In 2002, it was found that just over one-fifth (22%) of recent retirees said they had done some paid work. Another 4% said they had unsuccessfully looked for work. In 2006, the year Ms. Neal retired, there were 2.1 million Canadians nearing "retirement" (aged 55 to 64) who were either employed or looking for work -- more than double the total in 1976.
But that was economic light years away from today's nagging recession. The decline in equity markets, the shrinking of home values and the increase in household debt have placed new emphasis on the "work option" as part of retirement planning. Half the respondents to a 2009 RBC Wealth Managemenet-Ipsos Reid study said their view of retirement has changed as a result of the current economy. About 26% said they may have to work longer than expected and 14% said they will have to do more retirement planning. More
What I found interesting is that this article is on the heels of a letter to Dalton, our Provincial Premier that outlines how seniors and those on fixed incomes will be additionally impacted by the increase in maintenance fees brought on by the Harmonized Sales Tax.
Your comments are invited and appreciated.