A new poll has found that a majority of Canadians hope to retire by age 61, though many are uncertain if they’ll reach that goal.
The poll conducted by Maru Public Opinion for Canadian Imperial Bank of Commerce (CM), found that 57% of Canadians are concerned about how they will achieve their retirement goals.
Also, 66% of respondents said they are concerned they might run out of money during their retirement, while 41% indicated they are confident they are saving enough to fulfill their retirement ambitions.
The poll, which coincides with the annual deadline to contribute to a registered retirement plan in Canada, found that 37% of people delayed their retirement due to the current economic environment of high inflation and rising interest rates.
A majority (57%) of Canadians surveyed said they are focused on meeting their more immediate financial needs right now over planning for their future or retirement.
The poll also found that Canadians favour their Tax-Free Savings Account (TFSA) over their Registered Retirement Savings Plan (RRSP).
The survey found that 42% of people polled who have both savings plans contributed more to their TFSA during 2022.
The poll was conducted by Maru Public Opinion between January 31 and February 3, 2023. The results were derived from a random sample of 1,544 Canadians who were online panellists. It cannot be assigned a margin of error.