Canadians retiring two years later than 20 years ago: StatsCan

Older Canadians are delaying retirement longer than they did 20 years previously, according to the results of a Statistics Canada study released today.

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.

ecrawford@biv.com

@EmmaCrawfordBIV

comments powered by Disqus

More from Economy

B.C. credit unions are first choice for small and medium-sized businesses: report

Countrywide, rival big banks gaining on RBC's No. 1 spot, CFIB says

Read Article

Regulations, resource markets squeeze B.C. firms

Smaller investment companies hurt most by red tape, industry association says

Read Article

North’s economic boom goes south

Fort Nelson among hardest hit by slowdown in natural gas sector

Read Article

The business case for the Trans Mountain pipeline

Roundtable hears economic arguments in the contentious debate over pipeline twinning project

Read Article

Foreign control of Canadian assets hit 10-year low in 2014

U.S. held nearly half of the 18.1% of assets under foreign control

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×