The number of Canadians who expect to retire at age 65 has decreased by almost 50% since 2008, according to the results of an annual Sun Life Financial survey released this morning.
The survey found only 27% of respondents in this year’s poll expect to be retired by the age of 66, compared with 51% of respondents in 2008.
“The dream of being able to afford a full retirement at age 66 is declining among Canadians,” said Sun Life Financial Canada president Kevin Dougherty. “It’s being replaced by the reality that many people expect to be working beyond the traditional retirement age.”
Dougherty said it is the aftermath of the 2008 financial crisis that has created a lasting impact with many Canadians and led to the revised expectations.
The survey found that:
- 26% of Canadians expect to be working full-time at age 66; and
- 32% expect to be working part-time.
The results also showed that of those who expect to work past age 65, 63% said they will do so out of necessity, compared with 37% who stated they wanted to keep working after traditional retirement age.