A survey has found that most Gen-Xers will not have enough money to retire on time.
In a recent poll conducted for TD, more than two-thirds of Canadians between the ages of 35 and 54 said that they were not saving enough for retirement. The majority of those who are running behind indicated that they feel guilty about not saving enough for retirement and wish they had started earlier, while one in four are so anxious about the situation that it is "keeping them up at night".
What are the implications? Of those who are not saving enough, 60% do not expect to be able to retire on time and 29% say that they plan to keep working in their retirement years.
Asked about the factors that are preventing them from retiring on time (respondents could give more than one answer), 61% blamed everyday financial demands such as living expenses, mortgage or rent, and childcare costs, 42% said it was because of existing debt, and 19% said it was due to major unexpected life events such as divorce or the death of a spouse.
More than half (54%) of those surveyed admitted that they need help meeting their financial goals.