2023-10-22 14:29:06
The rising cost of living is hitting retirees and those aged 30 to 50 hard, who are finding it increasingly difficult to save, confirms data released by Sun Life.
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Around a third of retirees are suffering from the consequences of the current economic context, revealed regional vice-president of group retirement plans at Sun Life, Yashar Zarrabian.
“Inflation and rising interest rates have an impact on the purchasing power of retirees,” he says.
Seniors and savers should also be wary of the rising cost of health-related expenses.
“It’s the element of longevity risk […] it’s the fact that life expectancy in Canada continues to increase. The retirement phase is longer than expected. Naturally, it takes more money for the retirement phase,” shares Mr. Zarrabian, in an interview on LCN.
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The latter, who invites the population to rely on experts for retirement advice, is also concerned regarding the consequences of the current economic context for the working population.
An analysis of the retirement plans of approximately 1.5 million Canadians confirms a worrying trend.
“We notice that people in their thirties, forties and fifties, savings have really paid the price in current economic circumstances“, he laments.
“We see that their savings have decreased by approximately 7% for people aged 30 to 50, and by 5% for people over 50.”
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The population, who must review their spending due to inflation, has no choice in prioritizing recurring expenses.
*Watch the full interview in the video above*
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