Retirement "becoming unaffordable" for many Canadians, study shows

Canadians hoping to retire in the coming years are feeling like their finances won’t stretch far enough despite recent easing on inflation, according to a report released Wednesday.

A report by Toronto Metropolitan University’s National Institute on Ageing tracks retirement readiness among those aged 50 and older.

Only about a third of those over 50 (35 per cent) who plan to retire indicated they were financially prepared to do so. Some 39 per cent said they did not feel financially ready, while 26 per cent said they were unsure if they can afford to retire when they want to.

While the needle hasn’t moved much in overall retirement readiness, the report found that older Canadians are facing new pressures tied to higher borrowing rates and market volatility.

Global’s Nivrita Ganguly reports.

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