A new study from RBC Insurance shows that more than 70% of women aged 45 and over believe they will be able to afford the lifestyle they want in retirement – regardless of whether they are married or single.
Fifty-five percent of women who were confident about their retirement said their portfolio would get them through, and 43% said their workplace pension or employer matching program was enough to support them in retirement.
Few of the confident women surveyed relied on their partners to support them in retirement. Only 9% said they would rely on spousal benefits in retirement, 4% expected to rely on children and family, and 2% planned to move in with friends to save money.
Of the married women surveyed who were confident about retirement, 84% said they had a good understanding of their and their spouse’s financial needs in retirement. Only 34% said their spouse takes care of their retirement savings.
Of all women surveyed – both those who were confident about their retirement and those who were unsure – 60% said they contributed to an RRSP or TFSA. Thirty-seven percent said they work with a financial advisor or financial planner.
When it comes to choosing investments, 27% of respondents said they bought stocks, bonds or mutual funds. Fourteen percent said they invested in segregated funds or other products designed to protect them from market volatility. Eight percent said they invested in annuities and other products that provide a guaranteed income.
RBC Insurance commissioned Ipsos to conduct an online survey of 1,000 women aged 45 and older from December 13-20, 2019. Respondents had a household income of at least $60,000. Online surveys cannot be assigned a margin of error because they do not randomly select a sample from the population. This survey has been weighted to provide a more accurate representation.
