Toronto (Oct. 25, 2012) – Sun Life Financial and CARP today 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 respondents are relying on selling their investments in real estate for financial support during their retirement years.
Sun Life Financial and CARP surveyed CARP members over four days. CARP is a 300,000-plus member organization supporting a New Vision of Aging for Canada.
When it comes to longevity and retirement planning, the poll found:
- Almost nine in 10 (87.7 per cent) expect to live past age 80 with almost a third (32.7 per cent) expecting to live past age 90.
- One-third (30.8 per cent) will rely on selling investments in real estate to support their retirement.
- Over half (52.1 per cent) have not factored long-term care costs into their retirement plan.
- Approximately 40 per cent 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 forty per cent 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.
“People are living longer and better but they still need to be prepared for the unexpected so they can live the retirement they want on their terms,” said Moses Znaimer, CARP President and ZoomerMedia Limited Founder and CEO. “We offer resources on all our media platforms that Canadians can access to educate themselves on retirement planning including Zoomer magazine, The New AM 740 – Zoomer Radio, ZoomerMedia Digital properties, not to mention the ZoomerShow where they can connect with a CARP Recommended Sun Life Financial advisor to develop a plan to meet their retirement goals.”
The 2012 ZoomerShow, presented by Sun Life Financial, is Canada’s largest consumer show and lifestyle expo for men and women age 45-plus with over 31,000 Canadians attending last year. The show offers insights on health, money, travel, and lifestyle along with the latest trends, and the newest products and services, all focused on meeting the needs of this age demographic. These shows are taking place across the country – starting in Toronto this weekend:
- Toronto — October 27 & 28, 2012,
- Vancouver — February 23 & 24, 2013,
- Calgary — April 6 & 7, 2013, and
- Ottawa — May 4 & 5, 2013.
These are some of the findings of a CARP poll conducted between October 15 and 18, 2012, 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. This poll represents the beliefs and attitudes of CARP members toward preparedness for their retirement years.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2012, the Sun Life Financial group of companies had total AUM of $496 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
CARP is a national, non-partisan, non-profit organization committed to a ‘New Vision of Aging for Canada’ promoting social change that will bring financial security, equitable access to health care and freedom from discrimination. Their mandate is to promote and protect the interests, rights and quality of life for Canadians as they age. For more information please visit www.carp.ca.
ABOUT ZOOMERMEDIA LIMITED:
Founded by media pioneer Moses Znaimer in 2008, ZoomerMedia Limited (TSXV: ZUM) is Canada’s only diversified media company uniquely devoted to creating content, services, and experiences for Canada’s 15.1 million 45-plus population. ZoomerMedia publishes the award-winning flagship ZOOMER magazine, Canada’s largest paid circulation magazine for mature men and women. ZoomerMedia’s television assets include VisionTV, Canada’s only national specialty channel licensed to broadcast multi-faith, multicultural programming; the fitness and lifestyle diginet The Brand New ONE: Body Mind Spirit Love; plus two over-the-air television stations JoyTV10 (Vancouver) and JoyTV11 (Winnipeg). ZoomerMedia’s radio properties include The New Classical 96.3 FM & 103.1 FM, English Canada’s only commercial all-classical radio stations, and The New AM740 – Zoomer Radio, playing “The Best of the Best” of adult standards and original Rock ‘n Roll and the last music service on the AM dial in the Greater Toronto Area. Online properties include www.50plus.com – Canada’s leading provider of Zoomer-related content; www.CARP.ca – the online voice of CARP the advocacy association; www.ZOOMERS.ca – the social networking site for adults; and www.ZoomerSingles.com – Mating, Dating & Relating for the 45plus. ZoomerMedia also produces conferences and tradeshows including ideacity and the ZoomerShow, Canada’s largest consumer trade show and lifestyle expo for the 45plus. The ZoomerPlex, ZoomerMedia’s headquarters, is located on a 2.5 acre property in Toronto’s Liberty Village neighbourhood.
Note to Editors: All figures in Canadian dollars.
Source: Sun Life Financial Inc.
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