HRSDC Retirement Preparedness Survey 2012

The aging of the Canadian population represents significant challenges. The 2011 Speech from the Throne stated that “this demographic challenge will impact our economic future and put long term pressures on our pension and health systems that must be addressed.” Notably:

Life expectancy has been steadily increasing for both women and men in recent decades. For example, in 1996, a man at age 65 was expected to receive OAS benefits for less than 14 years. As a result of increased life expectancy, in 2010, it is now expected that he will be receiving benefits for 20 years. These gains are still not fully reflected in the average age of retirement.

The senior dependency ratio (the number of working-age Canadians to retired seniors) is projected to decrease from 5:1 in 2010 to 3:1 by 2030.

Issues of intergenerational fairness are complex and need to be better understood.

HRSDC will use this research to examine aging and retirement issues among Canadians to ensure Government of Canada programs and services meet the needs of the Canadian public.