Almost half of Canadians 55 years and older say they are not on track for their retirement planning, a new poll commissioned by the Royal Bank of Canada suggests.
In an online survey of 2,033 adult Canadians commissioned by the bank but conducted by Ipsos, 46 per cent of poll respondents said their No. 1 concern was whether or not they will have enough money to retire on.
Some have zero.
According to the survey, roughly one sixth of Canadians aged 55 or older haven't started to plan for their retirements.
Worse, many have debts to pay off. I know several people in their 40s and 50s who sold their old, "small" house to buy a new, bigger house and go into debt for 25 years. Their savings rate now is basically nil. They'll start saving for retirement in their 60s and 70s.