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Technology Nearly half of Canadians expect to be working full-time at age 66: Survey

18:16  21 november  2019
18:16  21 november  2019 Source:   huffingtonpost.ca

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A survey suggests nearly half of Canadians are concerned about outliving their retirement savings. Ready or not, retirement age is coming The results published Tuesday also found three out of four working Canadians don’t have a financial plan and 44 per cent of Canadians expect to be full - time

More Canadians now expect to work full - time , rather than being retired, when they reach age 66 , according to a new survey from Sun Life Financial. Nearly one-third, or 32 per cent, of Canadians surveyed said they expect to work full - time at 66 . That compares to 27 per cent who plan to leave

a woman sitting at a table: A financial expert helps an elderly man go over his personal finances in this stock photo. A survey suggests nearly half of Canadians are concerned about outliving their retirement savings. © Provided by Oath Inc. A financial expert helps an elderly man go over his personal finances in this stock photo. A survey suggests nearly half of Canadians are concerned about outliving their retirement savings.

Ready or not, retirement age is coming, but many Canadians may not be prepared for what the future holds. 

A new survey from Sun Life Financial suggested half (47 per cent) of Canadians working today are afraid they might outlive their retirement savings.

The results published Tuesday also found three out of four working Canadians don’t have a financial plan and 44 per cent of Canadians expect to be full-time workers at the age of 66.

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26 per cent of Canadians expect to be working full - time past 65 32 per cent say they will probably be working part-time age 66 A separate global study of 15,000 consumers by HSBC found that on average, people expect to

The number of Canadians expecting to be retired at age 66 has declined by almost 50% in five years, finds Sun Almost another third (32%) expect to be working part time at 66 adding up to almost 60% of Canadians who expect to work past the traditional retirement age while about 15% are not certain.

The survey, conducted online earlier this year by Ipsos, featured 2,901 respondents. It found 65 per cent of people who worked past age 66 did so because they needed the income, and only 35 per cent said they did so because they wanted to work. 

Related video: Is retirement an outdated concept? (Provided by CityNews) 

For years, 65 has been the traditional retirement age in Canada, which is when people can apply for retirement benefits such as the Canada Pension Plan and Old Age Security. 

Over the past two decades, the average retirement age in Canada has increased, according to Statistics Canada. The average retirement age for workers was 64 in 2017 and 61 in the late 1990s, StatCan reported, citing data from the Labour Force Survey. Meanwhile, the percentage of workers aged 60 and over has nearly doubled in that period, from 14 to 27 per cent.

3 In 10 Canadians Can’t Cover Expenses, And High Earners Are Among Them

  3 In 10 Canadians Can’t Cover Expenses, And High Earners Are Among Them MONTREAL ― Canadian households are finding themselves in an increasingly tight spot when it comes to finances, with savings shrinking, debt payments growing, and a larger share of people finding they simply don’t have enough to cover expenses. The latest survey from accounting firm MNP found that the amount of money Canadians have left over at the end of the month, after paying all their expenses, has been steadily shrinking.

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HuffPost Canada . 1 In 3 Canadian Workers Have Worked In The Gig Economy: Survey . Canadians are split on whether they see precarious work as good or bad. HuffPost Canada . Nearly Half Of Canadians Expect To Be Working Full - Time At Age 66 : Survey .

Sun Life offered some advice for Canadians to prepare for retirement now so they don’t have to work when they’re older. Here are a few of their tips:

  • Work with an adviser to manage your finances and save for the future.
  • Maximize your savings through enrolment in matching contributions from employers.
  • Take steps now, whether they’re big or small, to put money aside for savings.

“Many Canadians don’t realize their employer offers tools and resources designed to help them achieve lifetime financial security,” Tom Reid, Sun Life Canada’s senior vice-president of Group Retirement Services said in a statement. “Investing early and making contributions when you can will pay off in the long run.”

This article originally appeared on HuffPost Canada.

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Tips to get out from under those holiday bills .
According to a recent poll commissioned by CIBC, debt repayment is the top financial priority for Canadians for the 10th year in a row. But just how much did consumers spend over the holidays? "About $1,500 a family, but some surveys are actually saying that Canadian families are spending even more,” explained personal finance expert Rubina Ahmed-Haq."Older adults are actually a lot more sensible when it comes to spending. Younger millennials, Gen Z, they're the ones that are spending more year over year.”The survey also revealed most people were more concerned about paying down debt than building up savings.

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