounts such as term deposits or GICs Dividends from equities Bond income Annuities Inheritance Part-time work Rent from property Royalties Running a small business Reverse mortgage Equity in home (selling and downsizing, and using extra equity to fund retirement) Canadian Non- Gender Female Male Yes No Major source of income 39% 42% 36% 31% 43% 48% 39% 39% Minor source of income 45% 40% 52% 48% 41% 48% 50% 43% Not a source of income 16% 19% 12% 21% 16% 4% 11% 18% 100% 100% 100% Major source of income 30% 28% 32% 21% 31% 46% 23% 32% Minor source of income 39% 39% 40% 37% 40% 41% 50% 35% Not a source of income 31% 33% 29% 42% 30% 13% 27% 33% 100% 100% 100% Major source of income 21% 20% 21% 20% 21% 21% 25% 19% Minor source of income 27% 24% 32% 29% 30% 18% 31% 26% Not a source of income 52% 56% 47% 51% 49% 61% 44% 56% 100% 100% 100% Major source of income 26% 27% 25% 26% 28% 22% 46% 18% Minor source of income 37% 32% 42% 37% 37% 35% 38% 36% Not a source of income 37% 41% 32% 37% 35% 43% 15% 46% 100% 100% 100% Major source of income 9% 8% 10% 10% 9% 5% 12% 7% Minor source of income 44% 40% 49% 47% 43% 40% 52% 41% Not a source of income 47% 52% 41% 44% 48% 55% 36% 52% 100% 100% 100% Major source of income 6% 5% 8% 5% 8% 6% 12% 4% Minor source of income 23% 22% 24% 27% 20% 19% 39% 16% Not a source of income 71% 73% 68% 68% 72% 75% 49% 80% 100% 100% 100% Major source of income 4% 3% 4% 2% 6% 1% 8% 2% Minor source of income 17% 15% 20% 21% 15% 13% 24% 14% Not a source of income 79% 82% 76% 78% 79% 85% 67% 84% 100% 100% 100% Major source of income 5% 6% 3% 3% 6% 7% 12% 2% Minor source of income 15% 13% 17% 14% 18% 11% 24% 11% Not a source of income 80% 80% 80% 83% 77% 82% 64% 87% 100% 100% 100% Major source of income 9% 9% 9% 8% 10% 9% 14% 7% Minor source of income 29% 28% 31% 32% 30% 22% 33% 28% Not a source of income 62% 63% 60% 60% 60% 70% 54% 65% 100% 100% 100% Major source of income 12% 14% 10% 12% 12% 12% 12% 12% Minor source of income 53% 52% 53% 52% 54% 51% 53% 53% Not a source of income 35% 34% 37% 37% 33% 37% 35% 35% 100% 100% 100% Major source of income 7% 9% 5% 8% 7% 5% 12% 5% Minor source of income 21% 18% 25% 34% 14% 9% 24% 20% Not a source of income 72% 73% 70% 57% 79% 87% 64% 75% 100% 100% 100% Major source of income 3% 3% 3% 4% 4% 0% 8% 1% Minor source of income 7% 7% 7% 8% 8% 3% 14% 4% Not a source of income 90% 89% 90% 89% 87% 97% 79% 94% 100% 100% 100% Major source of income 9% 11% 8% 10% 9% 9% 14% 8% Minor source of income 21% 19% 23% 24% 17% 23% 21% 20% Not a source of income 70% 70% 70% 66% 73% 69% 65% 72% 100% 100% 100% Major source of income 3% 3% 3% 1% 5% 1% 5% 2% Minor source of income 9% 10% 9% 12% 9% 4% 15% 7% Not a source of income 88% 87% 89% 87% 86% 95% 80% 91% 100% 100% 100% Major source of income 14% 13% 14% 13% 14% 15% 23% 9% Minor source of income 26% 22% 32% 33% 21% 23% 30% 25% Not a source of income 60% 64% 55% 54% 65% 62% 47% 66% 100% 100% 100% Age Working with planner?

13 How much have you saved for retirement at this point? Canadian Gender Age Working with planner? Non- Female Male Yes No No retirement savings 30% 33% 25% 41% 22% 24% 2% 41% Less than $10,000 13% 14% 11% 19% 10% 6% 9% 14% $10,000 to $49,000 16% 16% 16% 20% 15% 13% 12% 18% $50,000 to $99,000 12% 8% 17% 10% 16% 5% 22% 8% $100,000 to $150,000 5% 5% 5% 1% 6% 9% 9% 3% $151,000 to $250,000 5% 5% 4% 1% 7% 6% 12% 1% More than $250,000 10% 6% 15% 3% 11% 24% 25% 4% Not sure 10% 11% 9% 6% 13% 13% 8% 11%

14 Are you doing any of the following to save for retirement? (Select all that apply) Canadian Gender Age Working with planner? Non- Female Male Yes No Monthly contributions to a savings account 33% 29% 37% 32% 35% 28% 44% 28% Contributions to a Registered Retirement Savings Plan (RRSP) 38% 36% 40% 30% 44% 40% 67% 26% Contributions to a Group RSP where my employer contributed 24% 21% 27% 22% 27% 17% 37% 18% By working a second job 9% 7% 11% 10% 6% 11% 12% 8% Having a business on the side 10% 10% 10% 10% 7% 16% 14% 8% Relying on a future inheritance 11% 12% 10% 11% 12% 10% 11% 11% Other 5% 6% 4% 2% 6% 11% 10% 3% None of these 33% 34% 31% 38% 28% 34% 10% 42%