July 18, 2019 12:16 pm
Updated: July 18, 2019 12:18 pm

47 percent of Saskatchewan, Manitoba boomers plan to work after retirement, says survey

A new survey says many baby boomers don't have enough money to retire.

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Baby boomers in the prairies aren’t financially prepared for retirement regardless of how much money they have, according to a new survey.

People surveyed with investable assets of $100,000 say they are roughly $275,000 short of their retirement saving goals, according to a poll conducted by Ipsos on behalf of RBC.

Investable assets include cash, money in a bank account as well as funds in a retirement account.

People surveyed with investable assets of less than $100,000 were generally $500,000 away from their goal.

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READ MORE: How much do you really need for retirement? We did the math

In Saskatchewan and Manitoba, 47 percent of boomers surveyed said they planned to work once retired and 12 percent of people in the prairies said they don’t ever plan to retire.

Of the boomers surveyed across the country, 52 percent who haven’t retired are considering downsizing or moving and over 40 percent say they are thinking of working in retirement.  21 percent of people surveyed are relying on an expected inheritance and 3 percent are hoping to win the lottery.

Ipsos said the results are considered accurate to within ±3.5 percentage points, 19 times out of 20, for the full sample of pre-retired
Boomers, ±3.7 percentage points for those with investable assets of $100K+, and ±11.2 percentage points for those with investable assets of less than $100K.

WATCH: Money 123: why deferring withdrawing from your RRSP may be a bad idea

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