|By PR Newswire||
|February 19, 2014 06:00 AM EST||
Survey reveals 17 per cent do not know if real estate will play a major role in helping to fund their golden years
TORONTO, Feb. 19, 2014 /CNW/ - As housing prices continue to rise in large Canadian cities, nearly a quarter of Canadians plan to use their homes as their primary source of income after they leave the workforce, according to the 2014 Sun Life Canadian Unretirement™ Index. This survey also revealed that 17 per cent do not know if their investment in their home will serve as their primary source of income during retirement.
At the same time, 28 per cent of Canadians expect to be retired at 66. Twice that many (56 per cent) are expecting to work past the traditional retirement age, with 65 per cent citing that they will need to. The average expected retirement age is 66. But among Canadians closest to retirement, those aged 55-65, the average expected retirement age is 67.
"The average expected retirement age in Canada has hit its lowest level in four years - it's 66 this year down from a high of age 69 in 2011," says Kevin Dougherty, President, Sun Life Financial Canada. "With people living longer and more Canadians expecting to retire sooner, it's important to look at what savings you will need to be fully prepared and how having a financial plan can help protect against risks that can be magnified in retirement such as market shocks and health events."
Canadians on average expect approximately 10 per cent of their retirement income to come from home equity. They expect:
- 30 per cent to come from government plans;
- 27 per cent to come from personal savings;
- 23 per cent to come from employer plans;
- 5 per cent to come from inheritance; and
- 6 per cent to come from other sources.
Some market experts predict that Canadian expectations about not relying on home equity may change due to economic factors.
"Real estate will likely endure some difficulty with a slowing Canadian economy and a weak demand for the dollar," says Sadiq S. Adatia, Chief Investment Officer, Sun Life Global Investments. "With an already overheated market, there may be additional pressures from upcoming retirees who feel they lack enough savings for their retirement. As a result, they may feel the need to downsize their homes for additional income due to these economic conditions."
Canadians can calculate their own personal Unretirement™ Index score, which measures their outlook on retirement, at www.sunlife.ca/unretirementindextool.
About the survey
These are some of the findings of an Ipsos Reid poll conducted between November 12 and 20, 2013, on behalf of Sun Life Financial.
For this survey, Ipsos Reid conducted online interviews with a sample of 3,005 working Canadians from 30 to 65 years of age from Ipsos' online panel. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe.
The precision of Ipsos online surveys is measured using a credibility interval. In this case, the survey is accurate to within + / - 2 percentage points had all Canadian adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to methodological change, coverage error and measurement error.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2013 the Sun Life Financial group of companies had total assets under management of $640 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
SOURCE Sun Life Financial Canada
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Aug. 1, 2015 09:00 PM EDT Reads: 662
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Aug. 1, 2015 06:30 PM EDT Reads: 157
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 1, 2015 04:45 PM EDT Reads: 483
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Aug. 1, 2015 03:15 PM EDT Reads: 328
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Aug. 1, 2015 03:00 PM EDT Reads: 519
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Aug. 1, 2015 02:45 PM EDT Reads: 455
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Aug. 1, 2015 11:15 AM EDT Reads: 181
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Aug. 1, 2015 10:30 AM EDT Reads: 215
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 296
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Aug. 1, 2015 09:45 AM EDT Reads: 394
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Aug. 1, 2015 09:45 AM EDT Reads: 141
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Aug. 1, 2015 09:45 AM EDT Reads: 189
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Aug. 1, 2015 08:00 AM EDT Reads: 313
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Aug. 1, 2015 08:00 AM EDT Reads: 1,689
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Jul. 31, 2015 11:45 PM EDT Reads: 790