"Ontarians Beyond 65 Defy Traditional Retirement Stereotypes"
Revamped Retirement Narratives
Hey there! Ever wondered why that senior citizen down the street is still clocking in at work? Let's dive into the world of the not-so-traditional retirees.
Meet Dave Williams, a 72-year-old dynamo who swapped his sales career for the driver's seat. After five years cruising buses, trucks, limousines, and even hearses, he's now chauffeuring high-ranking officials in St. Kitts and Nevis.
His unconventional retirement is a quest for purpose and a zest for life. And he's not alone—more and more seniors are joining the workforce.
According to recent statistics, the unemployment rate for people over 65 in Ontario has consistently dropped since 2020, with the employment rate surging from 14% to 14.6% in the past year. This trend echoes Canada's delayed average retirement age.
So, what's causing this elderly Renaissance in the workforce? Healthier lifestyles and longer life expectancies are a big factor. Plus, many seniors cherish their intellectual engagement, social connections, and routines too much to let go.
"We've come a long way in terms of lifespan," says Laura Tamblyn Watts, the CEO of CanAge, a national senior's advocacy organization in Canada. "We want to keep doing things."
Government incentives also play a role. For instance, each month you delay receiving your federal retirement pension, it increases by 0.7%. That means someone receiving their CPP at 70 gets an annual pension that's 42% higher than if they took it at 65.
Yet, pensions aren't equal across the board. They depend on citizenship, length of employment, job type, and sector, among other factors. Individuals must be at least 60 to qualify for a pension.
Tamblyn Watts also points out that older folks' income mainly comprises pensions, savings, and government cheques. With high levels of debt and low savings, many can't afford decades without a secondary income.
"Outliving your money is a real fear," she adds.
As if mounting debt and diminishing savings weren't enough, rising healthcare costs for the elderly require specialized care, medications, and transportation. This adds to the motivation for older individuals to keep working.
According to Tamblyn Watts, retirement should be about stages, not ages. Many older workers seek purpose, which often disappears when they leave the workforce.
"The traditional retirement age is mostly a myth," she says. "A lot of people just let themselves grow old. I'm not one of them. I've still got a tie, a stylish car, and a job I love."
On the Horizon
In the coming years, expect to see more seniors hitting the job market. As our population grows older, we might need to reconsider how we define retirement and reimagine its purpose.
- The increasing number of senior citizens in the workforce is a result of healthier lifestyles, longer life expectancies, and a desire for intellectual engagement, social connections, and routines.
- The unemployment rate for individuals over 65 in Ontario has decreased since 2020, with the employment rate rising from 14% to 14.6% in the past year.
- Government incentives, such as increases in federal retirement pension for each month delayed, also contribute to the trend of seniors working past traditional retirement age.
- Pensions are not uniform across the board, depending on factors like citizenship, length of employment, job type, and sector.
- Older workers often struggle with high levels of debt, low savings, and rising healthcare costs that necessitate continued work.
- Laura Tamblyn Watts, CEO of CanAge, advocates for redefining retirement as stages instead of ages, emphasizing the importance of purpose in the lives of older workers.
- In the future, we may see more seniors entering the workforce as our population continues to age, potentially necessitating a reevaluation of our traditional views on retirement and its purpose.
