According to Blacklock’s Reporter, Privy Council research found Canadians in their sixties stay in the workforce and do not retire because of inflation, telling focus groups they couldn't stop working because they couldn't afford it..“Participants nearing retirement expressed concerns about a number of issues, including the cost of living,” said the research. .“Some described their long-term financial outlook as bleak, suggesting they were not overly optimistic it would improve by the time they expected to retire.”.“Resulting from this, several were rethinking their retirement plans with a view to extending their participation in the labour force either full-time or part-time as a means of enhancing their household income,” said the October 7 report Continuous Qualitative Collection Of Canadians Views.. Old men chess .The Strategic Counsel was commissioned to do the study for $2.4 million..“A number of participants shared concerns that any additional income they earn may be at risk of being clawed back by the federal government by way of taxation,” said researchers. .“This was a particular concern for those with a spouse or partner in receipt of government benefits or income supplements, e.g. disability benefits.”.The findings echoed a 2021 Retirement Risk Survey (RRS) by the Canadian Institute of Actuaries that found most Canadians expected to carry COVID-era debts into retirement. Fourteen percent of Canadians said “they do not expect to ever retire.”.“With Canadians earning less, increases in debt followed suit,” said an actuaries commentary on the RRS. .“The report reveals 25% of respondents took on additional debt due to the pandemic, with higher percentages seen among students and self-employed Canadians, both at 33%. Also exposed were those who rent [at] 34%.”.More than a third of Canadians, 36%, said they suffered a drop in household income directly because of the pandemic. The rate was 43% for renters and 50% for students..Asked if they agreed with the statement “I will work longer than planned because we need the income,” 69% agreed. .“COVID-19 has changed individuals retirement timelines with nearly one in four non-retirees, 23%, reporting it has impacted their plans to retire,” said the actuaries..“Canadians have a lot of uncertainty about their retirement,” said the RRS. .The current average age of retirement is 64, according to Statistics Canada. The actuaries survey found that at least 4% of respondents expect to work past 70..“Forty percent of non-retired Canadians do not know when they will retire and a further 14% state they do not expect to ever retire,” said the RRS.
According to Blacklock’s Reporter, Privy Council research found Canadians in their sixties stay in the workforce and do not retire because of inflation, telling focus groups they couldn't stop working because they couldn't afford it..“Participants nearing retirement expressed concerns about a number of issues, including the cost of living,” said the research. .“Some described their long-term financial outlook as bleak, suggesting they were not overly optimistic it would improve by the time they expected to retire.”.“Resulting from this, several were rethinking their retirement plans with a view to extending their participation in the labour force either full-time or part-time as a means of enhancing their household income,” said the October 7 report Continuous Qualitative Collection Of Canadians Views.. Old men chess .The Strategic Counsel was commissioned to do the study for $2.4 million..“A number of participants shared concerns that any additional income they earn may be at risk of being clawed back by the federal government by way of taxation,” said researchers. .“This was a particular concern for those with a spouse or partner in receipt of government benefits or income supplements, e.g. disability benefits.”.The findings echoed a 2021 Retirement Risk Survey (RRS) by the Canadian Institute of Actuaries that found most Canadians expected to carry COVID-era debts into retirement. Fourteen percent of Canadians said “they do not expect to ever retire.”.“With Canadians earning less, increases in debt followed suit,” said an actuaries commentary on the RRS. .“The report reveals 25% of respondents took on additional debt due to the pandemic, with higher percentages seen among students and self-employed Canadians, both at 33%. Also exposed were those who rent [at] 34%.”.More than a third of Canadians, 36%, said they suffered a drop in household income directly because of the pandemic. The rate was 43% for renters and 50% for students..Asked if they agreed with the statement “I will work longer than planned because we need the income,” 69% agreed. .“COVID-19 has changed individuals retirement timelines with nearly one in four non-retirees, 23%, reporting it has impacted their plans to retire,” said the actuaries..“Canadians have a lot of uncertainty about their retirement,” said the RRS. .The current average age of retirement is 64, according to Statistics Canada. The actuaries survey found that at least 4% of respondents expect to work past 70..“Forty percent of non-retired Canadians do not know when they will retire and a further 14% state they do not expect to ever retire,” said the RRS.
