Majority of 45-Plus Worried About Saving for Retirement in Today's Economy

Over 54% of respondents age 45-plus have concerns about the economic uncertainty and how it may affect their retirement savings, according to a poll conducted recently by Sun Life Financial with its new partner CARP, a 350,000-member organization supporting a new vision of aging for Canada.

Over 5,400 CARP members responded over a two-day period to this poll on their attitudes towards retirement planning in today's climate. The overall uncertainty in the economy weighs heavily on their minds, with a majority confirming they are anxious about saving enough.

When it comes to retirement planning, the survey also found:

Over 33% worry about losing money due to market downturns.
Over 30% fear unexpected events that create extra expenses.
Despite concerns, over 69% are confident that they have a plan to maintain their lifestyle in retirement.
Over 30% are concerned about keeping their lifestyle and believe their plan needs some work.

This poll marked the first joint initiative under this exclusive partnership between CARP and Sun Life Financial, which is now CARP's recommended financial services partner. This partnership will bring the organization's 350,000 members access to Sun Life Financial advisors and services such as financial advice, retirement planning, and estate planning.

"These poll results reflect some concerns that we are hearing from our clients in the 45-plus age bracket about the economic challenges," said Kevin Dougherty, President, Sun Life Financial Canada. "Now more than ever, it is critical to ensure you have the right plan to save enough for your retirement. At Sun Life, we have a team of over 3,000 advisors across Canada with their finger on the pulse to help Canadians achieve lifetime financial security."

Both CARP and Sun Life Financial have initiatives underway to help Canadians start planning sooner for their retirement. Sun Life Financial has a leading wealth business that focuses upon the needs of the retirement market. To continue to meet these needs, Sun Life Financial has grown its offerings of high-quality mutual funds through Sun Life Global Investments (Canada) Inc., providing better access and more choice to customers.

Sun Life Financial is also committed to playing a leadership role in Quebec, where Isabelle Hudon, Sun Life Financial's Quebec President, was recently recognized by the Consumer Choice Award as businesswoman of the year in Montreal. She is looking forward to working with CARP, as the organization has growth plans for Quebec and across Canada.

CARP President and ZoomerMedia Limited Founder and CEO, Moses Znaimer, said they wanted to partner with a national financial services company built on a strong foundation.

"Generally speaking CARP members are living longer and better than ever. Many have planned or are mindful about the need to plan for their complete, or semi, retirement; but are concerned about the world situation's impact on their savings and the possibility of outliving their money. That's why we've been extremely careful about selecting our financial services partner. So we looked long, we looked hard, and we finally found Sun Life Financial, a company with a 140-year history and tremendous and trusted coverage of advisors across Canada," said Znaimer.

SOURCE: http://www.newswire.ca/en/story/866309/poll-finds-majority-45-plus-worried-about-saving-for-retirement-in-today-s-economy