Retirement Ageon the Rise: The Bottom Line

The notion of a fixed retirement age at 65 is fast becoming a relic. Around the world, retirement ages are rising, pension eligibility is being delayed, and incentives to work longer are becoming the norm. The financial pressures are undeniable, but so is the resistance from workers who fear being forced to work past their capacity.

As we look to the future, the central questions are not whether pension ages will rise, that much is clear, but how governments will balance fiscal sustainability with fairness, equity, and the lived realities of older workers. For seniors everywhere, the issue is not abstract policy. It is about how long they will work, when they can retire, and whether the promises made to them will be kept.

The global trend of raising retirement ages reflects a hard reality: people are living longer, but governments are facing increasing fiscal strain as the ratio of working-age taxpayers to retirees shrinks. Balancing these pressures with fairness and the lived experiences of older workers is becoming one of the defining social policy challenges of the next decade.

On the one hand, governments must maintain fiscal sustainability. Public pension systems are among the largest items in national budgets, and without reforms, they risk becoming unsustainable. Raising retirement ages, indexing benefits to life expectancy, or offering incentives to delay retirement are all measures that can help stabilize public finances.

On the other hand, fairness and equity demand a more nuanced approach. Not all workers age the same way. Those in physically demanding jobs often cannot extend their working years as easily as those in professional or knowledge-based careers. Policies that raise retirement ages across the board risk disproportionately harming lower-income workers, women (who may have interrupted work histories), and those with chronic health conditions.

To strike a balance, governments are increasingly exploring hybrid approaches:

• Flexible retirement ages that allow workers to draw partial pensions while continuing part-time work.

• Occupational exemptions for those in physically demanding fields, recognizing the toll of manual labour.

• Progressive benefits that protect lower-income retirees while asking higher earners to shoulder more of the fiscal adjustment.

• Stronger workplace protections and retraining initiatives to help older workers remain employable and adapt to shifting economies.

Ultimately, sustainability cannot come at the expense of dignity. The policy challenge is not simply about extending working lives, but about creating systems that respect the diversity of aging experiences while ensuring that pension systems remain viable for future generations. I am following this trend and will update you in five years.

From Debate to Implementation

Canada: Though the OAS age remains at 65, policymakers and fiscal agencies are again debating increases, with growing attention to whether indexing or gradual phase-ins will be necessary to maintain long-term sustainability. As I live in Canada I have some further information about our situation.

Recent Canadian Data & Projections Aging Population & Demographics

o    The cohort aged 85+ is one of the fastest growing. In 2021 the number was about 861,000, more than twice what it was in 2001. In projection scenarios, by 2074 that group could reach between 3.2 million (low growth) and 4.1 million (high growth). Statistics Canada

o    The ratio of working-age people (age 20-64) to those 65+ is declining. For example, in Canada (excluding Québec), it was about 3.8 working-age persons per person 65+ in 2016; projections show a drop toward 2.0 by 2075. OSFI

o    Old Age Security (OAS) & Guaranteed Income Supplement (GIS) Payments

o    Maximum OAS payments for ages 65-74 are around CA$727.67 per month as of early 2025; for those 75+ the amount is roughly CA$800.44/month. Government of Canada+2Morningstar

o    OAS payments are adjusted quarterly (January, April, July, October) based on CPI (Consumer Price Index). For example, in July-September 2025 the OAS payments were increased by about 1.0% over the previous quarter. actia.ca

o    GIS (“Guaranteed Income Supplement”) and Allowance thresholds and maximums are also in place to assist lower-income seniors; eligibility depends on previous year’s net world income, with thresholds above which payments are clawed back. Morningstar+2Government of Canada

CPP / Participation & Retirement Age Trends

• In actuarial reports, Canada’s pension (CPP) projections assume increasing labour force participation among older age groups. For example, the report projects the participation rate of people aged 18-69 to increase from ~ 75.9% (in 2018) to ~ 79.2% by 2035 under a “best estimate” scenario. OSFI
• Retirement benefit “take-up” ages (i.e. when people begin collecting the CPP retirement benefit) are assumed to remain roughly similar, though with some shift: for cohorts reaching age 60 in 2021 and thereafter, take-up at age 60 is assumed to be ~ 27.0% (males) / ~ 29.5% (females); take-up at age 65 is assumed ~ 46.4%. OSFI
• Projections show that under lower economic growth, costs of the OAS program expressed as a percentage of GDP rise over time; similarly, CPP costs will be higher with demographic shifts, especially as the population aged 65+ grows and the ratio of contributors to beneficiaries worsens. OSFI+2OSFI+2

Labour Constraints & Retirement Timing

• From the OSFI and related actuarial reports: average ages in certain defined benefit pension plan pools are creeping upward; “average age” of contributors in some plans has increased vs earlier years. For example, in the Public Service pension plan (as at 31 March 2023), average age of male contributors (main group) was ~ 50.9, up from ~ 49.6 in 2020; for females ~ 50.0 vs ~ 48.6. OSFI
• Also in the OAS actuarial report, there’s an assumption of “continued trend toward delayed retirement” for those aged 55+ in workforce participation

The Haunted Shift: From Doorsteps to Food Courts

It’s Halloween 2025, and while ghosts, goblins, and grandkids still roam the night, the trick-or-treating landscape is looking a little different these days. Once upon a midnight dreary (or at least on chilly October evenings past), kids would bundle up in costumes, clutch pillowcases, and march up and down neighborhood streets with the determination of sugar-fueled explorers. Knocks on doors and shouts of “Trick or Treat!” echoed across cul-de-sacs and porches.

Fast forward to today, and many families are swapping porch lights for neon lights, as malls, community centers, and organized parties have become the go-to destinations for safe Halloween fun. In other words, the sweet tooth is still alive and well, but it’s now housed in a shopping mall food court rather than your front porch.

For grandparents, this change might feel a little like Dracula showing up at your door and asking if you’ve got oat milk for his latte. It’s still Halloween… but not quite the same as we remember.

Parents today worry about everything from traffic to treats that don’t look quite right. Another part is convenience, one-stop trick-or-treating indoors means no soggy costumes, no slipping on pumpkin guts, and no “but Grandma, I’m freezing in this Elsa dress!”

And, of course, malls and community events are ready to cash in. With candy stations set up in stores, photo booths, music, and costume contests, the experience is less about knocking on doors and more about creating a festival atmosphere. Even libraries, gyms, and senior centers now host their own “trunk-or-treats” and “monster bashes.”

Now, before you mourn the death of door-to-door trick-or-treating, consider the perks. These organized Halloween gatherings are actually grandparent friendly. You don’t have to keep a cauldron of candy by the door, leap up every time the bell rings, or pray the dog doesn’t eat the mini chocolate bars before the kids do. Instead, you can join your children and grandchildren for the outing, snapping pictures, judging costumes, or sneaking a Kit Kat when no one is looking.

Plus, it’s an excuse to show off your own sense of humor. A well-placed pun can go a long way when you’re standing in line for the haunted house:

• “I’m here for the boo-ritos.”
• “This party is fang-tastic.”
• “Ghouls just wanna have fun.”

Yes, your grandkids may roll their eyes, but isn’t that half the fun of being a grandparent?

Still, it’s worth keeping a piece of the old tradition alive. Even if your grandkids are heading to the mall this year, consider putting a pumpkin on your porch, just in case a few adventurous little monsters come knocking. Halloween isn’t just about the candy; it’s about the memories, the smell of roasted pumpkin seeds, the glow of a jack-o’-lantern, the thrill of a creaky stair or a spooky shadow.

Invite your grandkids over for a “pre-party haunt” at your place:

• Tell a ghost story that’s spooky but silly (bonus points if it involves a haunted refrigerator that only stocks kale).
• Bake Halloween cookies together, letting them decorate with more sprinkles than is technically legal.
• Show them what trick-or-treating was like in your day—when candy corn ruled the world and a plastic mask with two tiny nose holes passed as a costume.

Yes, Halloween has changed. Kids may be more likely to haunt a shopping mall than your front yard, and the scariest thing about the night might be the price of lattes at the food court. But the spirit, the fun, the laughter, the shared thrill, remains.

So, whether you’re manning the candy bowl at home or following your grandkids through the glowing hallways of a mall, remember this: Halloween is less about where you go and more about who you’re with. That’s the real treat.

And if anyone complains about your puns, you can always say: “Don’t be a scaredy-cat… it’s just how I roll! (Pumpkin roll, that is.)” 🎃👻

 

Retirement Age on the Rise: Political and Social Resistance

If the fiscal case for raising retirement ages has grown stronger, the political case remains fraught. Few policies stir public anger more than delaying pension eligibility. Older workers, especially those in physically demanding jobs, argue that it is unfair to expect them to keep working while white-collar professionals can extend their careers more easily.

Ireland illustrates the point vividly. The government raised the retirement age to 66 in 2014, with plans for further increases to 67 and then 68 by 2028. Yet the issue has dominated elections, with some parties even calling for a rollback to 65. As one Irish voter put it during a radio call-in: “It’s a bridge too far, and they thought they’d get away with it.” Similar anger erupted in France in 2023, when more than a million people protested President Macron’s decision to raise the pension age from 62 to 64.

Canada, too, has wrestled with this debate. The statutory age to receive Old Age Security (OAS) remains 65, but recent policy reviews have reignited discussions about whether that age should rise. A decade ago, the federal government attempted to raise OAS eligibility to 67, only for the measure to be reversed in 2016. Since then, fiscal watchdogs like the Parliamentary Budget Officer have repeatedly warned that the costs of OAS and the Canada Pension Plan will climb sharply as the population ages. 18.5% of Canadians are now 65+, with the 85+ group growing rapidly,  which raises the cost of OAS, health, and long-term care.

Attempts to raise the OAS eligibility to 67 years in past were reversed (2016), so there is Precedent in Canada of political backlash. And that while no major party has committed recently to raising the OAS eligibility age, the cost and demographic projections (especially shrinking contributor-beneficiary ratio) mean that the question is circulating.

 From Debate to Implementation

Still, the big change between 2020 and 2025 is that many governments are no longer merely debating reforms — they are implementing them. Mechanisms that automatically tie retirement age to demographic or life-expectancy measures are increasingly common, reducing the need for repeated political battles. Policymakers argue this creates predictability for future retirees while preserving fiscal sustainability.

• Denmark: Pension age legislated to rise to 70 by 2040, tied to life expectancy.
• China: Sweeping reforms to gradually increase retirement age over the next 15 years.
• Czechia: Retirement age pushed higher for future cohorts, with lower benefits for younger workers.
• United States: Social Security full retirement age creeping upward; proposals for further automatic increases.