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Sep 19, 2013

1 in 5 Canadians expect to never retire: Survey

4 per cent of retirees planning to go back to work
    
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Nearly one in five Canadian workers (17 per cent) — compared to 12 per cent globally — expect they will never be able to afford to retire fully, according to a survey by HSBC.

Of the 15 countries surveyed, Canada had one of the largest proportions of workers who thought this, just behind the United Kingdom (19 per cent) and United States (18 per cent).

While 54 per cent of today's retirees said their preparations for retirement turned out to be at least adequate, two fifths (40 per cent) of retired Canadians said they had not prepared adequately or at all for a comfortable retirement, and four per cent said they would have to go back to work to cover their financial shortfall (compared to 14 per cent globally).

One-quarter of those who are divorced or separated saying they don't think they will ever retire (compared to 20 per cent globally), found the survey of 16,000 people in 15 countries.

However, many semi-retired Canadians cited largely positive reasons for staying in the workforce —nearly one-half (47 per cent) said they would like to keep active physically and mentally, 41 per cent said they like working and 35 per cent said they feel it will ease the transition into retirement.

Nearly two-thirds (64 per cent) of all survey respondents who entered semi-retirement wished they had stayed in full-time employment longer, found HSBC. This regret is largely for positive reasons, with many retired people seeing work as an important means of keeping the body and mind active.

While many people aspire to travel extensively during their retirement, 49 per cent of current workers globally expect to have some financial responsibilities towards others even when they are themselves retired, found the survey. This includes ongoing financial responsibilities for their adult children as well as supporting frail elderly parents.

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