It is a fact that there may not be enough funds to cover retirement for aging baby boomers. As it stands, nearly a third of retired Canadians have returned to the workforce as they have realized that the money is just not enough for their lifestyle.

ING Direct conducted two surveys of 1,000 Canadians aged 55 and older. The results show that nearly half of all respondents took on a job for financial reasons, while 31 percent took a full-time job citing that they underestimated how much they needed to live on and that they never saved enough to retire on.

This phenomena brings up the question: are these retirees somehow taking away jobs from young people (known as "lump of labor" a theory dating back to Henry Mayhew's 1851 research London Labour and the London Poor that states that cutting the number of hours employes worked wuold reduce unemployment)? Or can it be argued that the economy expands to provide work?

In general, the survey revealed that most respondents wished that they had found ways to save earlier for retirement.

Let's hear from you. Do you believe that baby boomers who remain on the job are depriving young people from entering the workforce? Do you believe that you have enough to retire on? Do share your thoughts!