Retire With Confidence

For many, "the big day" seems as if it's a long way off.  For others,it's just around the corner.  We are talking about retirement and the fact that many Canadians plan to work after age 65.

A recent survey conducted by Harris/Decima polled more than 1,000 Canadians about their retirement plans and expectations.  According to the report, 69% of Canadians plan to keep working after they formally retire.  The reasons reveal something interesting about tomorrow's retirees:

  • 57% plan to continue to work to stay socially active
  • 72% want to remain mentally active
  • 38% need to keep working because they cannot afford not to

The last statistic is of obvious concern.  It would appear that the economic downturn has had a significant impact on the expectations of Canadians, especially those with lower than average annual incomes.

Whether by choice or necessity, it seems that many want to remain economically active.  And, after all, the extended life expectancy of today's retirees has created the equivalent of an entire second adulthood for this generation.

Yet for many, the prospect of retirement is filled with uncertainty.  Many questions need to be answered.  Can I afford to retire?  At what age can I retire?  What can I afford to do in retirement?

These questions are understandably weighing on many Canadians.

 

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