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Canadians worried about running out of money during retirement: survey

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Summary

New survey reveals fears of cash-strapped British Columbians heading into retirement

Some people in BC think they'll run out of money during retirement

VANCOUVER (NEWS 1130) – If you lose sleep worried about running out of money during your retirement years, you’re not alone. A new survey examines the financial fears of those who are 60 and older.

About one-third of people in BC who participated in the survey feel concerned they will run out of money altogether, with a slightly higher number fearing they won’t even be able to pay for long-term care.

“What we’re seeing in BC is there’s a real struggle there and a real worry that their finances are not going to take them all the way through their life and they’re going to run out of money well before they pass away,” says CEO Laurie Campbell with Credit Canada, which co-sponsored the Seniors and Money Report.

READ MORE: Drowning in debt is the new normal in Canada

“People really need to do the math before they actually do retire. [There’s] nothing worse than getting into retirement, realize you can’t afford it, get a certified financial planner, go to an organization like Credit Canada — if you have debt — to get the information you need so you make a wise decision before retirement.

The survey also finds 60 per cent of those aged 60 or older are carrying some type of debt, with the most common form being credit cards.