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| Photo provided by medser, retrieved from fotocommunity.com |
A study released today by Statistics Canada suggests that most Canadians are retiring later in life. There are several contributing factors, which can be credited for causing this trend. Some of which are more evident than others.
The most obvious and quite possibly biggest contributing factor to individuals retiring later stems around money. To begin with, after the recent recession many individuals are forced to work longer as they have suffered losses. Not to mention the lifestyles desired by many individuals for retirement requires a little extra cash. The idea of retiring to a warm destination rather than staying in your community is relatively new. This type of lifestyle requires sufficient savings to live on and is part of the reason many people are having to work longer.
Another factor is our increased life expectancy. With advancements in the medical field humans are living longer. Logically when individuals live longer they require more money saved to sustain them until the pass away. Although many of the factors around the later retirements seem unavoidable, I have learned through personal experience working longer is sometimes a choice.
I have been hearing from my father that he is going to retire since I was in grade 10. Every couple of months he tells our family he is going to take a severance and retire. Only to tell us later that he signed a contract extension. The money he would receive from a severance package would certainly maintain him through his retirement. I think he just fears boredom, keeping busy is a staple in his life and he wouldn't know what to do with himself without work.
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| Photo provided by muckster Retrieved from fotopedia.com |
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