Retirement may be a few years out of reach for some Canadians.
A survey done by the Canadian Payroll Association finds 75% of working Canadians have put aside less than 25% of the money they will need for retirement.
35% expect to work longer before leaving the workforce for good, up to 4 years or more, because they simply don’t have enough saved up.
Half of respondents feel they will need more than $1 million to retire.
That’s pushed up the expected age of retirement. 5 years ago, it was 58, and now it’s reached 63.
Over one-third feel overwhelmed by their debt, with 12% admitting they’re not sure if they’ll ever be debt free.
The survey also indicates more Canadians are living pay cheque to pay cheque. 48% say if their pay was delayed even by a week, they would have a hard time meeting their financial obligations.