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This month’s significant number: 82% - DFSIN - SFL

This month’s significant number: 82%

That’s the percentage of retired Canadians who find that their retirement income is sufficient to cover their living expenses, based on a recent Statistics Canada study. 

February 27, 2023

Statistics Canada just released the results of a study comparing Canadians’ expectations and realities regarding their retirement income. Taxpayers were first surveyed in 2014 about their financial expectations as they approached retirement, and then again in 2020, this time about their actual retirement status. Result: Many more respondents are satisfied with their actual retirement income than expected six years earlier (81.6% vs. 67.5%).  

The level of respondent satisfaction varies depending on their source of retirement income and on various other factors such as level of education. However, it surpassed expectations across all demographic groups surveyed and is almost equal among men and women (82.2% vs. 81%). 

The following sources were used to prepare this article. 
Statistics Canada, “Financial expectations of retired Canadians.” 
Statistics Canada, “Income in retirement: Expectations versus reality.”