A new survey from Desjardins Insurance has found that an overwhelming number—86% of respondents—intend to gradually transition into retirement rather than leaving the workforce abruptly, despite their age or financial circumstance.
This is particularly true for Canadians ages 18 to 39 (76%) and for those ages 40 to 64 (66%). More than half of respondents age 65 and over also agreed that they planned this type of transition into retirement.
Even those with excellent, very good or good financial security are as likely to prefer this method as those whose financial security is fair or poor.
Angela Iermieri, financial planner with Desjardins Group, says, “Supporting the most experienced, knowledgeable staff to remain in the workforce in a transitional way allows employers to take advantage of their strengths while they mentor younger workers who bring new skills and energy. Demographic patterns will soon create a critical shortage of experienced workers that transitional retirement can help address.”
When asked how their employers could help with the transition into retirement, respondents suggested the following:
- • continued health benefits;
• a less-demanding position;
• a better salary; and
• new challenges.