Fidelity's 2024 retirement report highlights planning strategies

Learn how effective planning and financial advice can secure a resilient retirement, despite economic challenges

Fidelity's 2024 retirement report highlights planning strategies

Fidelity Investments Canada ULC (Fidelity) has unveiled the 2024 Fidelity Retirement Report, which provides insights into the latest retirement trends for financial advisors and investors.  

The report emphasizes effective retirement planning strategies amidst economic uncertainties.   

Peter Bowen, vice president of Tax and Retirement Research at Fidelity, emphasized the importance of a robust plan. “Achieving your retirement dreams is possible with a strong plan in place,” he stated. 

Bowen highlighted the benefits of maintaining investments and incorporating potential expenses for loved ones into financial plans, noting these strategies as key to achieving desired retirement outcomes.   

The report underscores significant shifts in retirement planning due to economic challenges and the rising cost of living. Findings reveal that 82 percent of retirees feel the pinch of inflation, and 43 percent of pre-retirees are postponing retirement due to increased living costs.  

Additionally, 59 percent of retirees are financially supporting their adult children with both daily expenses and major expenditures.   

The importance of having a written financial plan was another critical theme. According to the report, 88 percent of Canadians with such plans feel prepared for retirement, compared to 56 percent without.  

However, only 27 percent of Canadians have a written plan, with 85 percent of these individuals creating it with the assistance of a financial advisor.   

The report also highlights the resilience provided by staying invested. Despite economic uncertainties, 81 percent of retirees owning mutual funds reported stable or growing retirement savings.   

Regional and gender-based differences were evident in retirement planning practices. Quebec residents are more likely to have a written retirement plan, while individuals in the prairies and British Columbia are more inclined to work during retirement.  

Among women, 87 percent with a written plan felt positively about their retirement outlook, compared to 60 percent without.