The Canada Pension Plan Investment Board’s 2026 survey found that many Canadians have not included longevity in their retirement planning. In its 2026 survey, only 34 per cent of respondents said they had accounted for longer lives in their retirement planning.

The survey of approximately 5,000 people was conducted from late August into early September. It found that three-quarters had set aside retirement money, but only 42 per cent had a financial plan for when they stop working. Another 34 per cent were saving without a plan.

Why Canadians Need to Plan for Retirement Length

Four in 10 respondents had never discussed how many years of retirement they should plan for. Among non-retirees, 45 per cent struggled to estimate how long they expected retirement to last, according to the survey.

Among people who could estimate a duration, the median was 20 years. Yet those respondents believed their finances would cover only half that time. Just 15 per cent of people still working thought they had enough money to fully support retirement, while 59 per cent were unsure.

“The survey identifies a significant disconnect between the retirement people expect and the retirement they believe they are financially prepared to support,” Michel Leduc, CPPIB’s senior managing director and chief public affairs officer, said in an email.

Leduc described a “gap between awareness and action.” He said putting money aside is an important start, while planning also means considering how long retirement could last, possible income sources and how those pieces fit together.

Retirement savings confidence remains low

Financial pressure also featured in the results. Almost 35 per cent said day-to-day money issues caused very or extreme stress, up from 31 per cent last year. Among people earning less than $50,000 a year, 47 per cent reported similar anxiety.

More than half, 55 per cent, worried about making “the wrong decisions” about money, compared with about 50 per cent last year. The survey found 61 per cent feared outliving their savings, and 45 per cent said they would not have enough if they lived to 100.

Statistics Canada data cited in the source showed 10,105 Canadian centenarians as of July, compared with 7,237 in 2016. The share of the population aged 65 and older rose to 20 per cent from approximately 16 per cent over the same period. Average Canadian life expectancy was 82.7 years, while the average retirement age was 65, up from 62 in 2003.

CPPIB added a “retirement longevity index” to its survey this year. It scored confidence that retirement savings would last at 44 out of 100 and preparedness for a long retirement at 4.2 out of 10.

Survey points to planning and CPP knowledge gaps

The board said many respondents did not understand how Canada Pension Plan payments are calculated. Only three in 10 knew payments are linked to inflation, and about half knew they are based on contribution years and average earnings. Leduc said people who understand how the plan works are more likely to be better prepared for retirement.

The CPP fund totaled $863.6 billion as of June 30. The Office of the Chief Actuary of Canada projected in its latest review that the fund would remain financially sustainable for at least the next 75 years, CPPIB said in a press release.

The findings give savers a specific planning question: whether their income plan accounts for the duration they may need to fund. Related coverage has examined family office growth, portfolio management tools and wealth engagement leadership.

The Financial Post report includes the survey findings and CPPIB’s comments on retirement planning.