The average Canadian expects to retire debt-free at age 63, according to a new Harris/Decima poll commissioned by CIBC. However, the poll also shows that older Canadians are less optimistic about reaching their savings goals and expect to carry at least some debt into retirement.
Of the 1,116 Canadians surveyed, only 22% believe they will carry some debt into retirement. But that number jumps to 31% among those in the 55 to 64 age group. Respondents in the 18 to 24 (13%) and 25 to 34 (15%) age groups were most likely to believe they will be able to retire debt-free.
“Our poll shows that Canadians set out with a vision of building up their savings and eliminating debt to retire at a time of their choosing, but with each passing year, they feel less optimistic about their plans,” comments Christina Kramer, executive vice-president, retail distribution and channel strategy, with CIBC. “These findings demonstrate the importance of having a plan in place and making progress toward your goals every year, to give you the flexibility to make choices about when and how you retire.”