Three-quarters of Canadians aren't ready for retirement

A new survey conducted by advertising agency Bensimon Byrne, called the Consumerology Report, has found that approximately three-quarters of Canadian baby boomers aren't financially prepared to retire.


In addition, their retirement will be much different from that of other seniors. Jack Bensimon, president of the agency, suggests that many boomers will continue to attend classes, work part-time and volunteer in their communities during retirement.


One in five Canadians expect to still be working at age 70.


"Boomers are going to revolutionize retirement," Bensimon said in a statement.

"Their cognitive age is younger than previous generations at the same age. So we expect to see a combination of part-time work, part-time travel, reverse mortgages, exploring brand new interests, and caring for family as the most likely combination of activities in their retirement years."


Many of those who are preparing for retirement living also said that they were afraid of becoming a burden on their family.


American baby boomers are also expected to have a difficult time retiring, as an Employee Benefit Research Institute survey has revealed that 47 percent of the generation feels that they don't have enough money for their golden years, according to The Richmond Times-Dispatch.


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