Most Canadians plan to work after retiring
More than half of Canadians now in their 50s plan to keep on working after retiring in their 60s, in many cases to supplement their income, according to a new survey.
The results of a July survey show that 53% of Canadians are planning to continue working after retirement, for various reasons. 29% were unsure and 14% stated they would definitely cease working. 37% of respondents who will continue to work say they plan to do so part-time.
The face of retirement is changing, and an increasing number of Canadians are reaching retirement and finding they do not have access to the funds they thought they would. This, combined with rising home prices and the possibility of entering retirement with a mortgage is causing those approaching retirement age to explore their options.
The survey showed that residents of Manitoba and Saskatchewan are the most likely to work post-retirement, at 59%, and residents of Quebec are the least likely, at 47%. Residents of Ontario were close to the national average, with 55% of respondents claiming they will work after retirement.