Most 50somethings plan to work in retirement to offset low savings poll

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by News Staff Posted Aug 20, 2012 8:26 am MDT business|cibc poll|leger marketing|money|retirement canadians|savings TORONTO, Ont. – Older Canadians are planning to work longer into their retirement years, according to a new survey from the CIBC. While many could say goodbye to the 9-5 grind, a lack of savings is forcing many to stay in the workforce. The poll, conducted by Leger Marketing, focused exclusively on Canadians aged 50-59 — the largest demographic approaching retirement. The online survey of 805 people across Canada was conducted for CIBC by Leger Marketing from July 5 to 8. While most have targeted age 63 as their preferred end-of-work goal, just over half said they’ll keep working past age 65, with many on a part-time basis, as they’ve fallen short of their savings goal. Forty-five per cent have less than $100,000 put away to fund their retirement. Leger found Quebec residents were least likely to say they’ll work after retirement, at 47 per cent. Manitoba and Saskatchewan residents were the most likely to say they planned to work after retirement, at 59 per cent. Atlantic Canada (54 per cent), Ontario (55 per cent), Alberta (57 per cent) and British Columbia (49 per cent) were closer to the national average. The CIBC said the years leading up to retirement are some of the best potentially for savings with lower mortgage expenses. While many said they’ll work past the retirement age for extra cash, two-thirds  see working as a way to either stay socially active. Most 50-somethings plan to work in retirement to offset low savings: poll read more