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Money A Fifth Of Canada's Working Baby Boomers Have Nothing Saved For Retirement, According To Survey

08:56  14 may  2018
08:56  14 may  2018 Source:   huffingtonpost.ca

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The study, which was conducted for Franklin Templeton Investments Canada , found that one- fifth of pre-retiree Canadian baby boomers have put away nothing for retirement . The survey defined baby boomers as those ages 53 to 71

The study, which was conducted for Franklin Templeton Investments Canada , found that one- fifth of pre-retiree Canadian baby boomers have put away nothing for retirement . The survey defined baby boomers as those ages 53 to 71

a person sitting on a table© Provided by AOL Inc.

A shocking number of Canadians in the generation closest to retirement have no money saved for their golden years, according to a new survey.

The study, which was conducted for Franklin Templeton Investments Canada, found that one-fifth of pre-retiree Canadian baby boomers have put away nothing for retirement.

The survey defined baby boomers as those ages 53 to 71, which closely matches Statistics Canada's definition of that generation, those born from 1946 to 1965.

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The study, which was conducted for Franklin Templeton Investments Canada , found that one- fifth of pre-retiree Canadian baby boomers have put away nothing for retirement . The survey defined baby boomers as those ages 53 to 71

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And considering that nearly a third of Canadians were identified as baby boomers in 2011, a large number of people are approaching their years away from the workforce with no savings.

More than a third of retired baby boomers in the Franklin Templeton survey opted to leave the workforce later because they didn't have enough money, a practice that is becoming increasingly common.

And while working longer might seem like a good solution, especially if you're healthy and you enjoy your job, it means little for your retirement if you're only servicing debt, which is the case for many people.

Among boomers who either didn't take full advantage (or were unaware of) the contribution limits in their registered retirement plans, nearly 30 per cent said they were focused on paying off debt instead of saving for retirement.

So why are baby boomers still working?

  So why are baby boomers still working? Ann Brenoff’s “On The Fly” is a column about navigating growing older ― and a few other things. I am a 68-year-old baby boomer who still works full time. I am precisely who younger people point to when they hear the reports that more of them can’t find jobs and more of us still have ours.Even as their population numbers have swelled from 2007 to 2015, the number of  22-to-34-year-olds in the workplace has remained the same, while the number of retirement-age workers has grown by 9 percent, according to the Bureau of Labor Statistics.

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A Fifth Of Canada ' s Working Baby Boomers Have Nothing Saved For Retirement , According To Survey .

The average Canadian owed $22,837 in the fourth quarter of 2017, according to a report from credit agency Equifax, an increase of three per cent over the year before.

a screenshot of a cell phone: An infographic from Franklin Templeton Investments shows that about half of Canadians aged 50 to 65 have $100,000 or less saved for retirement.© Provided by AOL Inc. An infographic from Franklin Templeton Investments shows that about half of Canadians aged 50 to 65 have $100,000 or less saved for retirement.

Three-quarters of the pre-retiree baby boomers surveyed said they felt anxious or stressed about their retirement savings or investments, and 40 per cent said they expected to rely on a government pension as their primary or secondary source of income.

And that may end up being the case; half of those people surveyed who had already retired said their government pension was their primary or secondary source of income.

Baby boomers who contribute to the Canada Pension Plan can at least bank on receiving more money in the coming years. Starting in 2019, the CPP will start to grow to replace one-third of your average work earnings, up from one-fourth. But the higher benefits will also come with higher contributions.

11 numbers that will terrify you into saving for retirement

  11 numbers that will terrify you into saving for retirement It can be tough to save for retirement when it is still decades away. It’s apparently even tough for older workers who are on the verge of retirement. Living expenses can eat up paychecks, and saving takes a back burner to spending. But it leads to the quintessential fear of what having no money in our older years looks like: the elderly parent who must move in with an adult child, having to chose between food and prescription drugs because only one can be afforded.

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A Fifth Of Canada ' s Working Baby Boomers Have Nothing Saved For Retirement , According To Survey .

And all hope is not lost if you're a cash-poor boomer. T.E. Wealth has some good tips, including socking away occasional infusions of money like tax refunds and raises, getting a side gig if you can, and ensuring you have insurance to deal with unexpected events.

This article originally appeared on AMP: HuffPost Canada at https://www.huffingtonpost.ca/2018/05/11/a-fifth-of-working-baby-boomers-have-no-retirement-savings_a_23431846/

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