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Nearly 30% Of Canadians Say They’ll Never Retire: Poll

A new poll has found that nearly 30% of Canadians say they do not expect that they’ll ever be able to retire.

The survey by Yahoo/Maru Public Opinion found that 28% of Canadians (more than a quarter) who are currently working say they don't ever expect to retire.

Younger workers between the ages of 18 and 34 are even more pessimistic about their retirement prospects, with 30% saying they don't expect to ever retire.

People earning less than $50,000 per year are the most pessimistic about the possibility of retirement, with 39% saying they’ll never leave the workforce.

The survey found that 27% of people earning $50,000 to $100,000 a year expect not to retire, while 16% of people making more than $100,000 a year expect they will never be able to retire.

The poll is the latest to show how Canadians' expectations for retirement are shifting, especially with the rising cost of living.

A BMO Retirement survey published earlier this year found that Canadians believe they’ll need $1.7 million in savings to retire, up 20% from a similar study in 2020.

The Yahoo/Maru survey of 846 working Canadian adults was conducted between May 5 and May 8 of this year and has a margin of error of +/- 3.4%, 19 times out of 20.