Dec.22: BEST FROM THE BLOGOSPHERE 

December 22, 2025

A record number of those aged 65+ are still in the workforce: Vanguard study

As our regular foursome tees off each week, we have two fully retired players in their 60s, and two still working part-time, now 66 and counting.

That sure wasn’t the case when our parents retired. But according to an article by Christy Bieber, writing for Money.ca, a record 15 per cent of grandma/grandpa-aged over-65ers are still working away after normal retirement age.

Her article quotes a U.K. study by Vanguard which “points to a shift toward phased retirement. While the study is British, Canadian trends are similar: more older adults are working for pay and retiring later,” she writes.

Vanguard calls this a significant change, she writes. “Retirees no longer want to quit working cold turkey. They want to retire gradually for a mix of financial and social reasons. Unfortunately, while this may be the dream for many, it’s not always the reality,” she continues.

Her article cites a 2024 study from Manulife that found “47 per cent of Canadian retirees ended their careers earlier than they had planned. Future workers must be prepared in case it turns out their ideal vision for retirement ends up being just an illusion. In 2023, 15 per cent of those 65 or older were in the labour force — a record — showing rising later-life work, but not everyone can phase out on their terms.”

The Vanguard study found that only 24 per cent of respondents had the “cliff-edge view of retirement, working one day and then retiring on the next,” she writes.

“Instead, most professionals either plan to scale back hours slowly at their existing job (27 per cent), `mostly’ stop work on a set date (21 per cent), or switch to a different job (14 per cent). The reasons cited include not feeling ready to completely retire, to top up their income and social reasons,” reports Bieber.

This lines up, she continues, with a recent Government of Canada Survey of Older Workers which found “that 47 per cent of retirees would work part time during retirement if they’re able to.”

This is a thoughtful article. Years ago, while working at another pension plan, we worked on a guide book for “unexpected” retirements – the steps you would need to take to get your pension started earlier than expected, perhaps due to layoffs, or a profound change in your health. Not everyone, we thought at the time, will be able to continue working right up until their pre-planned, chosen retirement date.

If you are saving on your own for retirement, the Saskatchewan Pension Plan is a flexible savings partner. You decide how much to contribute to SPP – you can ramp up your contributions if you are earning more at work, but can also ramp them down if you switch, for example, to part-time work.

You can start receiving retirement income from SPP as early as age 55, and must begin receiving income by the end of the year in which you turn 71. So those aiming for an early retirement can access funds early, and those working on through their 60s can choose to access their SPP income later.

Your retirement income options include the security of a monthly lifetime annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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Money.ca

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