50-somethings planning to retire at 63, keep working: Survey

Almost one-half have less than $100,000 saved for retirement
|hrreporter.com|Last Updated: 08/20/2012

While retirement is just around the corner for many Canadians in the heart of the baby boom (aged 50 to 59), they have come up short on their savings goals and plan to supplement their income by working in retirement, according to a poll released by CIBC.

On average, people in their 50s plan to retire at age 63, but 53 per cent said they'll keep working in retirement, with most planning to work part time.

Sixty-one per cent of the 805 people polled said they have fallen short of the savings they expected to have in their 50s and 45 per cent said they have less than $100,000 put away to fund their retirement.

Canadians in their 50s don't plan to keep working at their current job when they retire but are looking to find a balance between staying active, earning income and having time for themselves, said CIBC.

One-half (53 per cent) of people in their 50s plan to work in retirement — within this group, part-time work was by far the most popular option (37 per cent). More than one-quarter (29 per cent) are not sure yet if they will work once they retire and 14 per cent said they would not work at all once they retire.

However, only one-third (33 per cent) said they would work just for the money, found the poll. Two-thirds (67 per cent) see working as a way to either stay socially active or find work enjoyable and want to stay involved in the workforce in some capacity.

People in Manitoba and Saskatchewan are most likely (59 per cent) to work in retirement, followed by Alberta (57 per cent), Ontario (55 per cent), Atlantic Canada (54 per cent), British Columbia (49 per cent) and Quebec (47 per cent).

Amount Canadians in their 50s have saved for retirement, by region:

Under $10,000

$10,000 - 49,999

$50,000 - 99,999

$100,000 - $199,999

$200,000 - 499,999

$500,000 - 999,999

$1,000,000 +

National

15%

15%

15%

13%

17%

6%

2%

Atlantic

7%

26%

15%

12%

14%

5%

1%

Quebec

15%

21%

19%

12%

15%

2%

1%

Ontario

16%

13%

17%

15%

12%

9%

1%

Manitoba/
Saskatchewan

16%

10%

12%

19%

30%

1%

3%

Alberta

8%

11%

8%

11%

26%

10%

4%

B.C.

20%

12%

10%

11%

20%

6%

5%

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