A new survey from RBC Insurance finds that more than 70% of women aged 45 and older are confident they’ll be able to afford the lifestyle they want in retirement — regardless of whether they’re married or single.
Fifty-five per cent of the women who were confident about retirement said their portfolio would carry them through, while 43% said their defined workplace pension or employer matching program would be enough to support them in retirement.
Few of the confident women surveyed were relying on their partners to support them in retirement. Only 9% said they expected to rely on spousal payments in retirement, while 4% expected to rely on children and family and 2% planned to live with friends to save money.
Of the married women surveyed who were confident about retirement, 84% said they had a strong understanding of their and their spouse’s financial needs in retirement. Only 34% said their spouse looks after retirement savings.
Of all the women surveyed — including those who were confident about their retirement and those who weren’t — 60% said they contribute to an RRSP or TFSA. Thirty-seven per cent said they work with a financial advisor or financial planner.
When it comes to choosing investments, 27% of respondents said they bought stocks, bonds or mutual funds. Fourteen per cent said they invest in segregated funds or other products designed to protect them from market volatility. Eight per cent said they invest in annuities and other products designed to provide a guaranteed income.
RBC Insurance commissioned Ipsos to conduct an online survey 1,000 women aged 45 and older from Dec. 13 to 20, 2019. Respondents had a household income of at least $60,000. Online surveys cannot be assigned a margin of error because they do not randomly sample the population. This survey was weighted to ensure a more accurate representation.