Older Canadians are delaying retirement longer than they did 20 years previously, according to the results of a Statistics Canada study released today.
The average working-life expectancy has increased by at least two years, according to the study published in the first edition of a new StatsCan online publication, Insights on Canadian Society.
Some of the findings include:
- for those with less than a high school diploma, a 50-year old worker in 2009 could expect to retire at 64.3 years old, whereas the same worker in 1998 could expect to retire at age 62.3;
- for those with post-secondary education, a 50-year-old worker in 2009 could expect to retire at 64.6 years old, compared with 62.0 in 1998; and
- for 50-year-old women, an increase in expected retirement age to 64.2 from 61.6 years.
The study found that retirement is delayed irrespective of level of education. However, it noted that because those with a lower level of education are likely to spend fewer years in retirement because they also have a shorter average life expectancy.
The figures include both voluntary and involuntary retirements. Involuntary retirements include those that result from illness, layoffs or caring for a family member.