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Retirement saving still a worry

Worried about saving? You’re not alone.

Although saving for retirement is a priority among many Canadian employees, a new Mercer survey says they also see it as a worry.

Mercer’s Inside Employees’ Mind Survey shows that 64% of those age 35 and over wish they’d started saving earlier.

For employees nearing retirement (those 50-plus), 41% percent say their retirement will include part-time work; 46% say it will mean a lower standard of living. Thirty-four percent actually say they’ll have to delay retirement.

Interestingly, 82% of younger employees—those between the ages 18 and 34—believe they have time to catch up on savings before retirement.

But Canadian employees are also worried about healthcare costs in retirement. More than 70% of Canadian workers are concerned that increasing healthcare costs are going to require saving even more for retirement than they originally thought.

“We are seeing a high level of anxiety among workers regarding healthcare costs in retirement, not having enough savings and being ill prepared in general,” says Jean-Philippe Provost, senior partner and market business leader for the Canada retirement business with Mercer.

“Twenty percent of Canadian employees say these worries keep them up at night.”

Mercer interviewed more than 1,000 Canadian workers representing a cross-section of the national workforce for the survey.

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