Only about one-quarter of Canadians expect to retire at a traditional age, according to a new survey.
Sun Life Financial, Toronto, unveiled this finding in its 5th annual Unretirement Index. Ipsos Reid conducted the survey in November and December of 2012, polling 3,017 working Canadians from 30 to 65 years of age from.
The report shows that the number of Canadians who expect to be retired at age 66 has dropped to only 27 per cent in this year’s study from 51 per cent in 2008, a decline of almost 50 per cent.
For the first time in five years of tracking retirement trends, the index finds that the number of Canadians who expect to be retired at 66 (27 per cent) is almost equal to Canadians who expect to be working full-time at 66 (26 per cent). Almost another third (32 per cent) expect to be working part-time at 66 adding, up to almost 60 per cent of Canadians who expect to work past the traditional retirement age, while about 15 per cent are not certain.
“The dream of being able to afford a full retirement at age 66 is declining among Canadians, says Sun Life Financial Canada President Kevin Dougherty. “It’s being replaced by the reality that many people expect to be working beyond the traditional retirement age. The aftermath of the financial crisis of 2008 has had a lasting impact, with more Canadians expecting they will need to work longer as a result.”
The survey reveals that more Canadians are expecting to work past 66 because of necessity and fear of outliving their savings:
• 63 per cent expect they will need to work past 66 compared with 37 per cent wanting to work.