Retirement is not a choice for many Canadians | National Union of Public and General Employees

Retirement is not a choice for many Canadians

In the past 12 months, there has been a significant rise in the number of retirees returning to the workforce because they need the income

Toronto (21 April 2011) — Many older Canadians are finding that their retirement date is not one of their own choosing.

While the vast majority Canadians age 50 plus (83 percent) believe they will retire on the date of their choice, almost half (41 percent) of those who have already retired report that their retirement date was unplanned.

The top three factors cited for early retirement: employer’s request (18 percent), health reasons (14 percent) or reaching mandatory retirement age (6 percent).

This is according to the second annual RBC Retirement Myths & Realities poll released last week.

The RBC poll also found in the past 12 months, there has been a significant rise in the number of retirees returning to the workforce because they need the income (41 percent in 2011 compared to 32 percent in 2010), as well as a drop in the number of Canadians retiring debt-free (56 percent in 2011; 61 percent in 2010).

Fully retired Canadians, when asked what they would do if at some point their retirement income is not sufficient to support their lifestyle, responded that they would either stay in their present homes but live frugally (89 per cent); move out of their present homes to downsize or rent (87 per cent); or stay in their present homes and sell off assets (65 per cent).

The annual RBC Retirement Myths & Realities Poll compares the perspectives of both retired and not-yet-retired Canadians, aged 50 and over.

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The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE