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Perspectives on Labour and Income - August 2007
Katherine Marshall and Vincent Ferrao
For some years now, attention has been focused on the predicted retirement patterns of the baby-boom generation since a wave of early departures could seriously disrupt the labour force. However, recent studies and indicators suggest that baby boomers may not in fact be collectively fleeing employment for 'freedom 55.' In 2006, a record proportion of 60 to 64 year-olds were in the labour force (45%) and the retirement age remained steady at 61.5. The article examines labour market trends of the population aged 55 to 64 and the employment characteristics of workers in this age group vis à vis those aged 25 to 54.
"Do I have enough money to retire?" is a question that older workers have been trained to ask themselves as they consider the transition out of the workplace. The financial tally includes employer pension plans, registered savings plans and other investments, as well as entitlement to public benefits—the Canada and Quebec Pension Plan (C/QPP) and Old Age Security/Guaranteed Income Supplement. These resources are balanced against projected spending and other considerations, such as health, family demands and leisure activities. Take-up rates of C/QPP benefits, co-receipt of C/QPP and other benefits, and employment following benefit take-up are examined for taxfilers in their 60s.
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