Rising costs, and longer life-spans aren’t the only reasons Canadians are hitting the snooze button on retirement, CTV Windsor’s Robert Lothian explains. <\/p>\n
Whether it\u2019s due to the rising cost of living or simply a want to stay active, one financial planner says there\u2019s no shame in Canadians staying in the workforce longer.<\/p>\n
Figures from Statistics Canada show the rate of Canadians staying on the job has risen to new highs.<\/p>\n
In 2025, the labour force participation rate for Canadians aged 65 and older hit 15.2 per cent. There are nearly 1.2 million seniors on the job.<\/p>\n
Bill McBay, a Certified Financial Planner for T.E.A.M Financial Solutions with Sun Life Financial, isn\u2019t surprised by the data.<\/p>\n
But he doesn\u2019t believe it\u2019s only due to higher costs and longer life expectancy.<\/p>\n
\u201cThe new retirement plan that I\u2019m seeing more than not is retiring partially. Maybe working at something you always wanted to do past your normal retirement age,\u201d he said.<\/p>\n
These days, McBay says he hears about more people using retirement to pursue jobs in fields they enjoy but never had the chance to try.<\/p>\n
McBay says he receives calls from people in both situations, struggling to retire or wanting to work longer, needing help to navigate the challenges each respective scenario presents.<\/p>\n
\u201cI think my job or the job of the advisors is to see whether or not that\u2019s okay or not, I don\u2019t think it\u2019s a shaming thing,\u201d he added.<\/p>\n
The average retirement age climbed to 65.4 years last year compared to 61.6 years two decades prior.<\/p>\n
In the case of those unable to afford retirement, McBay believes there can be several options to find some relief.<\/p>\n
\u201cSo when somebody comes to me and says, \u2018Oh, I can\u2019t retire because this is happening and the cost of fuel and everything else,\u2019 I may say, well, let\u2019s just retire a little bit, you know, let\u2019s retire Fridays if you can,\u201d he said.<\/p>\n
Regardless of their reasoning, he adds that the best route for those looking for direction is to speak with someone suited to help create a financial plan.<\/p>\n","protected":false},"excerpt":{"rendered":"Rising costs, and longer life-spans aren’t the only reasons Canadians are hitting the snooze button on retirement, CTV…\n","protected":false},"author":2,"featured_media":447778,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,60,174,175],"class_list":["post-447777","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"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/447777","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=447777"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/447777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/447778"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=447777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=447777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=447777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}