Are you retiring in 2010?

Do you want to retire in 2010?

There was a survey done recently by Desjardins Financial Security's 2009 Rethink Retirement. In it 400 retired Canadians were asked about what it is like to be retired in 2009.

The results were not as good as one might hope. Of the people questioned 44% say they went into debt in the past year. Also, 2/3 of the respondents said that they earn less then $20,000 a year. Some 27% says that they can manage just basic expenses, this would not include hobbies or travel. About 55% said that they do have enough for the extras and their basic needs.

The "greeter" jobs at Wal*Mart appear to be in high demand. The statistics show that one in six retirees continue to work. Part of this is because the baby boomers have started to leave their employment and now there are many more positions open. Others have gone back to work because their investments did not perform as well as expected and they do not have enough money to stop working.

The people who are aged 55-64 are the most likely to continue working. Of this group 25% are working beyond retirement. For the retirees over 65 only 10% are working whether it is for extra money for personal projects or for the need of the income for basic expenses.

Canadians do feel that the current pension system is not responding well to their needs. This response came from 67% of people polled and a full 47% said that some reform is needed. What is interesting is that men were more confident then women about the current system.

This does affect the job market. What impact will this have for the well-educated young professionals looking to step into a growth position when the older employee is not stepping aside? Adaptability to change, responsiveness to the needs of the employers and experience will help both groups to find their place in this new decade.

Another study says Canadians are living longer and will require several additional years of benefits from the Canadian Pension Plan (CPP), a federal retirement program funded by employees, employers and investments.

By 2050, male beneficiaries are expected to get CPP payments for an additional 3.3 years and women will get an additional 2.3 years compared with 2005.