Two-thirds of Canadians fear outliving their retirement savings, new survey finds
A recent survey reveals that 68% of Canadians worry their retirement savings will run out before they do, highlighting a growing concern about longevity risk across the country. The findings underscore how widespread financial insecurity in retirement is shaping consumer attitudes toward insurance and guaranteed income products.
What happened
A recent survey has found that 68% of Canadians worry they will outlive their retirement savings. The results point to a broad-based anxiety about longevity risk, with a clear majority of respondents expressing concern that their nest egg may not be sufficient to cover their full retirement.
What it means for consumers
For Canadians approaching or already in retirement, this level of concern is a signal to revisit long-term financial planning. Longevity risk, the chance of living longer than expected assets can support, is a real and growing issue as life expectancy continues to rise. Consumers may want to reassess withdrawal rates, expected retirement length, and the balance between guaranteed income sources and market-based investments. Speaking with a financial advisor or licensed insurance professional can help identify gaps and map out a sustainable income strategy.
What it means for premiums
No direct premium change has been announced.
Coverage considerations
Retirement savings anxiety often drives renewed interest in insurance products designed to provide guaranteed lifetime income or protect against the costs of aging. Options worth exploring include life annuities, which convert a lump sum into predictable monthly payments for life, as well as long-term care insurance, which helps cover expenses for extended health or personal care needs later in life. Critical illness coverage and whole life policies with cash value components can also play a role in a broader retirement-protection plan. Comparing features, payout structures, and insurer financial strength ratings is essential before committing to any product.