Fifty seven (57) per cent of Canadians aged 50 to 59 are willing to do just that - work longer, even beyond their post-work years rather than retire early in order to be able maintain the quality of life that they have become accustomed to.
The CIBC survey also shows that unfoturnately, more and more Canadians are taking in more debt and 24 per cent of the respondents say that they plan to carry this debt into retirement. The down side to this is that monthly repayments can reduce cashflow and limit one's financial flexibility. Half of the respondents have also said that they have fallen short of their retirement goals, having saved less than $100,000 for retirement.
Many of us have heard the mantra of financial advisors to "diversify" - in our investment portofolio of GICs, TFSAs, stocks and bonds. Frankly, this path has taken many of us on a roller coaster ride as we see values of our investments fluctuate. What many of them fail to mention is that there are other investment vehicles that can help us achieve our financial goals and one of them is real estate.
Whatever investment path you plan to take, it is important that you take control of it and make sure that you achieve a good balance that will help bring you closer to your retirement goals.