LANGLEY, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- When picturing retirement, most British Columbians imagine escaping to warm destinations and spending days by the lake or with grandchildren. But for many, a new image is entering the retirement picture-work. In fact, a survey released yesterday by Sun Life Financial shows that only 27% of working Canadians expect they will be retired at age 66.
Pursue a passion
"There are a number of reasons people are working past retirement," says David Francilia, investment advisor at Envision Financial. "For some, it's out of necessity as they can't afford to retire. But there are others who simply aren't ready to leave the workforce-they want to stay active and connected to other people and feel that they still have more to contribute. These people have built work into their retirement plan."
"I've seen many people use post-retirement employment as an opportunity to pursue a career that's aligned with their hobbies, passions or travel goals and that they may not have had the flexibility or courage to try before," he continues. "They're doing something they're passionate about and getting paid for it."
Start a small business
Beyond just working past the traditional retirement age, Francilia says there are a growing number of people who are either turning to contract work or looking at starting their own businesses.
"A survey last year showed more than half of Canadian baby boomers have either launched or are considering a small business venture before they reach retirement," says Francilia. "More experienced workers often have the business knowledge and the professional and personal networks needed to make their small business dream a reality. Having your own business can be very rewarding, especially later in life when you are thinking about leaving a legacy."
Be aware of the implications
"Earning an income in retirement years has some additional implications that need to be considered," advises Francilia. "It can impact taxes and pensions such as old age security. If you're considering working past retirement, make sure you talk to a financial advisor about the impact it could have on your financial situation so you're making an informed decision."
Make a plan
The key to any successful retirement-whether it's retirement at 55, a phased retirement or working well beyond age 65-is to have a tangible, solid financial plan in place.
"The more time you spend planning, the more freedom you'll have to choose how you spend your retirement years," says Francilia. "When it comes to planning, the earlier the better. Many financial institutions offer free financial planning services-make sure you take advantage of that great opportunity."
About Envision Financial
Envision Financial is a division of First West Credit Union, B.C.'s third-largest credit union with 38 branches and 29 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson regions. Led by Launi Skinner, First West has approximately $6.6 billion in assets under administration, over 169,000 members and nearly 1,300 employees. For eight years running, Envision was named one of the 50 Best Employers in Canada. Envision is designated a Caring Company by Imagine Canada.
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