Canadians expect to work beyond 65: survey

Most Canadians toiling in the workforce now expect to work beyond age 65, according to a recent survey by a Canadian financial services firm.

The survey, conducted by Sun Life Financial, polled 3,000 employed Canadians aged between 30 and 65. Three out of five respondents said they plan to work beyond Canada's standard age of retirement at 65.

Jerry Song, a financial adviser at Sun Life in Vancouver, told Xinhua on Wednesday the age at which Canadians expect to retire has been climbing because they are living longer, and many in the survey didn't expect their government or personal pensions and savings to cover their living costs in old age.

"The retirement age has increased every year. The youngest age at which Canadians expect to retire is 64. That happened in 2009. In 2014, the Canadians expected their retirement age to be 66," Song said.

Bob Beazer, a window washer, said he hoped his employers' savings plan would be enough to get him through his retired years, which are coming quickly.

Canadians typically earn their highest income between 45 and 55 years old - important years for saving - but also a period that includes heavy expenses from mortgages, university-aged children and care for elderly parents.

Song said the findings of the survey should serve as a wake-up call for Canadians who hope to be relaxing by the time they reach their sixties. So he suggested people start saving for retirement as early as possible.

"Create a financial plan. Talk to your financial adviser. Know your current financial goals. Know your current financial situation. Know your future goals. Work with your financial adviser toward your goals," he said.

Chris Lowry, a commission salesman, said he probably would work past 65 so that he can afford to live a decent senior life.

"I'm 30 now and I either have to save my own money so I can afford to not to work past 65, or I will be working past 65," Lowry said. Endi