Retiring at 65 to enjoy life of leisure is a thing of the past for many Canadians
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Retiring at 65 to enjoy a life of leisure appears to be a thing of the past for many, and half of Canadians say they’ll need to work part-time in the gig economy after leaving their primary careers to pay their bills, according to a recent poll from H&R Block Canada Inc. That comes as 52 per cent say they don’t have anything left over at the end of the month to devote to retirement savings. One in 10 admit to having saved nothing for retirement at all.
At the same time, people are aiming to retire younger. Close to half want to quit their jobs before turning 64. Yet, there are others who think retirement will be completely out of reach, with 36 per cent of those between the ages of 18 and 54 believing they’ll never be able to stop working. That might be why so many are looking to the gig economy, which allows people to take on part-time side hustles driving passengers or delivering groceries or restaurant take-out, to help them fill the gap.
Many are also betting that employer and government pension plans will keep them afloat in their old age. Thirty-seven per cent say they have access to a pension from work, while 19 per cent say they’ll need to rely on government pensions, such as the Canada Pension Plan, to make ends meet. “Not so long ago, the traditional vision of retirement was that at around 65 years old, Canadians ‘hung up their hats’ and celebrated the end of full-time employment,” Peter Bruno, president of H&R Block Canada, said in a press release. “What we’re seeing now is that the vision for retirement has evolved dramatically, fuelled by shifts in tax-friendly savings plan options, evolving workforce realities, the gig economy and the prevailing economic environment.
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