As mandatory retirement comes to an end in Ontario tomorrow, 73% of pre-retirees plan to work past 65, says a new survey.
“Canadians are healthier and are living longer and many want to continue to work as a result,” says Kris Vikmanis, BMO Financial Group’s head of retirement market. “To boomers, working longer is not just about earning money, it’s about staying active.”
The BMO study, conducted by Ipsos Reid, also showed that 91% of Ontario boomers are willing to keep working if they don’t have enough money to fund their retirement.
Separately, a survey from Fidelity Investments, found that 43% of Canadian pre-retirees plan to retire before they reach 65. Interestingly, 19% do not plan on ever retiring.
When asked if they will work once they have transitioned into retirement, 45% say they plan on working full time or part time for an employer.
“This new ‘transition into retirement’ phase,” says Peter Drake, Fidelity’s vice president, economic and retirement research, “where you consider yourself retired from your primary occupation, yet you continue working is a very interesting trend developing with Canadian baby boomers.”
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