Most Canadians retiring the Freedom 55 dream
Posted Feb 22, 2012 8:37 am.
This article is more than 5 years old.
So much for Freedom 55 or for that matter Freedom 65; a new survey indicates more Canadians are planning to work to 66 or older.
Just three in 10 Canadians surveyed by Sun Life Financial expect to be fully retired by 66.
The Sun Life Unretirement Index indicates nearly half of those surveyed plan to work part-time or freelance while they ease into their retirement.
Kevin Dougherty, president of Sun Life Canada, said Canadian retirement expectations have changed, which is not a surprise given the current economic volatility, increasing consumer debt loads, rising health care costs, longer life expectancy and lack of planning.
Many also say they’ll be working longer just to pay for basic living expenses.
Nearly half of the respondents to the survey say they’re also worried about having debt in retirement and that paying down debt was a larger priority right now, than saving money.
