CIBC Poll: Most Canadians aim to retire at 61, but few feel confident they'll achieve it

A recent CIBC poll reveals that most Canadians plan to retire at the age of 61, but there is a significant lack of confidence about achieving this goal. Approximately 76% of respondents have maintained their long-term financial strategies, indicating a commitment to saving for retirement. Notably, younger Canadians are starting their retirement savings earlier than previous generations, with the average starting age now at 30. Specifically, Generation Z aims to retire at 59, while Millennials and Generation X target 61, and Boomers have either retired or plan to retire by age 63.

Despite this proactive approach, only 41% of Canadians expressed confidence in their ability to accumulate sufficient savings for a comfortable retirement. Carissa Lucreziano, VP of Financial Planning and Advice at CIBC, emphasized the importance of developing and regularly reviewing a retirement savings plan. She encouraged Canadians to utilize available tools, budget wisely, and consult with financial advisors to improve their financial futures.

Among Canadians, 68% own investment portfolios, with nearly half prioritizing contributions to Tax-Free Savings Accounts (TFSAs) over Registered Retirement Savings Plans (RRSPs). This preference for TFSAs highlights the desire for tax-free withdrawals and flexible contributions, even post-retirement.

For those not investing, the primary hurdles cited include limited disposable income (63%) and a fear of financial loss (38%). Lucreziano reminded Canadians that personal finance success is not about perfection but rather about making consistent progress. CIBC offers various resources to assist clients in retirement planning and investment strategies, showcasing their commitment to promoting financial literacy and stability among Canadians.

According to a recent CIBC poll, while a significant majority of Canadians plan to retire at 61, only 41% feel confident that they will have sufficient savings to maintain their desired lifestyle. This uncertainty may be indicative of broader economic challenges and highlights a critical gap between aspiration and reality.

For investors, this presents both a challenge and an opportunity. With 76% of Canadians maintaining unchanged investment strategies, it may be time to reassess these approaches. Younger generations, particularly Gen Z, are beginning to save earlier, yet the preference for TFSAs over RRSPs suggests a shift toward flexibility in retirement funding. This is a pivotal moment for individuals to evaluate their portfolios in light of their long-term goals.

Advisors should emphasize the importance of dynamic planning—staying engaged with clients to adapt their strategies to changing financial landscapes. Financial tools like retirement calculators and budgeting resources can aid in illuminating pathways to financial security. Many Canadians cite limited disposable income and the fear of loss as barriers to investing. Addressing these concerns is crucial for facilitating broader investment participation.

It’s also noteworthy that Canadians are expressing a preference for TFSA contributions due to their tax-free withdrawal benefits. Financial professionals should actively educate clients about the advantages of diversifying contributions between RRSPs and TFSAs, tailored to their unique financial situations.

As we advance towards 2026, market analysts and investors alike should focus on emerging sectors that can withstand economic transitions. Emphasizing sectors that promise growth and resilience can help mitigate risks and align investment strategies with the long-term retirement goals of Canadians. Encouraging consistent, incremental investments and adapting to personal financial situations will be key to achieving desired retirement outcomes.