Sep 21, 2012 / 4:28 pm
Most Canadian baby boomers surveyed in a new poll say they would work longer to live better throughout their post-work years rather than opt to retire earlier.
The CIBC survey finds that 57 per cent of Canadians aged 50 to 59 say they would prefer to work longer into their retirement years in order to uphold their current lifestyles.
However, the poll also suggests that 24 per cent of Canadian respondents in their 50s plan to carry debt into retirement.
CIBC says that approach could reduce their retirement cash flows and jeopardize plans to maintain their quality of life.
The findings come on the heels of a previous CIBC poll that suggests Canadians in the same demographic have fallen short of retirement goals, with nearly half having saved less than $100,000 for retirement.
Canadians are taking on debt like never before.The latest figures from Statistics Canada show the household debt to income ratio has risen to a record high 152 per cent.
Some experts have suggested older Canadians are being lured by low interest rates into piling on debt, something that could hurt their future living standards.
"Retiring with debt creates a drag on your retirement income, as monthly repayments will reduce cash flow and can actually limit your financial flexibility once you retire," says Christina Kramer, executive vice-president of retail distribution and channel strategy at CIBC.
"While some Canadians may feel they can incorporate monthly debt payments into their retirement, the reality is that repaying debt before retirement remains an integral component of maximizing cash flow."
Read more Business News
|QHR Technologies Inc||0.55||-0.03|
|Anavex Life Sciences||0.54||+0.05|
|Copper Mountain Mining||1.52||-0.16|
It appears as though more people these days are looking for an investment in real estate which offers cash flow returns. The fundamentals of cash flow type properties had been turned upsi...
Getintheloop Marketing Ltd. recently launched their membership platform, Getintheloop.ca. The new website offers an exclusive members area for access to discounts in the South Okanagan on premium res...
I do a lot of thinking about everything to do with my column which is now twenty-five years old, and as I get older I think of so many things from the past that were good. Like the Cuban Lunch chocol...
- Sharktopus views turns on YouTube TV
- Social media makes Disney blink
- BCE looks to cut $170 million
- TD Bank: Loonie could fall to 90 cents US
- Mixed results for North American markets
- Ex-Enron CEO cuts new deal
- Canadian dollar nudges upward
- Microsoft extends agreement with Yahoo
- Iamgold profits drop 91 per cent in Q1
- Rogers puts pressure on Bell Astral deal
- Beer company roots for Canadian teams
- New milestone for Dow Jones