My partner and I are both Canadian seniors who have been retired for 15 years. He’s 74, I’m 66. We both continued to work after we unilaterally decided to quit our respective jobs back in 2005. We’ve quite possibly never worked harder – OK – maybe not quite so true when it comes to ‘work’ work. But certainly our efforts have been no less assiduous. We often say to ourselves, “We don’t know how we ever held down full time jobs” given all the other activities we pursue as retirees! We feel we’ve redefined what retirement initially meant to us fifteen years ago. We’re not alone:
According to the Vanier Institute of the Family in an article entitled Facts and Stats: Working Seniors in Canada (2019 Update), they came to this conclusion:
A growing number of seniors in Canada today are choosing to remain in – or return to – the paid labour market to manage their multiple financial responsibilities and, for some, to provide support to younger generations. As seniors and their families adapt their financial management strategies, expectations and aspirations in response to this ever-changing environment, they in turn are reshaping workplaces, Canada’s workforce, modern retirement and the economy at large.
The institute created a fact sheet that gathered statistics from various sources in order to explore the relationship between seniors and their family finances. It contains information about us – the retired or about to retire senior – information about our economic health and how we are more often than not choosing to remain in, (or re-enter), the job market – whether for economic reasons, to lend financial assistance to family members, provide support for the younger generations or purely for the cognitive benefits working provides.
The following is a list of relevant statistics to consider when it comes to working seniors.
- The 2016 census revealed that 1 in 5 seniors in Canada worked at some point in 2015, 30% of whom worked a full year and full-time.
- The average retirement age of Canadians in 2016 was 63.8 years – up from 60.9 years back in 1998.
- In 2017, surveyed Canadians aged 60 and older who worked or wanted to work were split almost 50-50 when it came to the question of whether it was “out of necessity” (49%) or “out of choice” (51%).
- In 2018, nearly 3 in 10 working seniors (28%) reported that they provide financial support to their children.
Visit this link for the 2019 update to the above information along with other relevant information which charts the latest statistics about Canadian seniors throughout the country who are currently working or seeking employment after retirement age. The article is extremely detailed and is comprehensively supported by footnotes.
By the looks of it, Canadian seniors are very reluctant to leave the job market even when forced to retire and, as it turns out, they actively pursue new work opportunities no matter where they reside or how old they are. Our reasons are pretty definitive as it turns out!