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Date updated: December 2, 2019

Newfoundland and Labrador seniors worry they will outlive savings: report

Newfoundland and Labrador seniors worry they will outlive savings: report

ST. JOHN’S, N.L. — 

A large number of seniors in Atlantic Canada are worried they will outlive their retirement savings.

A survey published last week by financial services company Sun Life found 47 per cent of the 2,901 Canadian seniors surveyed worry they won’t have enough money to last through their retirement. In Atlantic Canada, 43 per cent share the concern.

The survey also found that 73 per cent of respondents in Atlantic Canada will work past age 66 because they need to.

Seniors advocate Susanne Brake says she’s heard similar concerns from seniors in the province since she was appointed seniors advocate in 2017.

Brake says during her office’s initial consultations with seniors across the province, a number of people came forward with concerns about retirement savings.

“Their savings, their nest egg, what they had put away for their retirement, they could see that it was not going to last. So, they want to supplement it and make that last longer,” said Brake.

 

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Categories:  Family / Friends    Seniors

Topics:  Finances    Financial Help

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