Some baby boomers may have a little less free time in retirement than originally planned. A recent survey shows more than half of Canadians in their 50s plan to work during their retirement years.
Of the 805 respondents to the online poll conducted for CIBC, 53 per cent said they plan to work after retiring — 37 per cent of them plan to take part-time jobs. The numbers were slightly higher in Ontario, with 57 per cent of boomers in the province planning to work after retirement.
According to the Leger Marketing poll, the national average age boomers plan to retire at is 63. The survey, conducted July 5 to July 8, has a margin of error of +/-3.45 per cent.
Sixty-one per cent of respondents admitted they’ve fallen short of their savings expectations and 45 per cent said they have less than $100,000 socked away for their golden years.
Earlier this year, the federal government raised the eligibility age for Old Age Security to 67 from 65. The changes will be phased in over six years, starting in 2023. That means anyone over 54 won’t be affected.