As the Canadian population ages, the number of retirees increases, which puts downward pressure on labour supply and can lead to shortages of skilled and experienced workers. It may also create challenges for employers, including increased training and recruitment costs. At the same time, increased labour force participation among older workers can help alleviate the impacts of population aging on the labour market.
In June 2023, just over one-fifth (21.8%) of Canadians aged 55 to 59 years reported that they were either completely or partially retired. This proportion doubled to more than two in five (44.9%) for those aged 60 to 64 years, then nearly doubled again to four in five (80.5%) for those aged 65 to 69 years. After the age of 70 years, the proportion of people in retirement reached a plateau, with over 90% of Canadians in that age group reporting they were completely or partially retired.
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