Half of pre-retirees expect to work in retirement, but only 11 per cent actually do
While more than half (55 per cent) of employees aged 55 and up expect to know when they’ll retire a year ahead, only 39 per cent actually do, according to a new survey.
A recent survey by Sun Life found that 44 per cent of working Canadians expect to still be working at age 66.
And while half of pre-retirees expect to work in their retirement, only 11 per cent truly do, found the RBC survey of 1,800 people aged 55 and above who are retirees and pre-retirees and have investable assets of $100,000 or more.
The main reasons employees plan to expect to work after they retire is because they want to be active mentally (64 per cent) and physically (47 per cent), stave off boredom (44 per cent) and to continue generating income (43 per cent).
A 2019 survey by Aon found only two in five workers have set a goal for retirement savings, and almost half say outstanding debts are preventing them from saving for retirement.
"Perhaps the biggest myth of all is the fear that you've missed the chance to plan for your retirement," says Rick Lowes, vice-president of retirement strategy at RBC. "That's just not the case. Canadians are redefining retirement and there is a wide range of financial options to explore right up until the day you stop working."