Sep 09, 2015
By Jane Brown
Yet another study suggesting Canadians are pessimistic about their financial futures and expect to work longer than originally planned before retiring.
According to the survey released by the Canadian Payroll Association, three-quarters of working Canadians have put aside less than 25 per cent of the money they expect to need in retirement.
And it says less than half of people 50 and older have reached that threshold.
The survey also found that 35 percent of respondents expect to work longer with the average expected retirement age on the rise to 63, from 58 five years ago.
More than one in five employees surveyed say they will need to work four years or more than they originally expected before retiring, citing a lack of sufficient savings as the main reason.