Retirement “light” is preferred

(NC)—Although currently only 8 per cent of retired Canadians say they're still doing paid work, it'll be quite a different story for future generations of retirees. According to the 2008 edition of Desjardins Financial Security's Rethink Retirement survey, 62 per cent of workers over 40 are planning on going into semi-retirement.

When asked what this semi-retirement will look like:

• 37 per cent indicate they'll be self-employed;

• 35 per cent hope to remain with their current employer;

• 18 per cent would like to work for a different employer.

As for why they want to stay with their current employer:

• 30 per cent love their job;

• 15 per cent know their job well;

• 11 per cent work in a good environment;

• 8 per cent have a good salary;

• 5 per cent have access to group insurance;

• 5 per cent might choose to work part-time for their employer.

What's the magic age?

According to the majority of respondents, the ideal age to retire is 60. Among workers over 40, 63 per cent believe this will be possible. Gen-Xers, aged 30 to 44, think the ideal age to retire is 57, and 1 in 2 would place it somewhere between 40 and 55.

Life goes on (after work)

Despite the fascination with this “light” version of retirement, we can't lose sight of the fact that, sooner or later, the majority of Canadians will have to take control of their financial security.

“It's still as important as ever for workers to prepare for their financial future, no matter what their retirement plans are," says Karrina Dusablon, director, Education Centre and Global Management at Desjardins Financial Security. "Though we might really believe we'll be able to keep on working for years to come, eventually we'll all have to face up to the physical limitations brought about by age or other challenges such as illness, layoffs or new technologies.”

Source: www.newscanada.com