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Later Retirement: the Win-Win Solution

  • Peter Hicks

    (Peter Hicks Consulting)

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    Over the coming two decades people are likely to stay in the workforce much longer – by about five years. There will be a strong trend towards later retirement as a result of social and economic pressures, without any policy action. The results will be largely positive and should therefore be supported by policy whenever possible. Delaying work-retirement transitions by five years would have large, positive economic and fiscal effects, reducing pressures on growth, government finances and pension funding. While there is no immediate crisis to be addressed, a key reform will be to gradually increase the standard age of pension eligibility in order to bring it more in line with increases in longevity. Such reforms should involve gradually raising the age band at which one could receive C/QPP. Similar changes to the Old Age Security (OAS) would provide consistency in signals about retirement ages.

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    Article provided by C.D. Howe Institute in its journal C.D. Howe Institute Commentary.

    Volume (Year): (2012)
    Issue (Month): 345 (March)

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    Handle: RePEc:cdh:commen:345
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    1. Frank T. Denton & Byron G. Spencer, 2011. "Age of Pension Eligibility, Gains in Life Expectancy, and Social Policy," Canadian Public Policy, University of Toronto Press, vol. 37(2), pages 183-199, June.
    2. Stefanie Behncke, 2009. "How Does Retirement Affect Health?," University of St. Gallen Department of Economics working paper series 2009 2009-13, Department of Economics, University of St. Gallen.
    3. Frank T. Denton & Christine H. Feaver & Byron G. Spencer, 2009. "Cohort Working Life Tables for Older Canadians," Quantitative Studies in Economics and Population Research Reports 432, McMaster University.
    4. Frank T. Denton & Ross Finnie & Byron G. Spencer, 2009. "Patterns of Retirement as Reflected in Income Tax Records for Older Workers," Quantitative Studies in Economics and Population Research Reports 434, McMaster University.
    5. T. Schirle, 2007. "Why Have the Labour Force Participation Rates of Older Men Increased Since the Mid 1990s," Working Papers eg0045, Wilfrid Laurier University, Department of Economics, revised 2007.
    6. Martin Hering & Thomas R. Klassen, 2010. "Strengthening Fairness and Funding in the Canada Pension Plan: Is Raising the Retirement Age an Option?," Social and Economic Dimensions of an Aging Population Research Papers 263, McMaster University.
    7. Robin Banerjee & William B.P. Robson, 2009. "Faster, Younger, Richer? The Fond Hope and Sobering Reality of Immigration's Impact on Canada's Demographic and Economic Future," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 291, July.
    8. Kevin D. Moore & William Robson & Alexandre Laurin, 2010. "Canada’s Looming Retirement Challenge: Will Future Retirees Be Able to Maintain Their Living Standards upon Retirement?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 317, December.
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