Retirement Stats, Studies, and Stuff
One poll shows that 52% of Canadians retired for causes that seem outside their control. Their stated reasons for retiring were
• illness/health (25%),
• company downsized (13%),
• reached mandatory retirement (8%) and
• not making a meaningful contribution (6%).
The other 48% retired for more satisfying reasons:
- qualified for pension (24%),
- spouse retired (6%),
- had enough money (6%) and
- wanted to start a new career (2%).
25% retired for health reasons
According to the poll, one in four people (25%) retired for health reasons. Given that fact, it’s striking to note that only 9% of pre-retirees believed that poor health would be the reason they would retire. So, why does health become such a significant determinant of early retirement?
As stated in a Statistics Canada report, “early retirement was associated with health factors such as poor working conditions, self-perceived health, major depression, quality of life and the number of physical symptoms.” The study also showed that women’s careers were shortened by health behaviour factors like obesity, and by jobs with high psychological demands and low job control. Men’s careers were shortened by health behaviour factors like heavy drinking and daily smoking, and by poor working conditions such as low support from a supervisor.
Losing your job can trigger early retirement
Most (85%) pre-retirees think they’ll retire when they choose, but 38% of retirees said they did not have that luxury, according to an Ipsos/Reid poll.
Sudden job loss can lead to early retirement. A study by Finnie and Gray titled Labour-Force Participation of Older Displaced Workers in Canada: Should I Stay or Should I Go? stated that people who are laid off will often take early retirement rather than accept a job with lower pay. Almost one in four of those laid off will retire within five years of losing their job. The chances of being laid off increase with age; people between the ages of 55 and 64 are more likely to be laid off than those between the ages 45 and 54.
Reluctant retirees are more common than we’d care to admit. How can you improve your coping skills if you are unexpectedly “retired”?
Self-coaching questions
What are you doing to protect your health?
What can you do to control your exit from the workforce?
What planning might help you adjust better in the event of an unexpected early retirement?