Canadians are increasingly turning their back on the notion of early retirement. Instead, they are often choosing to remain in the workforce past the traditional retirement age of 65.
A publication by the C. D. Howe Institute digs into this development in search of some of the factors that are precipitating this relatively new development. What they find is that this is a complex recipe with many ingredients, no one, single answer.
There is a flavor of the role of women in the workplace. This generation is approaching end of career decisions but they remain more attached to employment than their ancestors. Then there’s the fact that fertility rates are falling and we are producing fewer workers of tomorrow so the need for older workers will only grow as immigration levels are restrained.
Add to that the fact that people are living longer and are more capable prompting phased-in or staged retirement.
This is especially true as the economy shifts to a service orientation where experience is more valuable than physical strength as the gold watch becomes a welcome back rather than a good-bye.
