HNW Canadians Lack Detailed Retirement Plans
While 92 per cent of high-net-worth (HNW) Canadians (defined as having $1 million or more in investable assets) have at least an idea of what retirement will look like, only 47 per cent have a detailed retirement plan, says a study by IG Private Wealth Management. It found the pandemic and its economic aftermath have had a lasting effect on their retirement planning, with many rethinking their goals and how they will accomplish them. While 85 per cent are confident that they will have enough money to support their lifestyle in retirement, 48 per cent reported changes to how much money they will actually need to retire. Further, 46 per cent have reported changes to when they will retire, what their retirement will look like (45 per cent), and how they will manage their investments in retirement (46 per cent). Of those who are considering delaying retirement, 51 per cent reported they will need to work longer because their investments are earning less and costs of living are on the rise.