If you are into your 60’s and wondering if you are one of the few people in your peer group still working hard, you’re not alone. Not by a long shot. StatsCan found that 60% of Canadians in their 60′ are working and doing so out of necessity. Whether to pay down the mortgage, children’s education or just getting by and paying the bills, a majority are still working.
Needing to work and wanting to work changes however with age. In their early 60s, the majority (59.3%) of people who worked or wanted to work did so by necessity. This fell to 40.3% for those in their late 60s. However, even for individuals aged 70 and over, necessity was cited by more than one-quarter (28.4%) of those who worked or wanted to work. The decrease in the proportion of people working or wanting to work by necessity as people age may partly reflect access to public pension plans, which normally comes into effect at age 65, as well as registered pension plans and registered retirement savings plans.