Nearly a quarter of Canadians plan to use their homes as their primary source of income after they leave the workforce, shows a Sun Life survey.
A further 17% don’t know if their home equity will serve as their primary source of income during retirement.
At the same time, 28% of Canadians expect to be retired at 66. Twice that many (56%) are expecting to work past the traditional retirement age. The reason 65% of those people say they will work into retirement years is because they’ll need to support themselves.
The average expected retirement age is 66, but among Canadians closest to retirement, those aged 55-65, the average expected retirement age is 67. That’s the lowest it’s been in four years. In 2011, it hit a high of 69 years of age.
Canadians on average expect approximately 10% of their retirement income to come from home equity. They also expect:
- 30% to come from government plans;
- 27% to come from personal savings;
- 23% to come from employer plans;
- 5% to come from inheritance; and
- 6% to come from other sources.
Read: Budget helps retirees