Retirement Age in Canada Rising

  • By: mvadmin
  • Date: May 26, 2022
  • Time to read: 2 min.

An increasing number of Canadians are defying the traditional age of retirement, the retirement age is rising and seniors now feel that they should work up until when they can.

Statistics Canada reports the average age of retirement increased from 61 in 2005 to 63 in 2015. The data shows the number of senior citizens still working has increased by 62 per cent in the past decade. This means that one out of every eight people over 65 still works compared with one in every 13 seniors who worked a decade ago.

For some seniors it is the love for their job that keeps them working, however many others admit that they are working as they need to make money to pay their bills.

Self employed people are most likely to postpone their retirement; this also has to do with the fact that they don’t have pension plans or benefits.Most seniors who are continuing to work feel that the pay makes sure they can maintain their independence and not worry about money.

Some people who have retired have later gone back into the workforce when they realize they are financially deficient.

Lisa Taylor, founder and president of Challenge Factory, launched a business that provides mentoring for the older generation in a career change.

“Organizations count people out too early,” said Taylor. “Training stops when people are in their late 40s, early 50s because people think they’re getting ready to move on to that next segment of life. That’s not actually what people are doing.” She said.

Companies need to change their views on hiring seniors; Taylor said adding that she challenges their outdated thinking about older workers.It has always been difficult to get hired after 50, since the employers anticipate retirement. However, there has been a shift in the thinking with many more employers starting to realize the benefits of an aging workforce, Taylor said.

Seniors too agree, “It is best to work and earn while we can,” they said. Living on a budget is not easy, many seniors said.