Fewer people expect to retire at age 65: Sun Life Financial

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 ...

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.

ecrawford@biv.com

@EmmaCrawfordBIV

comments powered by Disqus

Also Read

More From Economy

Canada takes the 11th spot overall when it comes to the top destinations for expats around the world, according to an HSBC survey   

Read Article

Canada’s central bank is keeping its overnight rate target at 1% – the same rate it has been for more than four years and for ...

Read Article

Economy

BIV on Global BC: GDP in Vancouver

By Oct. 21, 2014, 3:17 p.m.

Tyler Orton discusses the expected boost to Vancouver's GDP

Read Article

Most entrepreneurs launch companies without a business plan: Small Business BC survey

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×