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Younger Canadians suppose retiring at 65 is an outdated idea

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Canadians’ views on retirement are shifting dramatically because the value of residing rises and longer life expectations change into the norm, with the thought of retiring at age 65 being one of many early casualties.

Seventy-four per cent of Canadians between the ages of 24 and 44 say the traditional retirement age — with the notion that it represents a tough cease on one’s working life — is an outdated idea, in keeping with a nationwide Leger survey printed by Wealthsimple Inc.

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”(Youthful generations) are in search of flexibility, personalization and management over their future, slightly than feeling managed by standard knowledge,” mentioned Wealthsimple chief government Mike Katchen.

Many millennials and era Z Canadians are aiming for a contemporary type of retirement that permits the pursuit of non-public {and professional} passions all through their grownup lives, as an alternative of a linear profession path to retirement, the examine mentioned. This might imply a hybrid combine of labor, journey, volunteering and entrepreneurial pursuits, or the entire above.

These evolving concepts on work-life stability come whilst day-to-day life turns into much less inexpensive.

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Components that supported earlier generations on their path to retirement, reminiscent of shopping for a house or receiving employer-sponsored pensions, are usually not as accessible to Canadians at the moment, Wealthsimple mentioned.

Roughly 60 per cent of working Canadians wouldn’t have entry to a office pension.

“This new outlook on retirement is motivated by greater than a difficult financial local weather,” mentioned Katchen. “It’s a brand new perspective on the long run.”

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The survey mentioned 41 per cent of 25-to-44-year-olds say they’re motivated to retire properly earlier than age 55.

The respondents mentioned that is to allow them to can chase greater ambitions associated to small enterprise, consulting, not-for-profit work, ardour tasks or artistic pursuits. The ambitions mirror a rising need to “work to reside” — slightly than “reside to work,” particularly when it’s for another person.

Greater than half of all respondents really feel that investing has given them extra flexibility and selection than they may have imagined, the examine mentioned.

It discovered that 55 per cent of 18-to-24-year-olds see investing as a option to fulfill the ambition of retiring.

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Solely 19 per cent of 25-to-44-year-olds hope to develop their household, whereas 41 per cent of them are nonetheless saving to buy a house.

Leger surveyed 1,501 Canadians on-line from Feb. 5 to 13.

• Electronic mail: dpaglinawan@postmedia.com

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