Almost half of CFOs postponing Retirement
Almost half (45%) of chief financial officers are delaying or reconsidering their retirement plans, according to a poll by Robert Half Management Resources. Among those postponing Retirement, 93% attribute their decision to the economy. The survey was based on interviews with 270 Canadian CFOs, and conducted between December 17th and January 14th.
Asked how their retirement plans had changed in the last five years, 23% felt there was more uncertainty and that they could not predict when they would retire; another 22% said they plan to spend more time working than they did five years ago. Only 4% plan to spend fewer years working than they had planned five years before, and 1% didn't know. Even so, 49% said their retirement plans had not changed.
While the economy and the stock market/lower RRSP values was by far the single biggest reason for postponing Retirement , 5% cited changing family needs, and 1% mentioned "social security concerns."
Robert Half executive vice president David King puts a positive spin on executives choosing to stay in their jobs a bit longer. Their employers will benefit from their "vast" knowledge and skills, he said in a release. "Despite the change in the economy, companies may
still offer additional benefits that the baby boomer generation values, such as greater scheduling flexibility or part-time employment."
Not all hanging on necessarily plan to keep working a full 40-hour week. Indeed, though the release does not elaborate, so-called Phased Retirement has become an option for more executives — as well as ordinary workers — in Defined Benefit plans.
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Source The Wealthy Boomer : Retirement
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