CNW- Even with enough money to retire today, most Canadians
(82 percent) would continue to work, according to the latest
RBC RRSP poll. Just over half (53 percent) would work part-time
or occasionally.
"For most Canadians, retirement doesn't mean sitting in a
rocking chair, watching the days go by," said Lee Anne Davies,
head, advanced retirement strategies, RBC. "The definition of
retirement is changing to include some form of work. Many
Canadians may not feel that they are ready to make the
transition into full retirement and continuing to work helps
them to stay engaged and connected."
While more than half of Canadians (56 percent) plan to continue
working as long as possible, this figure drops to 43 percent
for those 55 and older, suggesting that perspectives change as
Canadians approach retirement. The study also found that more
than a third of Canadians (38 percent) believe that they will
work past the age of 65.
"People may expect to work past 65 due to their personal or
financial obligations. Among those who plan to retire after age
65, nearly one-third expect to support someone in retirement,
compared to one-fifth (22 percent) for those who plan to retire
at age 65 or younger," added Davies. "Another factor may be
that Canadians overwhelmingly agree that it is important to
retire debt-free (91 percent)."
Almost half of those who plan to retire after age 65 are
concerned that they have not done enough to save for their
retirement. The poll also found that only three in ten
Canadians who have an RRSP plan to maximize their contribution
for the 2007 tax year.
"Retirement is a transition. It doesn't happen on a fixed date
or at a specific age," said Davies. "Planning for what you want
to do and determining how you will pay for it can help make
sure you enjoy retirement."
Surprisingly, more than seven in ten Canadians (72 percent) are
confident that they can return to work if they require
additional income in retirement. This finding suggests that
Canadians do not see potential health issues, ageism and
out-dated workplace skills as roadblocks which could limit
their employment prospects after they retire, noted Davies.
The 18th Annual RBC RRSP Poll was conducted by Ipsos Reid from
Oct. 23 to Nov. 5, 2007. The telephone survey was based on
responses from a random sample of 1,200 Canadian adults (aged
18 and over). With a sample of this size, the results are
considered accurate to within +/-2.8 percentage points, 19
times out of 20, of what they would have been had the entire
adult Canadian population been polled. The margin of error will
be larger within regions and for other sub-groupings of the
survey population.