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Health Primary Reason For Retirement

Choosing a retirement date may be harder than believed, says the ‘2014 Sun Life Canadian Health Index.’ It shows that 69% of retired Canadians did not stop working on the date they planned. Among those Canadians who did not retire as planned, 41% cited personal health as the primary reason for retiring earlier. In fact, almost half of Canadians (45%) have experienced a health event with nearly a quarter (23%) of them impacted by a mental health issue. "Our research shows that Canadians who are not financially prepared to retire typically say they will work longer to compensate, but, unfortunately, they may not have that choice," says Kevin Dougherty, president, of Sun Life Financial Canada. Though Canadians cite that deteriorating health is a top concern (66%) as they age, only 22% have saved money or otherwise planned for healthcare expenses in retirement.

Courtesy of Benefits and Pensions Monitor website News Alerts 

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