For the first time in five years of tracking retirement trends, the Sun Life Financial annual Canadian Unretirement Index finds that the number of participants who expect to be retired at 66 has declined by almost 50% to 27% which is almost equal to Canadians who expect to be working full time at 66 (26%). Almost another third (32%) expect to be working part time at 66 adding up to almost 60% of Canadians who expect to work past the traditional retirement age while about 15% are not certain.
Canadians anticipate requiring an average income of $46,000 per year for their retirement and are aiming to have $385,687 in retirement savings (excluding their home and other property). Government benefits plus approximately $300,000 invested in a Private Real Estate Investment Trust (PREIT) and/or Real Estate Limited Partnership (RELP) providing a conservative average income of 7% would provide an annual income of more than $46,000.