A Third of Canadians Plan to Delay Retirement

December 23, 2008 (PLANSPONSOR.com) - A third of Canadian workers say they do not expect to retire from work until after the age of 65, according to the latest release of the Kelly Global Workforce Index.

Only 40% of all respondents indicate they believe they have enough savings to retire comfortably, according to a press release. More than a third (37%) say they will need to rely on a pension or social security to retire.

By gender, recruitment firm Kelly Services found more males (36%) intend to delay their retirement than females (30%). The majority of all respondents (71%) say they would accept an offer to continue working at the time of retirement, and 48% say they think they could easily find a job after retirement if needed, the press release said.

When asked how they would supplement their income after retirement, 21% say they would seek permanent part time work, 18% would look for temporary or contract work, and 17% would start a business.

Kelly Services' global survey of 115,000 people in 33 countries including more than 11,000 in Canada found that, of those Canadians who would accept an offer of continuing work with their employer after retirement, many would not be doing it solely for the money. More than half (56%) say their motivation would be to keep active, 24% would do it out of a sense of loyalty, and 18% for the income.

Karin French, vice president and managing director, Kelly Services Canada, said in a press release that the survey shows many people are planning to work longer as part of a broader movement away from the traditional idea of absolute retirement from the workforce.

"We are increasingly seeing people planning their retirement as a transition from the workforce, rather than an abrupt lifestyle change," said French. "For some, it will be necessary to continue some form of work to maintain their quality of life. Others will find that staying engaged in the workforce helps to keep them healthy and active."

When asked where they would choose to live after retirement, 45% of Canadian respondents say they plan to stay in the same town/city; 11% would live in a different town/city; 7% would move to a different country, and 37% are undecided.