Will you need to delay your retirement?

IG Wealth Management |

On average, Canadians would like to retire fully by the age of 61, and many people might consider this to be a realistic goal. However, the actual average age that Canadians retire is almost 65 (and 68 if you’re self-employed). There’s clearly a disconnect between when people want to quit working and when they’re able to do so.

In a recent Healthcare of Ontario Pension Plan survey, over half of the people who are approaching retirement (those aged 55 to 64) said that they would have to delay retiring if inflation keeps rising, while another survey found that 60% of people said they were delaying their retirement start date because everything had become so expensive.

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