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October 15.2025

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Why 15% of Older Canadians Are Still Working: A New Look at Retirement Planning

Canadians over 65 reviewing documents in a cozy office.

Understanding the Shift: Why More Canadians Over 65 Are Still Working

Recent studies reveal a significant trend in Canada: an increasing number of individuals over 65 are remaining in the workforce. In 2023, a record-high 15% of Canadian seniors participated in the labour market, reflecting a shift from traditional retirement norms. Factors influencing this include economic conditions, the desire for social connections, and the rising costs of living—elements that paint a vivid picture of the changing landscape of retirement.

Retirement Reality vs. Expectation

While many seniors envision a leisurely retirement following years of hard work, the reality is often different. A recent survey indicated that 47% of retirees ended their careers sooner than anticipated due to unforeseen circumstances such as health issues or job losses. This discrepancy between expectation and reality highlights the importance of thorough retirement planning, emphasizing the need for financial independence as a safeguard against unexpected changes.

Shifting Financial Responsibilities

Many older adults are working to supplement their retirement income, often supporting not only themselves but also family members. A poll from RBC found that over 21% of grandparents currently provide financial support to adult children. This intergenerational financial pressure complicates retirement planning, as many seniors find themselves balancing their financial futures with the needs of their families.

The Importance of Financial Planning for Seniors

Given the reality that many seniors are working longer, understanding retirement finances becomes crucial. They need to consider various strategies, such as tax-efficient methods for retirement income, workplace benefit programs, and online financial planning tools. Making informed decisions about retirement accounts and investments could significantly contribute to their financial security.

Preparing for the Future: What You Can Do

For those approaching retirement age, it is vital to set realistic financial goals and be aware of the benefits of phased or bridge employment. Strategies like starting a part-time job or engaging in freelance work can allow for a smoother transition into retirement. Additionally, maintaining good health through preventive care can increase the likelihood of a successful gradual retirement.

As Canadians reframe their visions of retirement, understanding the financial tools available at their disposal becomes more important than ever. This knowledge not only empowers individuals to make better financial decisions but also fosters a culture of preparedness.

Retirement and Financial Security

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Why 15% of Older Canadians Are Still Working: A New Look at Retirement Planning

Understanding the Shift: Why More Canadians Over 65 Are Still Working

Retirement Reality vs. Expectation

Shifting Financial Responsibilities

The Importance of Financial Planning for Seniors

Preparing for the Future: What You Can Do

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