Retirement Income Strategies and Expectations (RISE) Survey

Franklin Templeton’s RISE Survey explores attitudes and concerns about preparing for and living in retirement. Learn more about what people are doing to build preparedness and confidence, while balancing various financial priorities.

Kickstarting Good Financial Habits

Get Started

79%

of Canadians believe you should start saving for retirement by your 30th birthday

41%

of Canadians started (or plan to start) saving by then

Balancing today’s priorities with tomorrow’s goals

Competing short- and long-term goals can hinder progress. Of retired Canadians who feel they didn’t save enough for retirement:

1 in 3

blame their shortfall on prioritizing debt repayment over saving for retirement

1 in 4

blame an unexpected life event or expense for setting them back

Financial priorities shift in Canadians’ working years

Explore Top Three Priorities By Age

20s

Paying off unsecured debt

Saving for a home purchase

Having sufficient savings to cover unexpected expenses

30s

Having sufficient savings to cover unexpected expenses

Saving for retirement

Paying off unsecured debt

40s

Saving for retirement

Paying off unsecured debt

Having sufficient savings to cover unexpected expenses

50s

Saving for retirement

Having sufficient savings to cover unexpected expenses

Paying off unsecured debt

60+

Saving for retirement

Having sufficient savings to cover unexpected expenses

Paying off unsecured debt

Approaching Retirement

Focus on retirement income plans important in the decade before retirement

75%

are confident they understand how much they will need for expenses

but...

73%

are stressed about potentially outliving their savings

and...

48%

have never developed a retirement plan

Target retirement dates are personal

More than half of working Canadians who are 65 years or older are still working because they enjoy it.

42%

of pre-retirees say they would postpone retirement if they didn’t have enough saved, but 1 in 5 retirees retired due to circumstances beyond their control, such as a lay-off or health concern.

36%

of pre-retirees say their target retirement date is based on an age-related milestone and the most popular reason they’ve chosen a specific age is societal norm.

Living in Retirement

Hindsight sheds light on how expensive retirement is

56%

“I should have saved more”

61%

“Expenses remained the same or increased”

For those who worry about life in retirement, professional advice may help

66%

of Canadian retirees say that they're stressed about potentially running out of money.

Canadians who work with an Investment Advisor, compared to those who never have, are...

More confident in their planned retirement date

Less likely to be stressed that they will outlive their money

Less likely to be stressed about whether they’ll have the retirement lifestyle they expect(ed)

Build your retirement preparedness one step at a time.

1. Set a financial strategy early

Build your emergency savings nest egg and don’t dip into it unless you really need to
Consider tools and resources that can help you with various financial priorities

2. Set clear goals and measure against them

Take a holistic view of your financial picture and develop an appropriate strategy from there
Educate yourself on the types of expenses you might expect in retirement

3. Prepare for the unexpected

Be prepared with a clear plan in case you are no longer able to manage your finances
Have a backup plan in case your needs and circumstances change

Retirement Education

Explore our latest retirement insights

Beyond Bulls & Bears Blog

Saving for Retirement: RRSP or TFSA?

Here are some considerations.

The Power of PACs

Saving automatically might help you reach your goals sooner.

Practice management insights you may be interested in:

About RISE
Franklin Templeton’s Retirement Income Strategies and Expectations (RISE) is a proprietary research study. This project not only raises awareness about Canadian retirement living and preparedness, it helps us create even better resources to support our partners and Canadians’ financial planning needs.

In the News

Methodology
The Franklin Templeton Retirement Income Strategies and Expectations (RISE) survey was conducted online among a sample of 2,004 adults 18 years of age or older. The survey was administered between January 31 and February 11, 2020, by ENGINE’s online CARAVAN®, which is not affiliated with Franklin Templeton. Data is weighted to gender, age, and geographic region. The custom-designed weighting program assigns a weighting factor to the data based on current population statistics.

All financial decisions and investments involve risks, including possible loss of principal.

This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel. Any investment products or services named herein are for illustrative purposes only, and should not be considered an offer to buy or sell, or an investment recommendation for, any specific security, strategy or investment product or service. Always consult a qualified professional or your own independent financial advisor for personalized advice or investment recommendations tailored to your specific goals, individual situation, and risk tolerance.

Franklin Templeton does not provide legal or tax advice. Federal and provincial laws and regulations are complex and subject to change, which can materially impact your results. Franklin Templeton Investments Corp. cannot guarantee that such information is accurate, complete or timely; and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.