Are You Ready To Retire Or UnRetire?

Posted on Friday 10 July 2015

Are You Ready To Retire Or UnRetire?

Is retirement edging close to you? Based on surveys taken across Canada, most people are undecided about whether to retire or un-retire. Some would prefer to work as long as possible, mainly to continue meeting their financial needs.

Many Canadians simply can't afford to retire and are now looking into the concept of unretiring. Over half of Canadian workers are considering unretiring because they have not saved enough to carry them through retirement. While there are many same-day loans to access when in financial constraint, many people prefer their own earned income.

According to statistics, 32% of Canadians will be working part-time when they hit 66, and an average of 28% will be working full time. This includes both Canadians within British Columbia and Quebec. The question lies in whether these people are unwilling to retire because they don't want to rest or because they simply have to keep working to make ends meet. There appear to be more Canadians who are concerned about having enough money to last through retirement.

Living past one's life expectancy is a reasonable concern. So, sustaining good financial health is even more important at old age. Research shows that almost 50% of Canadians who are currently retired have this type of financial anxiety, and 46% more say they won't be able to retire as they'd planned.

According to Angus Reid, while Canadians should have plenty to look forward to in their golden years, more have the looming worry of shrivelling finances on their mind. Going back to work to compensate seems the logical answer for most. However, if you plan on retiring, you should have a primary and reliable way of financing that retirement.

Here are some things to consider as you near your retirement age.

Planning For And Financing Retirement: What Works?

74% of Canadians are anxious about retirement before they have to retire. This is because many aren't planning for it. Some are also not educated about government dependency programs. For example, 57% of Canadians plan on financing their retirement through government pensions. However, the government can slash these schemes at any time.

The survey information listed below shows how Canadians are planning to prepare for retirement.

  • 57% of Canadians plan on funding retirement through Government pensions.
  • 53% of Canadians surveyed have invested in employee pensions for retirement.
  • 13% of Canadians have made wise investments with high ROI to fund later life.
  • 11% of Canadians fund retirement through inheritance funds or other forms of support.
  • 6% of retirees have no other option other than to sell assets to fund retirement and pay for expenses.


Retirement is a necessary topic as you grow older. It is therefore important to prepare for it. While you may cut costs by taking advantage of sales discounts, budgeting hacks, and even getting creative about remaining Halloween treats, these can only take you so far. You must ensure you're reasonably prepared. You should begin to invest early on to have a secondary source of income. While unretiring is now a popular concept, you will still eventually need to quit. Establishing a solid retirement plan can save you from stress and anxiety.