This study examined the financial lives of retired Canadians and those approaching retirement.

While most retired Canadians said they are in a strong financial position, a concerning 15% of retirees rated their financial situation as poor. Almost one third of retirees reported their monthly expenses in retirement are higher than they expected.

The study also found that those who are not yet retired may not retire as comfortably as those who are already retired. Compared to retirees, those who are not yet retired have less savings and more debt. They are more likely to expect to rely on their own savings and less likely to have a work-related pension plan.

The study also found both retiree and pre-retirees may not be prepared for financial emergencies.

Overall, the study paints a picture of many Canadians over the age of 50 being in a strong financial position, but a significant proportion are financially vulnerable.