Forty percent of boomers had an unexpected retirement date, according to a BMO Wealth Institute report.
Twenty-nine percent experienced a sooner than anticipated retirement date as a result of reasons such as health issues and job loss. And 11% had to delay their planned date as a result of reasons such as having to earn more money or not being prepared enough to retire.
Read: Millennials more optimistic than boomers about retirement
The report shows 60% of retired Canadians are using an employer pension to help fund retirement. Of those:
- 25% have a DC plan;
- 21% have a DB plan; and
- 14% do not know what kind of plan they have
When examining the timing of planning and saving for retirement, there was a disconnect between when retired Canadians thought they should have started saving versus when they actually started. Nearly three quarters (72%) said they should have started when they were 30 years old or younger, compared to the 41% who started saving before they were 30.
This story originally appeared on our sister site, Advisor.ca.
Also read: