Most Canadians not ready for retirement, according to Deloitte

Majority of Canadians are unprepared for retirement

55% of near-retiree households need to make lifestyle changes to avoid outliving savings.

Retirement burden increased due to rising retirement costs and unexpected expenses.

Coordination across financial services industry needed to tackle the issue.

Deloitte Canada highlights three areas of focus: enhancing accessibility of near-retirement advice, helping retirees manage cash flow and rising costs, incentivizing healthy savings habits.

14% of near-retirement households can confidently retire, 31% will need support from government pension system.

Only 24% of private sector workers participate in employer-sponsored pension plans.

58% of near-retirement age and retiree households have no formal retirement plan.