Lottery win is retirement plan for 34% of poll respondents
CBC News · Posted: Jan 30, 2014 11:22 AM ET | Last Updated: January 30, 2014
A majority of Canadians recently polled say they are relying on the Canada Pension Plan, many of them heavily, to get through retirement.
The Bank of Montreal survey found that 89 per cent said they would have to rely on the CPP or the Quebec Pension Plan when they stopped working.
Nearly a third — 31 per cent — said say they will count "heavily" on the government pension plan.
Meanwhile, 88 per cent of respondents said they would use personal savings like RRSPs or tax-free savings accounts to help fund retirement, while 59 per cent said they would likely take a part-time job.
Other options included the 49 per cent of respondents who planned on selling their homes or property for some cash.
Less than half — 40 per cent — were counting on an inheritance, while 34 per cent hoped to win a lottery. Twenty-eight per cent say they expect to get financial assistance from their children or other family members.
The online poll of 1,003 adults was conducted by Pollara between Nov. 18 and Nov. 22. The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
https://www.cbc.ca/news/business/lottery-win-is-retirement-plan-for-34-of-poll-respondents-1.2517046
