Not enough money to retire

Statistics Canada says nearly one-third of workers approaching retirement haven't saved enough for retirement
By
|Canadian HR Reporter|Last Updated: 10/03/2003

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early one-third of all Canadians approaching retirement say they haven’t saved enough money for their golden years, according to a new study by Statistics Canada.

About 12 per cent of Canadians in the 45 to 59 age bracket said they did not know when they plan to retire, while 18 per cent said they did not intend to ever retire.

Slightly more than six million people were aged 45 to 59 in 2001, according to the census. This figure includes about three-quarters of the baby boom generation, which Statistics Canada defines as those born between 1946 and 1965.

In the next decade, as the baby boomers move through their 50s and 60s, more Canadians than ever before will be looking at retirement.

Statistics Canada said the plans and preferences of this age group towards retirement could change a long-established trend of retirement at younger ages. Evidence from its

Labour Force Survey

shows that since the late 1970s, the average age of retirement in Canada declined from about 65 to 61 years of age. For now the average retirement age is holding relatively steady.

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