It's easy to get overwhelmed about saving for retirement. There are so many unknowns, from how long you'll live to how much health care will cost.

What sets Canadians apart is how they approach these life events – do they prepare and plan, or do they let things “just happen?” Although saving for retirement is the second most important financial priority for Canadians, one-third of recent retirees said they didn’t do anything to prepare for retirement’s financial implications. The Canada Investor Pulse Survey 2014 provides the following insights on retirement:

Retirement Concerns are High yet Understanding is Low

Only Six in 10 Pre-retired Canadians have any Retirement Savings

Canadians feel they need $69,700* of Annual Retirement Income
*Average (mean) dollars

Cost of Living and Lack of Earnings are most important Barriers to Retirement Savings

Many Canadians lack Awareness about their Pension Contributions