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Greetings!
Not since the beginning of time, when,
accor ding to the Bible, Methuselah lived to the ripe old age of 969, has the earth contained so many older people ... or, for that matter, such a high percentage of them.
In Canada, it wasn't always like this. Back in 1921 the number of people over 65 numbered just under 425,000 - or 4.8% of the population. As we all welcome 2012, I thought it might be interesting to get a handle on some of the available stats about Canadians and aging.
No Retirement Age in Canada - it's the Law ...
Canada Newswire Reports
According to a report published on 16 December 2011, employees can no longer be forced to retire.
The Report reads:
The Canadian Human Rights Commission welcomes the Government of Canada's decisive action in moving to repeal sections of the Canadian Human Rights Act and Canada Labour Code that permits employers to force employees to retire once they reach a certain age, regardless of their ability to do the job. "We're not born with date stamps saying our fitness for work expires at 65," says David Langtry Acting Chief Commissioner of the Canadian Human Rights Commission "Age discrimination is discrimination pure and simple."
Number of Seniors in Canada to Double
T he number of seniors in Canada is projected to increase from just under five million to just over 10 million between 2010 and 2036, and the proportion of seniors in the population is expected to almost double, increasing from 14% to 24.5% over the next 25 years. Statistics show that, by 2051, about one in four Canadians will be 65 or over.
Every 80 Seconds ...
Today, one out of every seven Canadians is "old" - another one turns 50 every 80 
seconds. Those 65 and older currently number just under five million, a figure that began to explode in January 2011. The first of approximately 9 million Baby Boomers, born from 1946 through 1964, who are right now surging toward the gates of retirement, ushered in New Year's last year.
Jack Benny - Always 39!
The median population (the numerical value of a list of numbers separating the higher half of a sample population from the lower) is found by arranging them from lowest to highest, then picking the middle one. Do you remember how Jack Benny used to claim that he was always 39? Well ... median age reached 39.9 in Canada this past September!
Atlantic Canada... More People Over 65
 The Atlantic Provinces have a median age over 42 and the highest percentage of population over 65 (16.5%). Quebec's median age is 41.4. Ontario's is lower, at 38.2, while Manitoba and Saskatchewan have populations significantly younger than the national average at 37.6 years. Alberta, where the median age is 36.0 years, has the youngest population of all provinces. British Columbia is the only province west of Quebec with a median age above the national average, at 41.1 years. The NWT is by far the youngest with a median age of 31.5.
Older Age Group Growing Fast
Each year, more than 350,000 Boomers turn 55. Their swelling numbers predict that, sometime in 2012, Canada's 50 and older population will reach 10 million. According to one study, one in five Canadians is expected to be 65 or older by 2035.
Are They Going To Retire Early?
Statistics Canada reports that almost half of
working Canadians plan to retire before turning 65, even though the mandatory age of retirement has been abolished.
An analysis of the data gathered in a general social survey found that 22% of "near-retirees" planned to retire before they hit 60, and 25% before their 65th birthdays.
More Than Half Will Continue To Work ... What Will They Do?
Consider these statistics: A whopping 80% of Baby Boomers expect to work beyond the traditional retirement ages of 62 to 65. According to CARP in an article entitled "What I want to be when I grow up!" Boomers and Seniors are the fastest growing group and we know that more and more individuals are choosing not to retire for financial and personal reasons and they continue to contribute to our society. Some believe that there are several factors at play; the rising levels of personal debt, greater opportunity, shrinking "nest eggs", financial fear or maybe thay just love what they do and working gives them meaning.
My research indicates that the vast majority will move away from high-pressure corporate positions to reshape their professional lives as small business owners, consultants, and part-time workers, or to "giving-back" careers such as teaching or non-profit management.
Your Staff WILL In All Likelihood ... Retire Early!
According to www.LifePast50.ca , those who work in public administration are the most likely to take early retirement, with 47.3% planning to leave their jobs before they turn 60, followed by 35.4% of workers employed in health, education and social services.
In the days ahead, the competition for talent will be stiff. With so many municipal workers planning for early retirement before age 60, it is imperative that your municipality has a plan in place to fill the gaps.
Call or email Bruce Malcolm at Ravenhill Group today 1-877-830-0500 ext 727 - he'll help you put that plan in place. bruce@ravenhillgroup.com
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