The retirement plans and expectations of non-retired Canadians aged
45 to 59
by Grant Schellenberg
Business and Labour Market Analysis Division
Analytical Studies Branch research paper series, No. 223
Context
Over the next five to ten years, more Canadians will be poised to make
the transition into retirement than ever before. The baby boom generation
will continue to move through its fifties and into its sixties and will
reach the age at which Canadians typically leave the labour force.
Because of the large number of individuals in this age cohort, many
questions arise. What are the retirement plans and expectations of these
individuals? Are plans for early retirement widespread? Have these individuals
saved enough for retirement? Under what conditions do they expect to
leave the labour force?
Objective(s)
This paper examines the retirement plans and expectations of non-retired
Canadians aged 45-69.
Findings
The results show that about one-third of Canadians are concerned about
the adequacy of their financial preparations for retirement, with such
concerns associated with income, pension coverage, home ownership status,
marital status and self-assed health. Many Canadians are uncertain about
their retirement plans with 12% saying they do not know when they plan
to retire and 18% saying that they do not plan on retiring at all. Such
uncertainty is associated with factors such as income, home ownership
status and pension coverage. Plans for retirement at younger ages are
positively associated with pension coverage, home ownership, higher
income, full-year employment, being married and confidence in the adequacy
of one's retirement preparation.
Data source(s)
General Social Survey 2002.
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the full publication.
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