Benefits December 11, 2006

Canadians Expect to Work Into Retirement Years

December 11, 2006 (PLANSPONSOR.com) - A law making mandatory retirement illegal in Canada goes into effect on Tuesday, and a new survey finds 73% of pre-retirees expecting to work into their retirement years.
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According to a BMO Financial Group news release, their study conducted by Ipsos Reid, also found 91% of Ontario baby boomers said they are willing to continue to work if they are not able to save enough to fund their retirement. Seventy-two percent of Ontario boomers surveyed said they do not feel they are on track with saving for their retirement or do not know if they are on track.

Working into retirement was not just about making money, the survey found, as 71% of respondents said they expect to continue working to be mentally active. While 69% did say earning money would be the reason to continue working, 63% also said keeping in touch with people would be a motivation, according to the news release.

However, regardless of retirement status, age, gender or level of wealth the study showed respondents would prefer not to work. Ideally, respondents said they would rather spend their retirement years traveling, engaging in hobbies, spending time with family and friends, and doing volunteer work.

More information can be found at www.bmo.com/retirementyourway .

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