More than one-third of working Canadians believe there is a serious risk they will outlive their savings compared with only one in seven retirees.

Those are the findings of the 2015 Sun Life Canadian Unretirement Index.

Read: Debt stops Canadians from saving for retirement

For the first time since Sun Life Financial began surveying retirement expectations in Canada, the number of Canadians who expect to be working full-time past age 65 has now surpassed those who believe they will be fully retired.

As many as 60% of Canadian workers now expect to work either full-time or part-time when they retire, compared with 27% who expect to be fully retired.

Read: Canadians can’t afford traditional retirement

The top three reasons why employees think they’ll be working past 65 include the need to earn enough to cover basic living expenses (21%), disbelief that government pensions will be enough to live on (18%) and the need to earn enough money to live well (16%).

The study polled 3,000 employees and 400 retirees at the end of 2014.

Read: Women lag behind men in retirement savings

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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