For some Canadians, turning 65 is the perfect time to pursue retirement. As the Government of Canada notes: “the standard age for beginning to receive your CPP retirement pension is the month after your 65th birthday.” However, that doesn’t mean everyone chooses to, or can go, that route.
According to new findings from the 2016 Census, almost one in five (19.8%) of Canadians aged 65+ reported working “at some point” in 2015. Specifically, 25.7% of men over 65, and 14.6% of women in that age group, had some form of employment during 2015.
“Employment rates among seniors can be attributed to several economic and social changes,” wrote Statistics Canada. “Some may work past traditional retirement age by choice, or out of necessity.”
Statistics Canada added that increased personal debt levels, better wages, positive employment opportunities, and good health could also serve as motivating factors for continuing to work. What’s more, “higher levels of educational attainment of seniors are associated with higher levels of employment.”
In terms of pay, Statistics Canada explained that the median employment income for those aged 65-74 grew “significantly” between 2005 and 2015. Those in that aforementioned age bracket, who worked a full-time job, for an entire year, saw their median employment income rise 30.6% from $33,842 to $44,193 annually. Those who worked either part-time hours, or just part-year, had their median employment income improve 20.8% from $11,816 to $14,274.
On a recent episode of “theZoomer,” our roundtable of experts examined the best ways to get the most fulfillment, satisfaction, and purpose out of life after the age of 65. You can watch this full episode below.