The Royal Bank of Canada released a poll showing that only 54 per cent of Canadians have retirement plans. The poll also shows that almost a third of Canadians with plans have not written them down.
TD Bank Group poll shows that 64 per cent of Canadians with flexible jobs "anticipate needing to work into their senior years because they won't have enough saved for retirement."
Laurie Renton of LR Future, a financial planning firm in Yorkton, says that not saving for retirement can leave someone vulnerable.
"If you're sitting here and you're 60-years-old and you have nothing saved for retirement...and you're totally relying on government funds, which are your [Canadian Pension Plan] and your [Old Age Security], you could be in some kind of trouble," she says.
Two Yorkton residents to whom CTV News spoke both said that their retirement plans were not what they would like.
When asked, Angus Vincent said that he had started planning but that the amount he had saved was not "as substantial as I need to be."
Bob Steffanssen said that if he retired today he would need to work the occasional odd job in order to make ends meet.
Erica Renneberg is currently unemployed and no longer has a retirement plan. She had started saving but couldn't afford to put money away while saving for college, finishing her high school education and working a job. And she says she is having a hard time finding another job.
"The jobs now are scarce," she says. And because of employers rolling back hours, "you don't really get many hours so you don't get to put that much away."
Renton says that it's never too late to start saving for retirement.
"Whether you're 20, 40, 60, just start looking at [your savings] and get started!"
