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44% of Canadians Expect to Be Doing This During Their Retirement Years

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Retirement is when people normally expect things to get easier, not difficult. Savings, CPP and other sources of retirement income should make for a more relaxing and stress-free time in a person’s life where they can enjoy not having to commute every day and deal with all the politics and problems that typically come with a nine-to-five job.

However, in a recent survey by Sun Life Financial, many Canadians are not expecting retirement to be that easy.

Of the working Canadians surveyed, 44% expect to continue working even at age 66 — and those are full-time hours, not just part-time work.

About two-thirds of those that said they expect to continue working expect to do so because they will need the money. It’s a sobering expectation and a very concerning one, as it suggests that either Canadians are too indebted to be able to retire by that age or that they just won’t have enough saved up by then to be able to live the life that they want to live.

What you can do today

The further you are from your retirement, the more time you have to be able to address those issues today. And the good news is that you can start small, even just cutting out a few expenses from your day-to-day life can translate into a lot more savings down the road.

Whether it’s an unnecessary subscription or a couple of cups of coffee that you can make at home, there are usually many costs that be cut every month that can be better used to either pay down debt or add to your tax-free savings account (TFSA) and grow your portfolio.

If you’re one of those working Canadians who’s worried about retirement, then you know that time isn’t going to help you. But you can make up for that by being a bit more aggressive in the stocks that you hold in your TFSA. For instance, an investment that offers good growth and that also pays dividends could be an ideal option.

A stock that can give you the best of both worlds

Fortis Inc (TSX:FTS)(NYSE:FTS) is a solid option for investors who want to a long-term investment that can help turn their portfolios from $100,000 to $1,000,000.

But even over a shorter duration, the stock can achieve strong returns for investors. Over the past five years, the utility stock has risen around 40% in value while also offering investors a growing dividend as well.

Currently yielding 3.5%, Fortis’ dividend is one of the better ones on the TSX for not only its good payout, but also because it’s also a safe bet to continue to rise over the years. The company recently increased its dividend payments by 6.1%, and in two years they have grown by 12.4%.

While Fortis may not produce the soaring results that investors can expect from high-growth tech stocks, it’s also a much safer buy. As important as it is to grow your savings, it’s also just as important to ensure that you aren’t taking on too much risk so that you don’t lose your savings, either.

With Fortis, the risk isn’t significant, as the stock is not very volatile and is fairly priced with a price-to-earnings multiple of 15 and it trading at just 1.5 times its book value.

Overall, Fortis gives investors a little bit of everything, which is why it is a good choice for investors of all ages to hold in their portfolios.

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Fool contributor David Jagielski has no position in any of the stocks mentioned.

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