They say the only two things that are certain in life are death and taxes and if you think about it, that's true. That said, it's no wonder the so called "baby boomer" generation and those to come after aren't frothing at the bit to jump into retirement at an early age.
According to recent predictions by business analysts more and more people who would have normally retired to enjoy the latter part of their lives, will be forced to stay in the workforce simply because they can't afford the cost of living. After forty plus years in the workforce that's a troubling thought if this is the case. But times ARE changing. Better medical care, technological innovations and healthier living, mean Canadians are surviving longer than ever and for some, better health means they will outlive their money. "It's a tsunami of all these different forces. It's a very real problem," suggests David Cravit, vice-president of marketing at the 50 Plus Group, the online arm of the Canadian Association of Retired Persons. "Combine extended life expectancy and children staying at home longer and suddenly it seems as if baby boomers are under siege. We're travelling, going back to university, there's all this stuff I can do. I'm in better shape than ever before. There's this wonderful opportunity - I'm actually redefining aging in a positive way, but yikes, do I have enough money to do this? It's a very split verdict," he adds.
According to statistics, the number of Canadians living beyond 80 is up by one-quarter since 2001 and the number of people living to 100 rose by 22 per cent. Fine and dandy, but another study released by the University of Waterloo found two-thirds of Canadians in their early to mid-40s will struggle to meet basic household expenses in retirement unless they boost their savings rates or work past the age of 65. These days, that seems a tough undertaking for a large portion of the population.
On the plus side, if you're 70, feeling healthy and vibrant enough to want to work then the more power to you as far as I'm concerned. If you've got valuable skills to offer, are capable and aren't ready for the retired life then why not keep at it? But if 27 per cent of this category of the population says they'll continue working just to make ends meet and another 19 per cent will work so they can afford "extras," that's when the red flags should come up. If 32 per cent of the up and coming retirees (and that's what the stats indicate) are saying they're relying on a lottery win to fund their retirement, then we have a definite problem.
