Two-thirds of Canadians plan to continue working in retirement, including starting their own business, consulting or taking on part-time hours, according to a new poll conducted for CIBC.

The poll conducted by Harris/Decima reveals 45% of respondents believe they will work part-time. Twenty-four per cent believe they will do occasional consulting in retirement, while 9% say they will start a new business in retirement. Eight per cent say they will continue working full time in retirement, while only 1% of respondents plan to spend their retirement travelling.

“Our CIBC Poll shows that Canadians don’t view retirement as the end of their working lives,” said Christina Kramer, executive vice-president, retail distribution and channel strategy, CIBC.

The survey also reveals that Canadians across all age groups plan to continue some form of work in retirement:

  • 80% of Canadians aged 18-24 believe they will work in retirement
  • 65% of Canadians aged 25-34 believe they will work in retirement
  • 69% of Canadians aged 35-44 believe they will work in retirement
  • 68% of Canadians aged 45-54 believe they will work in retirement
  • 73% of Canadians aged 55-64 believe they will work in retirement

Recent CIBC research indicates that young Canadians are particularly optimistic about their retirement plans and see themselves retiring having saved a comfortable nest egg. The results of this poll indicate these same Canadians are planning to work in retirement, suggesting many are planning to do so by choice.

A key finding of the poll is that while only 6% of Canadians between the ages of 25-34 say they will retire due to health reasons, one-fifth of retired Canadians say their health forced them to retire (19%). This underscores the importance of creating a holistic financial plan, because though some Canadians may be planning to work in retirement to partially supplement their income, unexpected life events may prevent them from doing so.

Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, the company’s national telephone omnibus survey. These data were gathered in a sample of 1,116 employed Canadians and 683 retired Canadians between September 8th and 19. A sample of this size has a margin of error of +/-2.9% and 3.7% respectively, 19 times out of 20.