What's life like for today's retirees?

MONTREAL , Dec. 8 /CNW Telbec/ - Despite all the emphasis that's been placed on retirement planning, there are very few studies that look at retirees today. However, these people are a wealth of information for future retirees, both from a financial and a social standpoint. Desjardins Financial Security's 2009 Rethink Retirement(TM) survey asked more than 400 retired Canadians about life in 2009.

Not always the golden age...

More than half of full-time retirees (55%) can afford to cover their basic needs plus a few extras, such as presents for their kids and grandkids, hobbies or travel. On the other hand, amongst the 27% of full-time retirees who say that they only manage to pay for basic expenses, we see that close to two-thirds (62%) earn less than $20,000 a year and more than 2 in five (44%) went further into debt in the past year.

Taking care of business

Many employers seem to be turning to retirees to fill positions left empty by the mass retirement of baby boomers. Close to one in six retirees (16%) continue to work. Some have gone back to work because they need money for personal projects (46%) and others because the economy has decimated their retirement income (29%). Young retirees, aged 55 to 64, are the most likely to continue working (25%), whereas only one in ten retirees over 65 works (11%).

About the Rethink Retirement Survey

Desjardins Financial Security wants to find out what Canadians are thinking about saving and retirement planning, and how it can better assist them by promoting awareness and developing products and services that are well-suited to their needs. This is our eight annual survey exploring how prepared people are for their retirement. This year, SOM conducted web survey on our behalf in August 2009 . In total, 1,524 interviews were conducted with a representative sample of Canadian adults. The data was statistically weighted to accurately reflect the composition of Canadians by region, gender, age and language (mother tongue) based on 2006 Census information.

About Desjardins Financial Security

Desjardins Financial Security, a subsidiary of Desjardins Group, the largest cooperative financial group in Canada , specializes in life insurance, health insurance and retirement savings products for individuals and groups. Every day, over five million Canadians rely on Desjardins Financial Security to ensure their financial security. The Company employs 3,800 people and administers over $21.9 billion in assets from offices in several cities across the country, including Vancouver , Calgary , Winnipeg , Toronto , Ottawa , Montréal, Québec, Lévis, Halifax and St. John's . For more information, visit www.desjardinsfinancialsecurity.com.

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For further information: Isabelle Truchon, Communications Advisor, [phone], extension 8668, Toll free: 1-877-750-8700, extension 8668, [email protected]; Virtual newsroom: http://www.desjardinsfinancialsecurity.com/press