Worried about running out of money once you’re done working? That scenario keeps current workers up at night more than it does retirees, it seems.
New poll numbers from Angus Reid show three quarters of those still working nine to five fret about draining savings before the clock runs out. In contrast, less than half – 48 per cent – of those who count themselves as retired or semi-retired share the same worry.
The poll, conducted with 1,927 Canadians in January and February, also shows many enter retirement or semi-retirement not by choice.
Early exit (or later)
More than half (56 per cent) either retired earlier or later than they planned.
“Not even half of the retired Canadians surveyed controlled the circumstances surrounding their retirement,” the Angus Reid report said. “Instead, as many said they ‘retired earlier due at least partly to circumstances outside my control.’”
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Nearly half of respondents, or 48 per cent said they were forced to retire earlier than they intended. Among that group, 27 per cent stated that making ends meet was a struggle.
Another 46 per cent said they lived comfortably but did not have money for extras.
Public vs private sectors
The stability of a pension plays a far bigger role in the lives of public-sector respondents, too, with retirees from government jobs almost twice as likely to report receiving a work pension versus private sector counterparts. Three quarters of public sector retirees said they collected a pension compared to 39 per cent of those who left private jobs.
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Private sector retirees are also almost twice as likely to report they are “struggling” compared to public sector retirees.
“There is a fairly stark divide in the post-work experiences of the public sector and private sector employees,” the poll report said.
Statistics Canada data suggests there are 6.4 million retired or semi-retired Canadians, or about a fifth of the population. The average age of a retired person is 63, up from 62.1 in 2010.
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