(CNW Telbec)-Canadian retirees who participated in Desjardins Financial Security's 2009 Rethink Retirement survey were three times more likely to see their income shrink this past year than the very rich.

According to the Rethink Retirement survey, 35 per cent of retirees saw a drop in their personal income compared to 12 per cent who indicated an increase. By contrast, Canadian Business stated most of those on the 2009 Top 100 Richest Canadians list became richer this year, reaching an average net worth of $1.7 billion.

However, only six per cent of the Rethink Retirement survey respondents enjoyed an income of $70,000 in 2009, compared to 44 per cent who managed an income of $30,000 or less. For many, this amount only covered basic living expenses.

Retirees also saw a drop in their savings and investments in 2009. Only 20 per cent recorded increases, compared to 39 per cent whose savings dwindled in the past year.

But, unlike many Canadians, retirees carry the least amount of debt with only 46 per cent reporting debts of $1,000 or less. A quarter (27%) was able to reduce their financial obligations this year while 21 per cent went further into debt.

Among more than 400 retirees questioned as part of the survey, half of full-time retirees (55 per cent) can afford to cover their basic needs plus a few extras, such as presents for their kids and grandkids, hobbies or travel. On the other hand, amongst the 27 per cent of full-time retirees who say that they only manage to pay for basic expenses, we see that close to two-thirds (62%) earn less than $20,000 a year and more than two in five (44%) went further into debt in the past year.

Many employers seem to be turning to retirees to fill positions left empty by the mass retirement of baby boomers. Close to one in six retirees (16%) continue to work. Some have gone back to work because they need money for personal projects (46%) and others because the economy has decimated their retirement income (29%).

Young retirees, aged 55 to 64, are the most likely to continue working (25%), whereas only one in 10 retirees over 65 works (11%).

SOM conducted the eighth annual Rethink Retirement survey on behalf of Desjardins Financial Security in September 2009. A total of 1,524 questionnaires were completed by a representative sampling of Canadian workers and retirees who were randomly selected from Canadian internet panels. Data was weighted to reflect the distribution of the Canadian population in terms of the country's main regions (Atlantic Provinces, Quebec, Ontario, the Prairies and British Columbia), as well as by age, sex, and first language (mother tongue) based on Statistics Canada data.