Canadian Boomers plan to re-define retirement

There are plenty of housing options for seniors: assisted living, Alzheimer’s Care, active living, independent living, and everything in between. But many Baby Boomers say they will have to work well past the age of 60, delaying retirement longer than ever before.

As reported recently in the Montreal Gazette newspaper, a survey of Canadians by Ipsos Reid, commissioned by Sun Life Financial Canada, showed that less than one-third of respondents said they expected to be retired by the age of 66.

“These results are not surprising given the current economic volatility, increasing consumer debt loads, rising health-care costs, longer life expectancy and lack of planning,” Sun Life president Kevin Dougherty was quoted as saying in a statement.

Almost half of respondents said their biggest concern in retirement would be finances, and according to the news source, many Baby Boomers said that they do not plan on jumping into retirement in a single jump, but rather intend to move gradually into working less.

This gradual retirement plan can be a good fit for many people, as it allows them to save more money for retirement, as well as helping them transition their lives slowly, as a major change from working to retirement can be a dramatic change.