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Canadians Will Work For Lifestyle

Most of Canada's 50 to 59 year olds don't intend to give up their current lifestyle as they enter retirement, says a CIBC poll, despite falling short of their retirement savings goals. It also reveals that some Canadians in their 50s are planning to carry debt into retirement with no immediate plans to pay it off, an approach that could reduce their retirement cash flow and jeopardize their plans to live the good life. When given the option to retire earlier than planned, but give up their current lifestyle and live more modestly in retirement, only 25 per cent of Canadians between ages 50 and 59 would take the offer. As well, 57 per cent said they would rather ‘work longer and live better’ in retirement and 24 per cent plan to carry debt into retirement.

Courtesy of Benefits and Pensions Monitor website News Alerts

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