More Canadians are working past the traditional retirement age of 65 than ever before.  In 2015, one in five Canadians aged 65 and older reported working during the year. That is 1.1 million seniors - the highest proportion recorded since the 1981 census, and nearly double the number recorded in 1995.  Most of that increase was in part time or part year work.
Clearly the trend from early retirement has shifted towards delayed retirement. But why?

We need to work
Financial need is the most obvious reason to stay in the workforce past retirement age. A 2016 survey by Manulife Bank found that 60% of Canadians worry about having enough to retire. The reasons for this are many: there are fewer jobs that include a pension plan, stagnant salaries, the dramatic increase in real estate prices in many parts of the country. Many older workers have children AND elderly parents to look after, making it harder to save enough to retire at 65.
Working longer can have a dramatic impact on one’s retirement fund. According to the authors of The Power of Working Longer, working as little as three to six months past retirement age can have the same impact on retirement standard of living saving an additional percentage point of earnings for 30 years. For those who have been unable to fully fund their retirement prior to age 65, even a short extension of their careers can reap significant financial benefits.

We want to work
Ending working life at 65 is not an appealing prospect for many. Canadians are living longer, healthier lives than previous generations, and the work place has shifted to one that is more knowledge-based and less physically demanding. Having to stop working because we are no longer physically capable of doing the job is, thankfully, becoming a thing of the past. For many, work provides a sense of purpose that isn’t easily replaced in retirement; often retirees return to the workplace not for financial reasons, but because they simply miss the social and professional fulfillment that comes from working. Some choose to return to what they did before retirement, others choose to start a second career, and still others choose part-time work that allows them to enjoy the benefits of working with the more relaxed pace that comes from being semi-retired.

It’s good for us
It turns out that staying in the workforce may be good for our health. Researchers from Oregon State University found that healthy adults who retired one year past the age of 65 had an 11 percent lower risk of death from all causes. This is true for both blue-collar and white-collar jobs.  Improved cognition, social connections, and a lowered risk for chronic conditions are all potential benefits of remaining in the work force.

Whatever the reason for delaying retirement, the choice to remain in the workforce should be viewed as a positive decision for both the employee and the employer, who will benefit from the inclusion of mature, dependable, senior employees.