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Feb 6, 2013

One-half of Canadians not contributing to RRSPs for 2012

One-quarter of those planning to postpone retirement will do so by 10 or more years: Survey
    
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Two-thirds (65 per cent) of Canadians who plan to retire said their registered retirement savings plans will be their source of retirement funding, yet one-half (49 per cent) do not plan to contribute to their RRSPs this tax season, according to a Scotiabank survey.

In addition to RRSPs, top sources of retirement funding include savings (60 per cent), the government (57 per cent), work pensions (52 per cent) and selling their home (22 per cent).

Two-thirds of those who expect to retire said they are concerned about not having enough money to support their retirement (68 per cent), found the survey of 1,003 people. Over the past five years, Canadians said they have saved an average of $24,469 (down from $31,824 they reported saving over a five-year period in 2011).

A growing number of Canadians who have yet to retire said they have pushed back their planned retirement age because of the state of the economy (33 per cent versus 27 per cent in 2011), found Scotiabank.

The majority (58 per cent) of those planning to hold off on retiring say they have pushed retirement back by five to nine years while 27 per cent plan to push it back by 10 or more years.

RRSP contributions for 2012 tax year

Plan to contribute to RRSP

Total

Atlantic

Quebec

Ontario

Man/Sask

Alberta

B.C.

Yes

39%

34%

37%

44%

32%

46%

34%

No

49%

54%

54%

42%

57%

46%

52%

Don’t know

12%

12%

9%

14%

11%

8%

14%

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