A Portrait of Seniors published in 2006
written by Martin Turcotte and Grant Schellenberg and published by Stats Canada
gives some interesting insights into Canadian Seniors. Here are some insights
that I found interesting.
Many important elements are identified as favouring
the realization of these core values in seniors’ lives. They are:
1. Health,
wellness and security,
which includes health and wellness, safety and security and income security
2. Continuous
learning, work and participation in society, which includes work and retirement, age
discrimination and negative stereotypes, social participation and ethnocultural diversity.
3. Supporting
and caring in the community,
which includes living arrangements, transportation, social isolation and
loneliness, family/informal caregiving and seniors in Northern/remote Canada
The median age of retirement has fallen dramatically in the past two
decades. From the mid-1970s to the mid-1980s, it hovered around age 65. But in
the late 1980s, it started dropping quickly and continued to do so until
hitting a low at 60.6 in 1997. The continued drop in the median age at
retirement may have been related to widespread government cutbacks and
corporate downsizing in the 1990s, combined with early retirement incentives.
In 2005, the median age of retirement was 61.0 years and it has stabilized
around that mark.
Why do people retire? While the most accepted and reported reason was that they could afford to retire. Not surprisingly, this reason was much more common
among those who retired voluntarily than among those who were forced to retire.
Health problems were, for involuntary retirees, the number one reason
why they left the labour market. Mandatory retirement policies were the reason
for retirement for one out of five recent retirees who left the labour force at 65
years old and over.
With possible shortages in the labour market looming, policymakers and
employers are searching for new ways to retain older workers on the job. Could
older workers potentially be interested in staying longer in the workforce if
certain choices were offered to them?
The 2002 General Social Survey asked retired respondents what factor
might have influenced them to continue working. Over one-quarter indicated they
might have changed their decision to retire if they had been able to reduce
their work schedule without their pension being affected, either by working
fewer days or shorter days. In addition, just under one-fifth would have been
influenced by more vacation leave.
The thought of retirement can often be appealing. But does retirement
really measure up to people’s expectations? Do individuals enjoy life more in
retirement than they did while still working?
When asked, “Compared to the year before you retired, do you now enjoy
life more, less or about the same?”, nearly half (47%) said that they enjoyed
life more now. A slightly smaller proportion (41%) took about the same amount
of pleasure in life before and after retirement, while 11% reported that they did not enjoy life as much now.
Most people would probably agree that while money doesn’t guarantee
happiness, it helps make life more enjoyable. Indeed, retirees whose financial situation
had improved since retirement were most likely to say their enjoyment of life
had increased (63%). Individuals whose financial position remained the same
came next (51%).
Is early retirement the key to happiness? According to data from the
2002 survey, retiring sooner rather than later does make a difference: 55% of individuals
who retired between the ages of 50 and 54 reported enjoying life more after
retirement, compared with about 35% of those who took retirement when they were
aged 65 to 69.
It is possible that age at retirement reflects small differences in
health or financial well-being. Alternatively, individuals who retired at older
ages may have done so because they enjoyed their work and, in comparison, found
retired life less satisfying. At the same time, retirees who left the labour
force earlier may have been eager to do so and to make the most of retired
life. Enjoying retired life seems more likely when one plans for it while still
in the labour force. GSS respondents were asked whether or not they planned for
their retirement by participating in physical activities, developing other
leisure activities or hobbies, getting involved in volunteer work, or gathering
information about retirement.
People who participated in three or four of these activities were far more
likely to report increased enjoyment of life in retirement (62%) than those who
participated in two (51%), one (46%) or none at all (36%). Perhaps these
activities afforded individuals greater life enjoyment in retirement. Or, it
may be that individuals who were most eager to leave the labour force were also
most likely to prepare for retirement and to enjoy their new life to the
fullest.
