In addition to facing misconceptions around their youth in the workplace, a recent survey found that over one-fifth (21 percent) of Canadian young boomers (aged 55 to 64) have not saved anything for retirement. Interestingly, the figure is nearly identical in the United States, where nearly one-fifth (17 percent) focusing on increasing their earnings in pre-retirement to fund their retirements.
The 2019 Retirement Income Strategies and Expectations (RISE) survey by Franklin Templeton found that nearly half of Canadian and American young boomers (46 and 48 percent, respectively) would postpone retirement for financial reasons.
As the percentage of experienced professionals in Canadians aged 50+ reaches nearly 1 in every 3 Canadians, more young boomers are returning to the workforce on their terms, to continue to stay engaged and maintain their earning power.
As baby boomers continue to extend their working years companies will need to plan succession strategies that enable experienced professionals to work into retirement. A recent pool by Harris Insights & Analytics found that half of baby boomers don’t believe a proper successor is in place for when they retire. As well, 40 percent of working baby boomers indicated they would retire later than planned because they want to continue working and/or increase their savings.