StatsCan shows Canadians working longer

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A new report from Statistics Canada confirms what many of us already know: people are retiring later.

The report, called ‘Insights on Canadian Society’, found that Canadians aged 50 and over are working later and delaying retirement, regardless of their level of education.

For example, in 2009, a 50-year-old worker could expect to continue working for an average of 16 more years—making their retirement age 66. For those with less than a high school diploma, a 50-year-old worker could expect to work another 14.3 years before retiring. In comparison, this same worker could expect to work two years less before retirement in 1998.

Read: Pre-retirees anticipate working longer

Similarly, in 2009, a 50-year-old worker with a post-secondary education could expect to work 14.6 years, compared with 12.0 in 1998—a 2.6-year difference.

Read: Advisor Q&A: How do you handle and aging group?

Statistics Canada found there are significant differences in life expectancy after retirement on the basis of education level. Less-educated workers aged 50 have a life expectancy after retirement of 18 years, compared with 21 years among those with a post-secondary education.

Read: The biggest problem with aging workers

Transcontinental Media G.P.