The Four Pillars of Modern Retirement

A study by Age Wave and Edward Jones reveals that more than ever before, retirement is not merely a destination or an endpoint. It begins a new journey with twists, turns, possibilities, and questions. This study highlights our remarkable resilience in facing life’s challenges.

We are one of the fastest-growing population groups in Canada. In my province, it is estimated that around a quarter of us will be over 65 by 2036, and the oldest baby boomers will be 90 years old. We are living longer, and within the next decade, more people will be 65 and older than at any other time in our history.

Ageing today is vastly different than in the past due to advances in health and medicine, which result in a better quality of life and increased life expectancy. Most of us remain in relatively good health and will not need long-term care or develop dementia. However, the impacts of aging vary widely because we are a diverse group, each shaped by unique life experiences, needs, culture, health, language, and abilities.

At some point in our lives, we will all face the inevitable changes that come with ageing—whether caring for an ailing spouse or parent, helping a senior at home, or figuring out how to support a senior while managing our own family and work. Our greatest challenge and opportunity is to ensure our health, social, and financial support systems meet the needs and demands of not only our ageing population but all British Columbians as they age.

We overwhelmingly want to remain living independently in our own homes for as long as possible. The term "ageing in place" refers to having the health and social support needed to live safely and independently at home as we grow older. But how does society help seniors remain independent at home? Are we experiencing difficulties and barriers in getting the help we need? While the goal of aging in place is to support a higher quality of life, there are major obstacles, such as fragmentation between the healthcare and social support systems, that make it difficult for many of us to get the care and services we depend on. Many of us are also subjected to negative attitudes and beliefs about older people, including age discrimination and social exclusion, which assume that we are incapable of making our own decisions. While the COVID-19 pandemic and the rising cost of living have significantly impacted services for seniors, we must focus on closing the gaps to ensure all of us, regardless of where we live in the province, receive equitable support in our own communities.

For some, retirement is becoming an exciting and fulfilling stage of life full of new choices, freedoms, and challenges. While some see retirement as a time for rest and relaxation, the majority view it as a whole new chapter of life. Retirees have freedom from many work and family responsibilities, and the freedom to explore new options and pursue new interests.

With the experience and perspective that come with age, we are eager to explore and reinvent ourselves by trying new things, forming new relationships, discovering new purposes, and even becoming better versions of ourselves. Nine in ten of us agree that you’re never too old to achieve your dreams. For most, the new retirement is also a time of happiness and contentment. Although these qualities tend to dip in middle age, they rise to new peaks as we age.

Importantly, the new retirement no longer means the end of work but rather having greater freedom to choose whether and how much one wants to work. More of us are working on our own terms, often with renewed purpose. One-third of those planning to retire are interested in working in some capacity during retirement. Workers over the age 65 are significantly more likely to say they are working out of choice rather than necessity.

What makes today’s retirement "new"? Increasing longevity means more people are experiencing longer retirements, making this stage of life more significant than ever. Two-thirds of all the people who have ever lived past the age of 65 in the entire history of the world are alive today. As my cohort, the outsized Baby Boom generation moves into retirement (about half of Boomers are already retired), we are swelling the ranks and the economic, social, and political weight of retirees. However, it’s not just the massive size of the Boomer generation that is changing the face of retirement; it’s our attitudes and aspirations. Most have seen our grandparents and parents living relatively low-key retirements, and we want to be more active, engaged, exploratory, and purposeful in retirement. The study and report reveal the four key ingredients for living well in the new retirement. These ingredients are the four pillars: health, family, purpose and finances and we will examine them over the next few posts.