The golden age was always the magic number 65: it meant retirement, enjoying the simple things in life, and traveling the world. In essence, not working!
This retirement plan seems to now be a thing of the past. Turns out, most of us like working! It gives us a sense of community and fulfillment, not to mention money.
A recent study for the Canadian Imperial Bank of Commerce by Leger Marketing found the following:
• More than 1/2 of Canadians plan on working after retiring in their 60’s.
• 2/3 made the decision because they wanted to be socially active, found work enjoyable and want to still be a part of the workforce.
• 1/3 of those surveyed said it was for the money; 45% of those surveyed said they had less than $100,000 put away for their retirement.
• 29% said they didn’t know if they would work after retirement and 14% said they definitely wouldn’t.
For some people, the reasons for working have more to do with downsizing and health problems, which is where it becomes complicated. Many seniors would love to work, but health issues may get in the way and employers at this time tend to hire the young ones!
Thoughts that many of us will have to consider sooner rather than later.
