Report Shows Many Canadians Won't Retire on Time

A recently-released study done by Sun Life Canada shows that many Canadians won't be able to fully retire at the age of 65.

The Sun Life Canadian Un-retirement Index shows that only 30% of Canadians can expect to be completely work free by their 66th Birthday. In Saskatchewan the numbers are slightly better with 33% of workers being able to fully retire.

The study said as many as 54% of Canadians will work after retirement age with 20% taking full time positions and the remaining 34% working part time. Sun Life Financial President, Kevin Dougherty, says that on average, Canadians can expect to live 20 years after retiring, so people need to think that far ahead with their finances before they can call it quits.

Of all the people working after the age of 66 in the province, 56% said they worked because the need to while the other 44% say they do it because they enjoy working.