New CIBC poll shows ambitious timelines but shaky faith in retirement savings
Most Canadians still aim to retire around 61 and keep their long‑term investment strategies intact, even as doubts linger about whether their savings would be enough, according to a new CIBC poll released this week.
The survey, conducted by Ipsos among 1,500 Canadians between January 5 and January 14, 2026, suggested that retirement remains a central life goal rather than something to be pushed indefinitely into the future.
On average, respondents reported that they started saving for retirement at age 30 and planned to exit the workforce at 61, with Gen Z targeting 59, millennials and Gen X both targeting 61, and boomers having retired or planning to retire at 63. However, only 41% said they felt confident they would have sufficient savings to support their desired lifestyle.
Retirement goals meet confidence gap
CIBC framed retirement planning as a discipline rather than a one‑time decision.
“Saving for retirement is one of the most important financial commitments that a person will make, so regardless of where you start, building a plan and regularly reviewing it can help ensure a comfortable future,” said Carissa Lucreziano, vice‑president, financial planning and advice at CIBC.
“Leveraging the right tools, making informed budgeting choices, and regularly meeting with an advisor all help towards achieving your retirement ambitions.”
Earlier research pointed to the same tension between aspirations and day‑to‑day pressures. A recent BMO Retirement Survey found that nearly three quarters of Canadians said rising prices increased their worries about having enough saved for retirement, while about two thirds said inflation already affected their ability to save and invest for their later years.
Previously, RBC’s latest Financial Flexibility Poll revealed that everyday expenses remained the dominant barrier, with 79% of Canadians citing rising day‑to‑day costs as their biggest obstacle to achieving financial goals, ahead of housing costs (66%), debt (51%) and their own financial habits (51%).
TFSA tilt underscores desire for flexibility
Most Canadians in the CIBC poll – 68% – reported owning an investment portfolio. Among contributors, almost half said they were directing more money into tax‑free savings accounts, compared with about one‑third favouring registered retirement savings plans, while just under one‑fifth split contributions evenly. Those leaning toward TFSAs cited tax‑free withdrawals and the ability to contribute at any stage, including after retirement.
“Personal finance isn't about getting everything right from day one, it's about progress, and investing is a good example of this,” Lucreziano said. “You don't need the perfect strategy or timing to begin, what matters most is getting started and being consistent.”
Still, one‑third of respondents did not invest at all, naming limited disposable income and fear of losses as their main barrier.
For mortgage professionals, clients want early, comfortable retirement, yet often arrive with thin savings, rising living costs and a disproportionate share of wealth tied up in their homes.
In that environment, advice around amortization choices, prepayment strategies and managing housing debt into later life have become central to whether the age‑61 dream would remain realistic or gradually be pushed back.
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