Half (50 per cent) of pre-retirees said they plan to work in retirement but only 11 per cent of retirees reported they actually had returned to full- or part-time work, according to a new survey by Royal Bank of Canada.

Its retirement myths and realities poll found pre-retiree respondents cited staying active mentally (64 per cent) and physically (48 per cent), staving off boredom (44 per cent) and generating income (43 per cent) as the main reasons they plan to go back to work.

Read: Editorial: Will Canadians ever really retire?

The survey also found, while more than half (55 per cent) of pre-retirees aged 50 and older said they expect to know their retirement date more than a year in advance, only 39 per cent of retirees aged 50 and older said the same and 16 per cent reported they had no advance notice at all.

“We know that the majority of Canadians do not have a retirement plan, and those who do are more prepared and confident,” said Rick Lowes, vice-president of retirement strategy at RBC. “A plan helps you understand all your options so you don’t have to make major trade-offs to enjoy the retirement lifestyle you desire.”

Read: Is it time to retire ‘retirement’?

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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