Retirement not easy for many Canadians; many try to re-enter workforce
Posted January 30, 2019 6:38 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – Maybe tossing out that alarm clock isn’t all it’s cracked up to be.
A new poll suggests the Golden Years lose their lustre pretty fast for a lot of Canadian retirees, with many trying to re-enter the workforce.
More than a quarter (27%) surveyed by CIBC say they regret retiring and almost the same number (23%) say they have tried to go back to work.
It’s not all about the money. Sixty per cent of those who get a job say they need the intellectual stimulation while half (50%) say it is financial worry that has them on the job hunt.
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Most (78%) think that “semi-retirement” is the best option, allowing them to work reduced hours and get the best of both worlds.
Unfortunately, that can come with mixed results.
“People try to re-enter the labour market and get more money for retirement, but it can be a bit of a gamble,” Jamie Golombek with CIBC said.
“Only a third of those people did so successfully at a similar pay and a similar level. The rest of them were only able to enter at a lower level or, in fact, gave up trying.”
So how many people think they are just fine heading into retirement?
“Not many,” Golombek laughed. “But there are some. One-in-five Canadians we surveyed said they don’t worry about money because their retirement plan is all set.”
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What’s interesting to Golombek is the number of Canadians ready to jump into retirement.
“Half of the people we surveyed who are aged 55 to 64 secretly wish that their employer would offer them a severance package so they can leave and start retirement.”
Golombek says along with a retirement plan, using strategies to minimize taxes during retirement can help stretch retirement dollars. “Getting the right advice is crucial, so be sure to consult with your financial and tax advisors.”
