By Katie Davis A fter having a successful career, many older Cana- dians find the idea of giving it all up for retirement unimaginable and it is not because of the money, it is because they are still very active and healthy and want to contribute to the business. There is a growing trend among older Canadians and that is that there is a rapidly growing number of Canadians who are defying the traditional age of retirement. Statistics Canada says the average age of retirement climbed from 61 in 2005 to 63 in 2015. The latest data shows the number of senior citizens still working has sky- rocketed by 62 per cent in the past decade. Almost one out of every eight people over 65 still works. A decade ago, that ratio was less than one in 13. For most they say that it is the love for the job and keeping active mentally and physically rather than the money that keeps them working however most do admit that they would have to keep a closer eye on their savings if that income was not coming in. Another disturbing report out this year by the by the Broadbent Institute found that only 15 to 20 per cent of middle-income Canadians retiring without an employer pension have saved anywhere near enough for retire- ment and this would also account for the increase in older Canadians still working past 55. It is interesting as we also see an increase in self-employed businesses being created by Canadians over the age of 55. As they transition work place skills into business- es based on a passion allows them working later in life means on something they love, which helps maintain their independence and they worry less about money in their golden years. Employers are starting to slowly realize the amazing benefits of an aging workforce and the positive impact that it can have on a business as employees with decades of experience stay or re-enter the work force. Given that our workforce is aging this is something that employers cannot afford to ignore.
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SPOTLIGHT ON BUSINESS • JULY 2016
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