With financial security on the minds of Canadian boomers, a growing proportion of them are considering delaying retirement, according to a study by BMO Financial Group.
A survey from the bank's retirement institute found that 31% of Canadians who plan to retire in the next five years are considering delaying their retirement date. More than two-thirds of respondents said they were accepting or even happy about delaying retirement to bolster their retirement savings.
The survey also found that retirees who are considering returning to work, 41% of them intend to do so within the next year.
But many retirees and pre-retirees are making their decisions without a clear understanding of their retirement savings needs and their current savings requirements, said Tina Di Vito, BMO's director of retirement strategies.
The survey found that almost half of pre-retirees say they do not know how much they will receive from their existing personal savings and investments. More than 30% of respondents said they don't know how much they will receive from the Canada Pension Plan.
Much of that uncertainty is likely due to the fact that 42% of pre-retirees and 59% of retirees have not spoken to a financial advisor about the impact on their financial plan of delaying retirement or working longer.