Feb. 9: BEST OF THE BLOGOSPHERE

February 9, 2026

Canadians expect to work part time in retirement, and to retire later than planned

In 1999, the CEO of the pension plan we used to work for announced he was about to climb “over the wall” and enjoy retirement – he planned to say he never worked a day in the 21^st century, and expected to roam the continent in his RV.

That was then, of course. An article in Wealth Professional by Steve Randall finds that there is pessimism these days about “full” retirement – life after work with, well, no work.

“Many savers, particularly in Canada, (are) anticipating a longer working life as uncertainty weighs on confidence,” his article begins. A survey, he continues, by T. Rowe Price finds “that roughly one-third of respondents expect to work at least part time during retirement. The findings reflect growing concern about inflation, market volatility and the ability to maintain living standards later in life.”

This survey, he adds, involved 7,000 workers in “Canada, the United States, the United Kingdom, Australia and Japan.”

Canada, Randall writes, showed some of the most pessimism.

“More than half said they expect a recession within the next year, a level of concern second only to Japan. That outlook appears to be shaping retirement expectations, as fewer Canadians expressed confidence about their long-term financial security,” he continues.

As well, Randall notes, “only about 31 per cent of savers believe they will be able to live as well or better in retirement than they do today. While fewer than one in five expect to completely run out of money in retirement, many acknowledged they would struggle to handle a major financial shock.”

The survey, he adds, found that “two-thirds of those aged 50 and over (expect) to retire after age 65. Younger workers, while more optimistic, still report uncertainty about whether traditional retirement timelines are realistic.”

The article suggests that seeking professional retirement planning advice is a wise move.

“The survey also points to the continued importance of professional advice. Despite the rise of digital planning tools, many respondents said they rely most on human financial advisors and workplace retirement resources to help navigate increasingly complex decisions.” Randall writes.

The article concludes by quoting Jessica Sclafani of T. Rowe Price as saying “research is at the heart of everything we do,” and that “longer life spans, financial uncertainty, and shifting expectations are redefining retirement—transforming it from a fixed destination to an evolving journey that demands new thinking from both savers and the industry.”

Running out of savings in retirement is a concern. One way to avoid that outcome is to put some or all of your retirement loonies into an annuity.

The Saskatchewan Pension Plan offers its members a family of annuity products to consider when the time comes to turn savings into income. SPP’s Retirement Guide outlines details on all annuity options – but the quality they all share is that they provide you with a monthly payment for life. Some of the options also provide benefits to a spouse or beneficiary when you pass away.

Check out SPP today – the made-in-Saskatchewan retirement savings program open to any Canadian with registered retirement savings plan room.

Join the Wealthcare Revolution – follow SPP on Facebook!

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