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A Generation Sails Toward an Uncharted Retirement

The Vancouver Sun, 11/9/07

Abstract:

Most baby boomers are blissfully cruising toward retirement, apparently quite content to start their golden years while still in the red, with no retirement savings plan in place, but not worrying about whether their savings might disappear before they do, a major financial institution says.

The current habits, lifestyles and attitudes among baby boomers have put the traditional "all play no work" retirement mentality on the verge of extinction, Desjardins Financial Security said in a report, noting in survey results that one in 10 retirees continue to work, and over half of workers aged 40 and older are planning a gradual retirement.

The national survey revealed the effects of starting work and family life later than previous generation, it said, pointing out that beginning a family later in life is four times as frequent today as a generation earlier.

Canadians are coming to terms with the fact that "early" retirement is not working out the way they had originally anticipated, it said, while suggesting that many Canadians are not doing enough retirement planning.

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