Forty-one per cent of Canadian retirees find no longer being defined by their career the most challenging aspect about transitioning to retired life, according to a survey by TD Waterhouse. That may be why retirees are not just exiting the workforce and slowing down; they're staying involved and active, said TD.
Nearly one-third (31 per cent) are continuing to volunteer or work in some form, whether it's volunteering (15 per cent), part-time work (nine per cent), consulting (four per cent) or starting a small business (three per cent), according to the 2011 TD Waterhouse Canadians and Retirement Report which surveyed 1,006 retirees across the country. Four per cent responded that while they're not currently working, they plan to in the near future.
Seventy-eight per cent of respondents said they find staying active personally fulfilling and 56 per cent enjoy the social interaction — less than one-half (45 per cent) said they are doing it to make extra money.
"From speaking with retirees across the country, we know that it's not just about the money, however, I do believe having a financial foundation in place really does free you up to do the things that give your life more balance and meaning," said Patricia Lovett-Reid, senior vice-president at TD Waterhouse.
And almost one-third (31 per cent) of Canadian retirees are spending more than they expected in retirement.
The most common extra expenses are day-to-day living expenses (77 per cent), taxes (46 per cent) and medical/health costs (41 per cent), found the survey. Only 25 per cent said they are spending more money than planned on leisure activities.
Fifty-seven per cent said they predicted their expenses in retirement accurately.
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