Nov. 2: BEST OF THE BLOGOSPHERE

November 2, 2026

Part-time, post-retirement jobs may be hard to find – focus on building savings for certainty

Writing for Money Canada, Eric Esposito observes that “many people are counting on working in retirement — and most won’t be able to.”

For sure, many of us are thinking about future, hoped-for part-time income, the article notes.

“BMO’s 2026 Retirement Survey highlighted some striking statistics: of the Boomers surveyed who are not retired, 27 per cent say they do not plan to stop working,” writes Esposito. “Meanwhile, 20 per cent of Gen X, 18 per cent of millennials and 15 per cent of Gen Z respondents also believe they will not be able to stop working in some capacity during retirement,” he adds.

And many do, Esposito continues. Statistics Canada figures suggest “one in 10 people aged 55 and up who were previously retired had entered back into the workforce in 2023, up from seven per cent in 2019.”

It’s clear that the idea of post-retirement employment is rooted in concern over whether or not people will have enough other income in retirement, the article notes.

“According to the Healthcare of Ontario Pension Plan (HOOPP)’s 2026 Canadian Retirement Survey, many Canadians are financially unprepared for life after leaving the workforce — and a growing number are rethinking what retirement even looks like. More than half of respondents (57 per cent) said they’d choose a guaranteed lifetime pension over owning a home, and 65 per cent said they’d consider switching jobs for a better pension. These numbers show a shift in preferences: For many Canadians near retirement, financial security has become the top priority over travel and hobbies,” Esposito reports.

However, he continues, this is all based on assuming everyone is able to work up until they retire, and then part-time afterwards.

“Not everyone gets to choose when they leave. Health problems, caregiving responsibilities and layoffs push a significant number of workers out of the workforce well before they planned to go,” he warns.

Getting a new job isn’t always a breeze, he reports. It can take about 23 weeks, on average, to get a new job, and the unemployment rate for those 55 and older is 5.2 per cent.

It’s important for people to realize that benefits provided by the federal government are quite modest, Esposito reports.

“Part of the reason so many people count on working longer is that Canadian government benefits rarely cover the full cost of retirement. As of 2026, the maximum Canada Pension Plan (CPP) payment for someone starting benefits at 65 is $1,507.65 a month — but the average new recipient collects closer to $877.01. Old Age Security (OAS) adds a maximum of roughly $752 a month for those aged 65 to 74. Combined, that’s roughly $1,629 a month for someone receiving the average CPP amount plus full OAS — an income most Canadians would find hard to live on, especially in cities like Toronto and Vancouver where the cost of living is high,” he writes.

Given the reality of the modest income the feds provide, “treating a future job as the backstop plan for a retirement that doesn’t otherwise add up.”

There’s still lots we can do to ensure a better income in retirement, the article notes.

“Don’t build your retirement plan around income you hope to earn, but rather income you can count on. Here’s where to start,” writes Esposito.

• “Build your retirement budget around CPP, OAS and your own savings — not a job you might or might not be able to do
• If you have a workplace pension, get a clear estimate of what it will actually pay before you factor it into your plan
• Test your plan against an earlier-than-expected exit — ask what happens to your finances if health problems or a layoff ends your career five or 10 years sooner than planned
• If part-time work in retirement matters to you, start building the skills and contacts for it now, while you’re still employed — don’t assume a new job will be easy to find later
• Talk to a certified financial planner or use the Financial Consumer Agency of Canada’s retirement planning tools to check whether your plan holds up without income from work.”

If you don’t have a retirement program in your workplace, the Saskatchewan Pension Plan may be just the organization you’ve been looking for.

It’s a do-it-yourself, voluntary, defined contribution pension plan that’s open to any Canadian with registered retirement savings plan (RRSP) room. You can contribute, annually, any amount you choose up to your RRSP limit.

You can also transfer in any amount from unlocked RRSPs you may already have, to consolidate your nest egg.

SPP’s role is to take your hard-saved dollars and invest them in our professionally managed, low-cost, diversified pooled funds. Over time, your savings will grow.

When it’s time to collect retirement income, you can opt for a guaranteed monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Money Canada

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