Most Canadians counting on CPP for retirement: poll
Posted January 30, 2014 8:51 am.
This article is more than 5 years old.
TORONTO (NEWS1130) – A majority of Canadians recently polled say they are relying on the Canada Pension Plan, many of them heavily, to get through retirement.
The Bank of Montreal survey found that 89 per cent said they would have to rely on the CPP or the Quebec Pension Plan when they stopped working.
Nearly a third (31%) said say they will count “heavily” on the government pension plan.
Meanwhile, 88 per cent of respondents said they would use personal savings like RRSPs or tax-free savings accounts to help fund retirement. Fifty-nine per cent said they would likely take a part-time job.
Other options included the 49 per cent of respondents who planned on selling their homes or property for some cash.
Less than half (40%) were counting on an inheritance, while 34 per cent hoped to win a lottery. Twenty-eight per cent say they expect to get financial assistance from their children or other family members.
