Survey finds more than half of Canadian baby boomers plan on working past retirement age
August 23, 2012
A national survey conducted for CIBC by Leger Marketing looked at how Canadian baby boomers, who are currently in their 50s, feel about retirement. More than half responded that they plan on working well into their golden years, according to The Canadian Press.
The survey, which was held online for people all over the country, found Quebec residents were the least likely to work into retirement, but that was still at 47 percent. In addition, Manitoba and Saskatchewan residents were the most likely to keep up with their career at 59 percent. The national average was 53 percent, and Atlantic Canada at 54 percent, Ontario at 55 percent, Alberta at 57 percent and British Columbia at 49 percent were the closest to the average, according to the new outlet.
The main reason these boomers are planning on working is because they do not have the necessary funds saved up to retire. The survey showed nearly half of the respondents have less than $100,000 saved up, and their plan is to use future income to retire the way they want to.
"The retirement landscape is shifting as baby boomers reach traditional retirement age with a smaller nest egg than they expected to have," Christina Kramer, executive vice-president, retail distribution and channel strategy at CIBC, told the news source. "Many Canadians are now planning to draw on multiple sources of income including employment to fund their retirement, and that makes getting advice about how to manage your income, savings, and investments even more important."
They are not all doing it for the extra money, 67 percent responded they plan on working to keep up with their social lives or because they enjoy their work. Only one third responded they would be working solely for monetary reasons, the media outlet reports.
However, Canadians may be able to achieve the funds they need quicker than they think. Another study conducted by the Hay Group shows employees in Canada are expected to see a boost in their salaries by an average of 2.9 percent next year.