Posthaste: How far out of reach is retirement for most Canadians?

financialpost.com:

The rising cost of living is darkening the financial picture for many Canadians, putting the prospect of retirement more out of reach than ever.

A report this month from Sun Life Financial Inc. said 75 per cent of Canadians believe the cost of living has hurt their retirement savings, while about half of respondents worry they still do not have enough saved up for retirement.

“There are many factors to think about for Canadians when it comes to saving for retirement,” Eric Monteiro, senior vice-president of Group Retirement Services at Sun Life, said in a news release.

“Planning can significantly affect someone’s ability to retire. Considering what you want your retirement to look like, and building a road map to get there is essential.”

Some Canadians are being forced to cut back on retirement savings in order to pay for essentials.

A survey by Canadian Imperial Bank of Commerce in February said 53 per cent Canadians have hit pause on saving for retirement and are instead focusing on growing their tax-free savings accounts, which offer more flexibility.

Additionally, a third of respondents said they don’t plan on making any registered retirement savings plan (RRSP) contributions this year.

It’s not just those saving for retirement who are feeling the pinch, either. A recent TransUnion survey said 48 per cent of respondents feel their finances are worse than anticipated, with 30 per cent struggling to pay off their bills and loans in full.

The Angus Reid Institute’s recent Economic Stress Index shows 32 per cent of Canadians fall into the “struggling” category, with housing costs unsurprisingly ranking as the key driver of financial stress.

When it comes to retirement saving tips, Sun Life said it’s important to be