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Canadians Delaying Retirement

Canadians aged 50 and over are working later and delaying retirement, regardless of their level of education, says Statistics Canada. However, because of a shorter life expectancy, the less-educated are likely to spend fewer years in retirement. The ‘Insights on Canadian Society’ shows that older workers are more likely to retire later than they did in the late 1990s, regardless of their level of education. Among those with less than a high school diploma, a 50-year-old worker in 2009 could expect to work another 14.3 years before retiring. In comparison, this same worker could expect to work 12.3 years in 1998. Similarly, a 50-year-old worker with a post-secondary education could expect to work 14.6 years in 2009, compared with 12.0 in 1998. However, there are significant differences in life expectancy after retirement on the basis of education level. Less-educated workers aged 50 have a life expectancy after retirement of 18 years, compared with 21 years among those with a post-secondary education.

Courtesy of Benefits and Pensions Monitor website News Alerts

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