Working Canadians have a much different view of retirement than retirees.
Working Canadians and retirees are living two very different retirement stories.
"This really is a tale of two retirements," said Kevin Dougherty, President Sun Life Canada. "It is striking that in today's economic environment, they've developed a view of retirement that previous generations of workers would not recognize."
According to the 2015 Sun Life Canadian Unretirement Index, more working Canadians than current retirees believe that they risk running out of money in retirement. Results from the latest survey found that more than one-third of working Canadians believe that there is a serious risk that they will outlive their savings compared with only one in seven retirees.
For the first time in the seven years since Sun Life began surveying the retirement expectations of Canadians, the number of Canadians who expect to be working full time past 65 has now surpassed those who believe that they will be fully retired.
This number has grown over the past seven years as three out of five (60 per cent) Canadian workers now expect to work either full time (32 per cent) or part time (27 per cent) when they retire, compared with fewer than three out of 10 current workers (27 per cent) who expect to be fully retired.
When workers were asked what the number one reason was why they expect to be working at 66, the top three answers continue to be:
"This really is a tale of two retirements," said Kevin Dougherty, President Sun Life Canada. "It is striking that in today's economic environment, they've developed a view of retirement that previous generations of workers would not recognize."
According to the 2015 Sun Life Canadian Unretirement Index, more working Canadians than current retirees believe that they risk running out of money in retirement. Results from the latest survey found that more than one-third of working Canadians believe that there is a serious risk that they will outlive their savings compared with only one in seven retirees.
For the first time in the seven years since Sun Life began surveying the retirement expectations of Canadians, the number of Canadians who expect to be working full time past 65 has now surpassed those who believe that they will be fully retired.
This number has grown over the past seven years as three out of five (60 per cent) Canadian workers now expect to work either full time (32 per cent) or part time (27 per cent) when they retire, compared with fewer than three out of 10 current workers (27 per cent) who expect to be fully retired.
When workers were asked what the number one reason was why they expect to be working at 66, the top three answers continue to be:
- To earn enough money to pay basic living expenses (21%)
- Disbelief that government pensions will be enough to live on (18%)
- To earn enough money to live well (16%)
