More than half of Canadians in their 50s plan on working after retiring well into their 60s, according to an online survey conducted by Leger Marketing for CIBC. In many cases, their choice is dictated by a need to supplement their income, according to the research.
Quebec residents were least likely to say they would work after retirement, at 47 per cent. Manitoba and Saskatchewan were more likely at 59 per cent.
The national average is 53 per cent, while 29 per cent said they weren’t sure if they would work post-retirement. Only 14 per cent they absolutely wouldn’t.
The survey also showed that nearly half of Canada’s current 50 to 59-year olds have less than $100,000 saved for retirement. Many plan on using employment income in retirement to make up for a lack of savings.