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Retirement Cut Short

Retirement has been cut short for 30% of older Canadians with close to half (48%) being forced back to work due to financial reasons, says a survey by ING DIRECT. It found that the bulk of previously retired Canadians who re-entered the workforce for financial reasons did so because they did not have enough money saved for retirement (33%) or they faced increased living costs (31%). Of the half who were forced back to work for financial reasons, nearly a third (31%) returned on a full-time basis. For many once retired Canadians, the reality of life after work isn't what they imagined 20 or 30 years ago. 45% said the cost of living was higher than anticipated and 27% said it was more of a financial struggle than originally thought.

Courtesy of Benefits and Pensions Monitor website News Alerts

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