Canadian workers are increasingly being forced into an early retirement they can’t afford, compelling them to get new jobs to maintain their income levels, according to a new RBC poll.
And those still working may have a skewed vision of their perfect retirement, according to the study, RBC Retirement Myths & Realities.
The poll found only 59 per cent of retired Canadians chose when to stop working. But a full 83 per cent of those currently working believe they’ll get to choose when to retire. Of those retired, 18 per cent left at their employer’s request — the top reason for retirement among those who did not choose to stop working.
Employer’s request was followed by health reasons (14 per cent) and having reached mandatory retirement age (six per cent.) When asked about being ready to retire, 14 per cent who are retired said they had saved enough to live “comfortably” while 25 per cent of workers thought they will have saved enough to live comfortably by the time they choose to retire.
“The most surprising thing here is the fact that so many non-retirees think that they’re going to have a choice about their retirement,” said Lee Anne Davies, the head of retirement strategies at RBC. “When we talk with our clients we ask them when they think they’ll retire, but we always build into a plan different types of options for different scenarios.”