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Canadians Can’t Afford Retirement

Nearly one in five Canadian workers (17 per cent) ‒ compared to 12 per cent globally ‒ expect they will never be able to afford to retire fully, says HSBC's global report, ‘The Future of Retirement: Life after work?’ Of the 15 countries surveyed, Canada had one of the largest proportions of workers who thought this, just behind the UK (19 per cent) and USA (18 per cent). Encouragingly, more than half (54 per cent) of today's retirees said that their preparations for retirement turned out to be at least adequate. That said, two fifths of retired Canadians (40 per cent) said that they had not prepared adequately or at all for a comfortable retirement and four per cent of those retirees said they would have to go back to work to cover their financial shortfall (compared to 14 per cent globally). However, many semi-retired Canadians cited largely positive reasons for staying in the workforce. For example, nearly half (47 per cent) of respondents say they would like to keep active physically and mentally, 41 per cent say they like working, and 35 per cent say they feel it will ease the transition into retirement.

Courtesy of Benefits and Pensions Monitor website News Alerts

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