Canadian Personal Finance Blog

No, this is not a commentary about how folks work longer and later hours (although I suspect we are), but Stats Canada put out some interesting numbers about how our work force is aging and people who should be “retired” are continuing to work, even though they are collecting CPP benefits.

Perspectives on Labour and Income is available for free from the Stats Canada web site.

The study found that a substantial and increasing proportion of CPP/QPP beneficiaries did some work for pay the year following their retirement.

For example, in 1995, 39.8% of men who had started receiving a CPP/QPP pension had earnings. By 2004, this proportion had increased to one-half (49.9%). Among their female counterparts, the proportion rose from 37.7% to 45.8%.

Why is this is the more interesting question. Why are people still working after they are supposed to be “retired”?

1. Do we need to work to make ends meet after retirement? This might well be the case, given the soaring costs of household upkeep on houses that are paid off (the property taxes in some cities are crippling to retirees on fixed incomes).
2. Do we simply want to feel useful after we have finished our career? That is very possible, certainly the “Golden Agers” I know want to simply do something to fill their time.
3. Given folks are living a lot longer these days, maybe the age of retirement (traditionally 65 these days) is too low?

Interesting numbers in this article, well worth reading.

Will I retire? I am not sure, I hope I reach an age where some time I can at least have the opportunity to make the choice for myself.