Retiring early shortens the savings period and increases financial strain in retirement at a time when life expectancy is growing worldwide, the report showed
A Manulife report says retiree experiences vary significantly based on when a person retired, and whether it was planned or earlier than expected.
“They may not think through all the consequences of early retirement on their financial security until maybe they’re out of the labour market,” she said in an interview. Canadians who retired as planned or later seem to have a significantly more positive outlook on their financial situation and resilience than those who retired early, the report showed.
MacDonald said inflation and high cost of living are the biggest financial fears for many people who are contemplating retirement or have already retired.
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