Canadian retirees who participated in Desjardins Financial Security’s 2009 Rethink Retirement survey were three times more likely to see their income shrink this past year.

According to the Rethink Retirement survey, 35% of retirees reported a drop in their personal income compared to 12% who indicated an increase.

However, only 6% of survey respondents enjoyed an income of $70,000 in 2009 compared to 44% who managed an income of $30,000 or less. For many, this amount only covered basic living expenses.

Retirees also saw a drop in their savings and investments in 2009. Only 20% recorded increases compared to 39% whose savings dwindled in the past year.

But, unlike many Canadians, retirees carry the least amount of debt with only 46% reporting debts of $1,000 or less. A quarter (27%) was able to reduce their financial obligations this year while 21% went further into debt.

SOM conducted the eighth annual Rethink Retirement survey on behalf of Desjardins Financial Security in September 2009. A total of 1,524 questionnaires were completed by a representative sampling of Canadian workers and retirees who were randomly selected from Canadian internet panels

IE