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Canadians Are Starting to See Their Golden Years Differently

Have you thought about your ideal retirement lately? It's something a lot of Canadians have had on their mind since the 2008 recession, and it doesn't look so ideal: many of us are expecting to work full-time past our 65th year and are increasingly worried about our savings covering even a modest post-work life

Hang up the boots by 65; buy a boat for your new lakefront property; the kids are graduating university debt-free.

It’s the ideal retirement, if a little unrealistic for most Canadians – especially if you ask around these days. 

According to a survey by Sun Life Financial, many Canadians (32%) anticipate working full-time past age 65. We’re also more worried than current retirees about cash to splash during our golden years. And it isn’t even about splurging, really – many are concerned they’ll outlive the savings required to enjoy a even a modest lifestyle.

Living as few as 20 years on retirement funds is something many are wary of, according to Sun Life Canada President Kevin Dougherty; “People who are retired today are living a different retirement experience than people in the workforce today are expecting.”

In 2008, before the financial crisis, only 16% of Canadians expect to be working full-time in their 66th year.

While the numbers represent plenty of doom and gloom, there are a few reasons for optimism: the majority of those surveyed still believe they’ll be fully retired by age 64 (compared to 69 in 2011). This belief in early retirement offsets some of the negative trends, and 43 per cent of those surveyed even expressed content at the rate of their retirement savings.

Further insight to Canadians’ retirement trends according to this latest poll can be found here.


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