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Canadians Want Gradual Retirement

Canadians increasingly want to retire gradually, either by reducing their regular schedules or taking longer vacations, says a Desjardins Insurance retirement survey. It found that 75 per cent of respondents planned to transition into retirement over time, rather than stopping work suddenly. This is particularly true for younger Canadians aged 18 to 39 (76 per cent) and for those aged 40 to 64 (66 per cent). However, over half of respondents aged 65 and up also agreed that they planned to retire gradually. The survey results also indicated that the desire for a transitional retirement isn't determined by the respondents' perceptions of their financial situation. 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. "The traditional notion of retirement ‒ of packing up your office at the end of your last day and completely changing your life ‒ is ending," says Angela Iermieri, financial planner with Desjardins Group. "Smart organizations will support this change in their workplaces to help address the huge pressures that will be created as baby boomers make this shift."

Courtesy of Benefits and Pensions Monitor website News Alerts

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