According to a new report by the National Institute on Ageing (NIA), only about one-third of working Canadians aged 50 and older who intend to retire say they can afford to do so. The research found that 35 per cent of older Canadians who are currently working believe they will be able to retire at their desired time, while 39 per cent reported that they are not in the financial position to do so. One in four surveyed Canadians over 50 reported feeling unsure as to whether they can afford to retire when they are hoping to.

Keith Neuman, one of the study authors and the executive director of the Environics Institute, highlighted the financial uncertainties around workplace pensions, changing income sources, and other broad challenges as key factors contributing to these findings. Neuman emphasized that the availability of workplace pensions and other sources of income has changed over the past few decades, making saving for retirement and being prepared for it a significant challenge.

Neuman also pointed out that retirement is not on every Canadian’s agenda and noted that there is a proportion of older Canadians who don’t plan to retire. The survey also revealed that retired individuals tend to think that retirement is going better than they initially anticipated. Additionally, the report included findings from Canadians aged 80 and older, indicating that a small percentage of people in that demographic are still working and want to retire, with only about half feeling that they could do so.

Natalie Iciaszczyk, the research program manager at the National Institute on Ageing, highlighted that overall, older Canadians are doing relatively well in terms of their financial wellbeing. The majority of surveyed Canadians reported that their household income is sufficient, with 33 per cent stating that it’s enough to save and 39 per cent mentioning that it’s just enough to get by.