Are we witnessing the end of retirement?


In today’s Big Story Podcast, the concept of retirement used to be a few years at the end of your life between when you stopped working and when you died. But the average lifespan kept increasing, while the retirement age stayed at 65. Now Canadians believe they’ll need $1.7 million to retire in comfort, and most of the 1,000 people retiring each day in this country don’t have it. When you combine that with the economic turmoil, high interest rates and increasing cost of living, the savings they do have aren’t stretching as far as expected, either. So many “retirees” are going back to work.

One response to “Are we witnessing the end of retirement?”

  1. Jill L O'Donnell Avatar
    Jill L O’Donnell

    Nobody can predict how much a person needs in their retirement. It depends mostly on health and lifestyle. Those who are interested in travel will require more than those who do not. To travel means to have the physical ability to do so. Those who own houses will benefit from the sale of the house. Renters should decide where they want to live. If they require assistance with housing, they will need to apply for rent geared to income properties at least 5 years in advance of needing it. The important issues are housing, activities, and procurement of food.

    With age comes tremendous experience that is often forgotten. What’s wrong with working as long as one wants if the ability and desire is there?

    Yes, it is a changing world. Let’s retire the word retirement.

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