![\"Pensive](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2026\/03\/a0f720820280f9dfd98e59681a946677.jpeg\")
Pensive middle-aged woman <\/p>\n Pensive middle-aged woman <\/p>\n
Hitting your \u201cmagic\u201d retirement number can feel like crossing a finish line. You\u2019ve carefully made all the calculations, diligently put money away and watched your accounts grow so that you can imagine starting your mornings without an alarm.<\/p>\n
So, why would anyone keep working once the money is all there? Because retirement is about more than just the finances.<\/p>\n
Even with a solid nest egg, there are other factors that can make a retirement slide, even though it looks good on paper. If any of these five red flags sound familiar, it may be worth taking a pause before handing in your notice to your employer.<\/p>\n
For many people \u2014 especially those who\u2019ve built their careers over decades \u2014 work offers something retirement can\u2019t always easily replace: purpose, social connection and mental stimulation.<\/p>\n
According to a 2024 Pew Research Center survey, 67% of workers age 65 and older say they’re \u201cextremely\u201d or \u201cvery satisfied\u201d with their job overall \u2014 compared to less than half of workers under 30 (1). Additionally, workers over 65 also report the highest satisfaction levels across nearly every area of employment, from their relationships with colleagues to work flexibility.<\/p>\n
If you fall into this category, there\u2019s no rule saying retirement has to be all or nothing. Scaling back to part-time hours, shifting to a consulting role or negotiating a reduced schedule can let you keep the parts of your job you value most while freeing up time for other endeavours. The goal is a life that feels full \u2014 not just one that\u2019s all free time.<\/p>\n
Being able to stop working isn\u2019t the same thing as having a reason to quit. Retirement without a plan for how you\u2019ll fill your days can quickly make the idea feel aimless \u2014 and that\u2019s a risk that doesn\u2019t show up in any financial projection.<\/p>\n
Before you retire, take time to honestly consider what you\u2019re moving toward, not just what you\u2019re leaving behind. If community matters to you, look into volunteering opportunities in your area before you decide on your exit date. If family is the draw, think about whether stopping work entirely makes sense. If you\u2019ve always wanted to pursue creative projects, figure out what that looks like in practice.<\/p>\n
Story Continues <\/p>\n
Read more: The ultra-rich are bailing on volatile stocks right now \u2014 these 4 shockproof assets are their new safe havens<\/a><\/p>\n Retirement math done on the back of a napkin can leave a lot of unknowns, resulting in some unexpected consequences. According to a 2025 Global Retirement Reality Report by State Street Global Advisors, more than half (63%) of potential retirees aren\u2019t aware of how much retirement savings they\u2019ll need (2). And that concern is well-founded: The average Canadian retirement age has climbed from 64.3 years of age to 65.3 between 2020 and 2024, as more people find they simply aren\u2019t as ready as they originally thought (3).<\/p>\n Before you retire, create a detailed monthly and annual budget that accounts for the life you really want. Build in an emergency fund<\/a> for surprises \u2014 home repairs, a car replacement or an unexpected health expense. If the numbers still work, you\u2019re in a much stronger position than someone who\u2019s only estimating.<\/p>\n Canada\u2019s public health care system covers a lot \u2014 but not everything. Vision, prescription drugs, physiotherapy and hearing aids are among the expenses that fall outside most provincial plans. And while some provinces (such as B.C., Quebec and New Brunswick) offer drug programs for seniors, coverage varies widely and rarely eliminates out-of-pocket costs (4).<\/p>\n According to the Conference Board of Canada, retirees spend roughly $5,800 annually on out-of-pocket health expenses \u2014 a number that\u2019s projected to rise to $8,000 by 2035 (5). A study by PolicyMe and Angus Reid also found that 56% of Canadians over the age of 55 delay health appointments due to cost, showing a gap between what people expect to pay and what they face in reality (6).<\/p>\n If you\u2019re planning to retire before 65, the stakes are higher still. Employer-sponsored benefits usually end when you leave the workforce, and the window to convert your group plan to an individual policy is narrow \u2014 usually 31 to 60 days (7). If you miss that, you may face medical underwriting, which can translate into higher premiums or exclusions if you have pre-existing conditions.<\/p>\n Before you leave your employer, talk to a fee-only financial planner about how to cover health-care expenses<\/a>. Making any errors here can be one of the more expensive surprises in retirement.<\/p>\n Entering retirement with debt isn\u2019t as rare as it used to be. A 2025 Royal LePage survey found nearly 30% of those who planned to retire in 2025 or 2026 would still be carrying a mortgage (8). Statistics Canada data shows the average Canadian household aged 65 and older carries around $127,836 in total debt \u2014 most of it mortgage-related but consumer debt is still part of the picture (9).<\/p>\n Mortgage debt on a home you plan to keep isn\u2019t necessarily a dealbreaker \u2014 especially if you have the assets and income to service it comfortably. But non-mortgage debt is a different story. Credit card balances, car loans and lines of credit carry variable interest rates that can shift with any decisions the Bank of Canada makes, meaning it will be harder to plan around on a fixed retirement income.<\/p>\n If possible, aim to clear high-interest debt before you leave the workforce. If you\u2019re close to retirement with a significant mortgage balance<\/a>, it\u2019s worth running the numbers carefully with a financial adviser to ensure your income can handle the payments, even if rates move against you.<\/p>\n Reaching your retirement savings target is a true accomplishment. But the financial piece is only part of the picture. Before you hand in your notice, make sure you have a handle on your actual spending, your health care needs, your debt load and \u2014 maybe most importantly \u2014 where you\u2019re headed.<\/p>\n Retirement on paper and retirement in practice can feel very different. The more honestly you plan for both, the better your chances of making it work are.<\/p>\n \u2014 with files from Melanie Huddart<\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n Pew Research Center (1<\/a>); State Street Investment Management (2, 3<\/a>); Sun Life (4<\/a>); The Conference Board of Canada (5<\/a>); PolicyMe (6<\/a>); Venn (7<\/a>); Benefits and Pension Monitor (8<\/a>); Loans Canada (9<\/a>)<\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"Pensive middle-aged woman Hitting your \u201cmagic\u201d retirement number can feel like crossing a finish line. You\u2019ve carefully made…\n","protected":false},"author":2,"featured_media":360436,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,60,174,175,1611,1830,2354],"class_list":["post-360435","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-retirement","tag-retirement-savings","tag-warren-buffett"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/360435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=360435"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/360435\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/360436"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=360435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=360435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=360435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}