Nearly a quarter of Canadians plan to use their homes as their primary source of income after they leave the workforce, shows a Sun Life survey.
A further 17% don’t know if their home equity will serve as their primary source of income during retirement.
At the same time, 28% of Canadians expect to be retired at 66. Twice that many (56%) are expecting to work past the traditional retirement age. The reason 65% of those people say they will work into retirement years is because they’ll need to support themselves.
Read: Four in 10 Canadians aren’t retiring on time
The average expected retirement age is 66, but among Canadians closest to retirement, those aged 55-65, the average expected retirement age is 67. That’s the lowest it’s been in four years. In 2011, it hit a high of 69 years of age.
Canadians on average expect approximately 10% of their retirement income to come from home equity. They also expect:
- 30% to come from government plans;
- 27% to come from personal savings;
- 23% to come from employer plans;
- 5% to come from inheritance; and
- 6% to come from other sources.
Read: Budget helps retirees