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April 30, 2014
Most early retirees return to work, study says

Freedom 55 may not be all that attractive after all.

More than half of those who retire between the age of 55 and 64 return to work within 10 years, according to data released by Statistics Canada.

In a study of workers who retired between the years of 1994 and 2000, a total of 60 per cent of those who retired between the ages of 55 and 59 were re-employed within 10 years.  

The re-employment rate was even higher among those who left work between the ages of 50 and 54.  According to the government agency, 82.7 per cent of men and 78.3 per cent of women in that age range had returned to work within a decade of retiring.  The return rate was more modest among the 60 to 64 age group, ranging from 41.3 per cent for women to 46.8 per cent for men.

Statistics Canada noted that members of registered pension plans were less likely to go back to work after retirement.  As well, retired public sector workers were less likely to re-join the workforce.

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