Many Canadians now expect to work longer for positive reasons, such as remaining mentally active and enjoyment of career, but they are also concerned about their financial readiness for retirement, according to a study released Wednesday by Sun Life Financial.

These findings signal a departure from how Canadians have been retiring in the last few years, Sun Life says..

“Despite many Canadians expecting to work after age 65, those surveyed are approaching this reality with resolve,” says Dean Connor, president, Sun Life Financial Canada. “Interestingly, in pinpointing their primary reason for working past age 65, as many people singled out lifestyle reasons as those who indicated financial reasons.”

Nearly half of working Canadians believe they will be working past the traditional retirement age of 65. This is in sharp contrast to the average Canadian retirement age of 61 in recent years, the study notes.

Nearly all of those who expect to work beyond age 65 cite one or more lifestyle reasons, including remaining mentally active, enjoyment of their jobs and the interaction with their co-workers.

In the survey, 75% of Canadians rated their personal health and overall level of happiness highly. The survey found much less confidence around general economic conditions and Canadians’ personal finances.

“Despite the optimism, many Canadians are not as clear about what it will take for them to reach a comfortable level of retirement income,” says Connor.

“Only 28% of people are very confident they will have enough money to enjoy their desired lifestyle in retirement. Not surprisingly, Canadians who use a financial advisor to help them plan for retirement feel much more confident when it comes to their future.”

The study was conducted by Fleishman Hillard from Dec. 8-23, 2008.

IE