Today's retirement challenge? Too much life, not enough savings.
So much so, that nearly one in five Canadian workers (17%) are fairly sure they'll never be able to afford to retire fully, according to study released by global bank HSBC.
Among the 15 countries surveyed, Canada had one of the
largest proportions of workers who feel this way, followed closely by
the United Kingdom (19%) and United States (18%).
Of those who are divorced or separated, the number jumps to 24% -- another indicator that so-called grey divorces, where a growing number of people are ending their marriages in
their later years -- continue to crimp retirement plans.
Late-in-life divorce means that there's much less time to rebuild retirement assets and the numbers are startling.
The divorce rate among middle-aged and older adults has doubled during the past two decades, and the rate was 2.5 times higher for remarriages than for first marriages, according to figures from the National Center for Family & Marriage.
Whereas if you were younger, in your 30s or 40s and you’re involved in a
divorce and division of assets, there is still some time left to
rebuild those assets,” she said.