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Retirement Not Taking It Easy

Retirement for most Canadians won't mean just sitting back and taking it easy, says a study by BMO Financial Group, which found that 81 per cent of those surveyed plan on doing some kind of work in their golden years. "The top reason was the need for additional income," says BMO's Marlena Pospiech, senior manager, BMO Wealth Planning Group. "It may reflect the fact that people are realizing that they haven't saved as aggressively as they should have." People are living longer, there are fewer employer-sponsored pension plans and many Canadians will be working longer before collecting government pensions and this is starting to get people thinking about their retirement income, she says. Besides extra income, respondents also said they would work in retirement to stay sharp and as ‘enjoyable hobby.’

Courtesy of Benefits and Pensions Monitor website News Alerts

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