The effect of this is that over one-third of Canadians say they don't know when they'll be able to retire. In addition, the report finds that the average planned age of retirement was 63.2 years of age. Women (83.5%) were more uncertain than men (69.8%) regarding their planned future retirement, and up to 19% of respondents say they will never retire.
Concern over inadequate retirement savings has already led a good number of Canadians to delay their retirement. More than one in five respondents have decided to retire later than their initial plan five years ago. Furthermore, a full 45.6 per cent of respondents say they plan to continue to work part-time or on a contract basis after their official retirement, and the percentage increases with age. About 51 per cent of those aged 45-64, and 60 per cent of those aged 65+ say they will continue working past their official retirement date.In the report on the perspective of employers, the Board reports that more than 40% of employers believe their employees are too optimistic in their assessment of when they will be able to retire, and close to 50% feel their employees are unaware of how much savings are needed for retirement.
Source: Conference Board of Canada Press Release (October 27, 2014)