Two-thirds of employees plan to continue working in retirement: CIBC poll

Part-time work, consulting most popular options
|hrreporter.com|Last Updated: 10/26/2011

More than two-thirds (69 per cent) of Canadians plan to continue working in retirement, according to a survey by CIBC.

Forty-five per cent of the 1,800 survey respondents across the country said they will work part-time in retirement, 24 per cent will do occasional consulting, nine per cent will start a new business and eight per cent will continue working full-time.

"Our CIBC poll shows that Canadians don't view retirement as the end of their working lives," said Christina Kramer, executive vice-president of retail distribution and channel strategy at CIBC.

British Columbians were the most likely to say they will continue working in retirement (80 per cent) and Atlantic Canadians were the least likely (61 per cent).

Manitoba and Saskatchewan had the highest percentage of respondents that believe they will start a new business in retirement (16 per cent); 30 per cent of Albertans said they will do occasional consulting in retirement; and 34 per cent of Quebec residents said they will stop working completely, found the survey.

Canadians across all age groups plan to continue some form of work in retirement. Those aged 18 to 24 are the most likely to say they will work in retirement (80 per cent) and those aged 45 to 54 the least likely (68 per cent).

While only six per cent of employees between the ages of 25 to 34 say they will retire due to health reasons, nearly one-fifth (19 per cent) of retirees say their health forced them to retire.

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