A new survey suggest many Canadians plan on selling their investments in real estate to financially support themselves during their retirement years.
Sun Life Financial and CARP Thursday released the results of a poll showing that while the majority of respondents age 45-plus expect to live past age 80, one in three of respondents are relying on selling their investments in real estate to support them during retirement.
When it comes to longevity and retirement planning, the poll found almost nine in 10 (87.7%) expect to live past age 80 with almost a third (32.7%) expecting to live past age 90. One-third (30.8%) will rely on selling investments in real estate to support their retirement.
Over half (52.1%) of respondents have not factored long-term care costs into their retirement plan, and 40% overall remain worried about outliving their savings.
“Even with recent reports about the softening of the home sales market, these poll results show that one third of respondents are counting upon selling property to support themselves during their retirement,” said Kevin Dougherty, president, Sun Life Financial Canada. “At the same time, many have not factored in what it might cost if they need long-term care with 40% of respondents worried about having enough money — creating some gaps in their retirement planning.”
The longevity expectations of most CARP members are aligned with data from Statistics Canada that reports that at age 65, the average Canadian male can expect to live to age 83 with over four of those years expected to be with a diminished quality of life. At age 65, the average Canadian female can expect to live to age 86 with over six of those years expected to be with a diminished quality of life.
The poll was conducted between October 15 and 18, on behalf of Sun Life Financial and CARP. For this survey, a sample of 3,426 CARP members from 45 to 65 years of age responded to an online poll.