Key Takeaways
- • The Canada Pension Plan Investment Board (CPPIB) 2026 retirement survey found 61% of respondents fear outliving their retirement savings, and 45% say they will not have enough money if they live to 100.
- • Only 34% of roughly 5,000 respondents have accounted for longer life expectancy in their retirement planning, despite broad awareness that people are living longer.
- • Only 42% have a financial plan for retirement, and 34% are saving without one; 45% of non-retirees struggle to estimate how long they will be retired.
- • The median expected retirement length is 20 years, but respondents believe their finances will only cover about half that period, according to CPPIB.
- • CPPIB's new retirement longevity index scored Canadians' confidence in the longevity of their savings at 44 out of 100, and their preparedness for a long retirement at 4.2 out of 10.
Summary
The investment arm of the Canada Pension Plan has warned that Canadians appear unprepared for, and anxious about, how long their retirement could last. The 2026 retirement survey by the Canada Pension Plan Investment Board (CPPIB), conducted from late August into early September and covering approximately 5,000 people, found that a strong majority understand Canadians are living longer, yet only 34% have factored that into their retirement planning. Michel Leduc, senior managing director and chief public affairs officer at CPPIB, described a "gap between awareness and action" and a "significant disconnect" between the retirement people expect and the retirement they believe they can financially support.
Planning gaps are wide. Three-quarters of respondents have set aside money for retirement, but only 42% have a financial plan for when they stop working, and 34% save without one. Four in 10 have never discussed how many years of retirement they need to plan for. Among non-retirees, 45% struggle to estimate their expected retirement length. Of those who could give an estimate, the median was 20 years, yet they believe their finances will cover only about half that time. Only 15% of people still working believe they have enough to fully support retirement, while 59% are unsure.
Financial pressure is compounding these concerns. Almost 35% said they were very or extremely stressed about day-to-day money issues, up from 31% last year, and 47% of those earning under $50,000 a year reported similar anxiety levels. Some 55% said they worry about making "the wrong decisions" about money, up from about 50% last year. Rising interest rates and the cost of living were cited as eroding household budgets.
The survey also points to limited understanding of public pension mechanics. Only three in 10 know CPP payments are linked to inflation, and about half understand that benefits are based on years of contributions and average earnings. CPPIB's new retirement longevity index scored confidence in the longevity of retirement savings at 44 out of 100 and preparedness for a long retirement at 4.2 out of 10. According to Statistics Canada cited in the report, the number of Canadian centenarians rose to 10,105 as of July from 7,237 in 2016, while life expectancy averages 82.7 years and the average retirement age is 65, up from 62 in 2003.
CPPIB noted that the CPP fund totalled $863.6 billion as of June 30, and that the Office of the Chief Actuary of Canada projects the fund will remain financially sustainable for at least the next 75 years. Leduc said that understanding how CPP works is associated with better retirement preparedness, and that planning should include how long retirement could last and how income sources fit together.
Planning gaps are wide. Three-quarters of respondents have set aside money for retirement, but only 42% have a financial plan for when they stop working, and 34% save without one. Four in 10 have never discussed how many years of retirement they need to plan for. Among non-retirees, 45% struggle to estimate their expected retirement length. Of those who could give an estimate, the median was 20 years, yet they believe their finances will cover only about half that time. Only 15% of people still working believe they have enough to fully support retirement, while 59% are unsure.
Financial pressure is compounding these concerns. Almost 35% said they were very or extremely stressed about day-to-day money issues, up from 31% last year, and 47% of those earning under $50,000 a year reported similar anxiety levels. Some 55% said they worry about making "the wrong decisions" about money, up from about 50% last year. Rising interest rates and the cost of living were cited as eroding household budgets.
The survey also points to limited understanding of public pension mechanics. Only three in 10 know CPP payments are linked to inflation, and about half understand that benefits are based on years of contributions and average earnings. CPPIB's new retirement longevity index scored confidence in the longevity of retirement savings at 44 out of 100 and preparedness for a long retirement at 4.2 out of 10. According to Statistics Canada cited in the report, the number of Canadian centenarians rose to 10,105 as of July from 7,237 in 2016, while life expectancy averages 82.7 years and the average retirement age is 65, up from 62 in 2003.
CPPIB noted that the CPP fund totalled $863.6 billion as of June 30, and that the Office of the Chief Actuary of Canada projects the fund will remain financially sustainable for at least the next 75 years. Leduc said that understanding how CPP works is associated with better retirement preparedness, and that planning should include how long retirement could last and how income sources fit together.
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