Most people nearing retirement would opt to work part time if they could, according to new data from Statistics Canada's June labour force survey.
The nation's number cruncher found that among people who had not completely retired but were planning to retire, 55.1 per cent reported that they would continue working if they could have part-time hours, and 48.9 per cent reported that they would continue working if they could work fewer hours without affecting their pension.
About 43 per cent said they would continue working if it were less stressful or physically demanding, while 37.6 per cent said they would continue working if they had the opportunity to do more interesting work. A further 34.2 per cent cited pay or salary increases as motivation to continue working, while and 29.3 per cent said they would continue working if their health improved.
Canada's number of retirees is increasing thanks to the aging population. This is causing labour shortages in some jobs that require skilled workers. It is also causing employers to have to spend more money on training and recruitment. Keeping people in the workforce for a longer period of time is one way to help the job market and make businesses more efficient.
Last month, 21.8 per cent of Canadians aged 55 to 59 years reported that they were either completely or partially retired. This proportion more than doubled, to 44.9 per cent, for those aged 60 to 64 years, then nearly doubled again, to 80.5 per cent for those aged 65 to 69 years. After the age of 70 years, the proportion of Canadians who had retired, either fully or partially, reached a plateau of more than 90 per cent.
Among those who reported being completely retired, 35 per cent of men and 28.2 per cent of women cited financial reasons as the main factor in determining the timing of their retirement. People in this group reported that the most important factor was either that they were financially ready, they had qualified for a pension, or had deferred the start of their Old Age Security pension in exchange for a larger amount.
Health was another top consideration in determining the timing of retirement, which indicates that some people had stopped working earlier than they would have otherwise chosen. About 22.8 per cent of men and 22.9 per cent of women who were completely retired cited issues related to health or disability, either their own or their spouse's, as the main factor for their retirement.
People retiring for health or disability reasons were more likely to have stopped working at a younger age. Among men in this group, the average age at retirement was 58.5 years. In contrast, those who reported financial considerations as the main factor for their retirement retired at an average age of 61.7 years.
Similar observations can be made for women: among those who cited health reasons as the main factor in determining the timing of their retirement, the average age at retirement was 56.9 years. That compares with women who retired for financial reasons, who had an average retirement age of 60.1 years.
