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Date updated: November 19, 2019

Canadians finding retirement is not all it’s cracked up to be: survey

Canadians finding retirement is not all it’s cracked up to be: survey

Jonathan Chevreau

 November 19, 2019

Almost three in four retirees (72 per cent) say retirement is not what they were expecting — and not in a good way, according a new Sun Life Financial Inc. survey being released Tuesday.

The 2019 Sun Life Barometer, based on an Ipsos online poll, found that many Canadians don’t seem to be financially prepared for retirement, with 23 per cent of retirees describing their lifestyle as a frugal one that involves “following a strict budget and refraining from spending money on non-essential items.”

If that doesn’t sound like much fun, consider the gloomier alternative: almost half of working Canadians (44 per cent) expect they’ll still be employed full-time at age 66. Among the “frugal” retirees still working after the traditional retirement age, 65 per cent say it’s because they need to work for the money rather than because they enjoy it.

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Categories:  Family / Friends    Seniors    Service Providers

Topics:  Family or Friends Support    Finances    Financial Help    Health    Housing

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