The Globe and Mail reports in its Wednesday edition that the results of a new investor survey by the Ontario Securities Commission suggest that working longer is not viable for many people.
The Globe's Rob Carrick writes that the results highlight the importance of building an understanding of what is ahead in retirement by studying the actual experience of retirees. In the OSC survey, 55 per cent of preretirees said it is very or somewhat likely they will continue working in their retirement years, and only 13 per cent said it was very unlikely. Fifty-seven per cent said they retired voluntarily, while the rest said they reached retirement age and felt it was time to stop working. There is never-ending concern about whether people will be able to retire comfortably. One-quarter of preretirees thought their standard of living after leaving the work force would be much or somewhat better. One-quarter of all participants surveyed said they had not started saving for retirement, a number that increased to 31 per cent in Quebec and 27 per cent in Atlantic Canada. The OSC survey results show that people's expectations for retirement are both on and off the mark when compared with the experience of actual retirees.
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