More than two-thirds (70 per cent) of Canadian pre-retirees said they expect they’ll be working in retirement, according to Fidelity Investments Canada’s annual retirement survey.
The survey, which polled nearly 2,000 Canadians aged 45 and older, also found 46 per cent said they expect to carry debt into their retirement. And a majority (87 per cent) of those with a written financial plan said they have a positive outlook on life in retirement, while 42 per cent of those who don’t have a plan reported they have a negative outlook.
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As well, pre-retirees who are putting their retirement plans on paper said they feel better financially (88 per cent) than those who aren’t (43 per cent). The same differences appeared when it came to feeling better prepared emotionally (79 per cent versus 64 per cent); socially (84 per cent versus 67 per cent); and physically (89 per cent versus 67 per cent).
Among Canadian retirees, the survey found 34 per cent said they’re working to keep mentally and physically active, to have a sense of purpose, for social, financial and other reasons.
“For Canadians, the path to retirement is becoming more complex,” said Michelle Munro, director of tax and retirement research at Fidelity, in a press release. “With higher debt loads and longer than ever life expectancy, those approaching retirement must think critically, plan ahead and take action today.”
Read: 2019 CAP Member Survey: Helping each generation on their retirement journey