How to prepare clients to spend 1/3 of their lives in a changing retirement world

Edward Jones’ new retirement study, Longevity and the New Journey of Retirement, was conducted online during January with 1,003 Canadian adults aged 45 and over, who were retired or within 10 years of retirement.

It noted that 60% of Canadian retirees and pre-retirees say their ideal retirement includes some form of work. Of these, 18% wanted to work full-time, 19% wanted to work part-time, and 23% wanted to cycle between work and leisure.

How they define when retirement starts is also changing. 9% said it’s when they reach a certain age, but 21% said it’s when they achieve financial independence. 14% thought it was when they left a career or job, and 18% thought it was when they received Old Age Security.

“How do we define when someone is retired? Previously, older generations would have said it’s an age: 65,” said Petrera. “But, now, with 60% of retirees or those about to retire saying they want to continue to work, there’s no day that you stop working. Canadians have a few definitions of the onset of retirement, so it’s kind of fluid.”

The other thing that the study revealed is average Canadian retirees started saving at age 37, but wished they had started at age 28. Of those who could retire within a decade, 58% were contributing to retirement accounts, but only 30% had a financial plan.