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, shows the 2015 Sun Life Canadian Unretirement Index.
The number of Canadians who expect to work 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 workers now expect to work either full time (32%) or part time (27%) when they retire, compared with fewer than three out of 10 current workers (27%) who expect to be fully retired.
Read: One-third of Canadians haven’t started saving for retirement
The top three reason people expect to be working at 66:
- To earn enough money to pay basic living expenses (21%)
- Disbelief that government pensions will be enough to live on (18%)
- To earn enough income to live well (16%)
Advisor’s Dean DiSpalatro has written about budgeting for retirement:
“Planning has to begin with a distinction between the client’s essential and desired spending”
Read more here.
Investors putting retirements at risk