Canadian retirees draw 40% of their income from government benefits: survey
Participants expect employer-sponsored accounts to provide 22.5 percent of retirement income, against the 11.4 percent retirees reported.
Defined benefit pensions came in at 11.1 percent expected versus 17.7 percent reported, part-time employment income at 9.5 percent against 1.2 percent, and real estate income or home equity at 7.3 percent against 0.3 percent.
Government benefits and pension income together accounted for 58 percent of the retirement income reported by surveyed retirees, following earlier figures on Canadian pension participation and saving.
Katherine Tweedie, Canada country head, and Nick Nefouse, global head of retirement solutions, wrote in the report’s foreword that confidence is “not the same thing as feeling secure.”
Seventy-four percent of participants said they struggle to understand how today’s savings will support them in future, BlackRock found, and 65 percent said they are unsure how to calculate what they will need to spend in retirement.
