Retirement Planning Statistics

Employment for Ontarians aged 55 and over dipped by 0.1% in 2024.

The unemployment rate for the older population (55+) in Ontario is expected to reach 4.7% in 2024.

26% of unretired Canadians expect to continue working in retirement.

28% of unretired Canadians aged 55-64 expect to continue working in retirement.

In 2025, the unemployment rate for older Ontarians (aged 55 and over) was 5.2%, up from 4.7% in 2024.

Employment among Ontarians aged 55 and over was essentially unchanged in 2025 (down by 500 jobs)

15% of Canadians 65 and older are continuing to work, a record high and more than double the rate in 1994 (6.6%).

More than half (55.1%) would continue working longer if they could work part time, and about half (48.9%) reported that they would continue working if they could work fewer hours without affecting their pension.

Since the 1990s, there has been an observable increase in the number of older adults who work during traditional retirement years.

The labour force participation rate is projected to stabilize at around 65% until at least 2041.

There are 2.9 million seniors (65+) in Ontario in 2023.

As of 2023 Ontario's seniors (65+) make up 18.3% of the population.

It's projected that there will be 4.4 million seniors (65+) in Ontario by 2046.

It's estimated that 20.3% Ontario's population will be seniors (65+) by 2046.

There are 1.3 million people aged 75 and over in Ontario as of 2023.

It's projected that 2.6 million people will be 75 and over in Ontario by 2046.

By 2023, about 143,000 Ontarians are expected to be aged 75 and over.

It's projected that 417,000 people aged 90 and over will live in Ontario by 2046.

Ontario's population aged 65 and older over the next 20 years is expected to grow 2.2% per year

Ontario's annual growth rate of population aged 65 and older is expected to grow by 3.5% per year for the next 5 years

Ontario’s population aged 75 and over is expected to grow by 4.1% a year over the next five to six years.

Ontario's population over the age of 65 population is expected to reach 650,00 over the next 6 years.

It's projected the number of people aged 75+ in Ontario will increase by 350,000 by the end of 2029.

Ontario's population is expected to have a 22.4% projected share of seniors (65+) 2034

As of July 1, 2025, there were 8.1 million people aged 65 and over in Canada.

As of July 1, 2025, there were 12,281 centenarians in Canada.

Canadians who live to the age of 65 are expected to live for at least another two decades on average.

In 2025, people aged 65 and over made up 19.5% of Canada’s total population.

20% of the population is aged 65 or older.

As Canada stands on the cusp of becoming a super-aged nation, with 20% of the population aged 65 or older, the choices we make now will shape how people experience ageing and the social, health and economic outcomes that follow for decades to come.

By 2030, Canada will join Japan, Italy, and Germany in transitioning to a super-aged nation, where more than one in five citizens are over age 65.

In 1966, when the CPP was created, Canada had 7.7 working-aged people for every retiree. Today, that ratio has fallen to just over 3 to 1.

The share of Canadians aged 65 and older has risen from 8% in 1971 to 19% today, on track to reach 26% by 2068.

A Canadian retiring at age 65 in 2024 can expect to live another 20 years, rising to 27 years by 2100.

One in four people in Canada will be over the age of 60 by 2050.

Canada’s population aged 75+ will double over the next 20 years while the rest of the population grows by a mere 14%.

Canada’s old-age dependency ratio is forecast to increase from 0.32 in 2023 to 0.50 by 2060.

Across OECD countries, the number of older people per working‑age person is projected to increase by 67% by 2060.

In Canada, the employment-to-population ratio is expected to decline by 2.89 percentage points between 2023 and 2060.

In Canada, the employment rate for late-career workers aged 60–64 is 55%, which is roughly in line with the OECD average.

On July 1, 2025, Canada’s population aged 65 and older was 8,108,467, up 3.4% from July 1, 2024.

On July 1, 2025, adults aged 65 and older accounted for 19.5% of Canada’s population.

On July 1, 2025, Canada’s population aged 0–14 was 6,261,162, fewer than the 8.1 million people aged 65 and older.

On July 1, 2025, the median age in Canada was 40.6 years, up from 40.3 years in 2024.

On July 1, 2025, the average age in Canada was 41.8 years, up from 41.6 years in 2024.

Ontario recorded a net interprovincial migration loss of 6,154 people in Q2 2025, marking its 15th consecutive quarter of net out-migration.

67% of Canadians believe saving for retirement is harder for them than it was for their parents.

77% of Canadians worry that saving for retirement will be harder for the next generation.

49% of Canadians plan to help their adult children financially, even though 83% say it will negatively affect their own retirement.

89% of investors say their advisor helps them meet their financial goals

70% of Canadians agree that saving for retirement is prohibitively expensive

57% of unretired Canadians feel unprepared for retirement

13% of unretired Canadians don’t think they’ll ever retire

26% of unretired Canadians expect to continue working in retirement to support themselves

49% of unretired Canadians haven’t set aside any money for retirement in the last year

42% of homeowners plan to rely on the sale of their home to set themselves up for retirement

39% of Canadians aged 55-64 have less than $5,000 in savings

73% of Canadians aged 55-64 have $100,000 or less in savings

36% of women aged 55-64 have no savings at all, compared to 22% of men

62% of unretired women aged 55-64 feel unprepared for retirement, compared to 48% of unretired men aged 55-64

61% of unretired women don’t have a planned retirement age, compared to 50% of unretired men

70% of Canadians would prefer a slightly lower salary and a pension over a slightly higher salary and no pension

73% of Canadians agree there is an emerging retirement income crisis

Canadians who receive CPP as retirement income are more likely to report lower stress about retirement planning (49% not stressed with CPP vs 39% without CPP).

70% of Canadians report negative emotions about RRSP contributions

Only 29% of Canadians feel they can retire when they want, down from 35% in 2022.

A decline in the number of Canadians who can afford to retire when they want, is down to 29%.

Nearly half of Canadians over 50 say they can’t afford to retire when they want to.

Only 29% of non‑retired respondents aged 50+ say they can afford to retire at their desired time, down from 35% in 2022.

Those who say they cannot afford to retire when they planned have climbed to 43% from 35% in 2022.

Only 34% of retirees and pre-retirees believe they can afford to retire when they want.

According to the 2023 Ageing in Canada Survey, the biggest financial fears of Canadians 50 and older are inflation and running out of money.

People underestimate their longevity by an average of 4.7 years.

43% of retired respondents underestimated their life expectancy by at least five years.

8 out of 10 chosen priorities related to long-term retirement income security.

43% of respondents feeling financially secure for the remainder of their lives as a priority.

16% of respondents consider having sufficient savings to pay for whatever long-term care they or their spouse may need a priority.

10% of respondents see leaving an inheritance to children or grandchildren as a priority.

While 87% of survey respondents claimed to “fully” understand the impact of their starting age on their monthly benefit amount, focus groups found people “don’t know what they don’t know”

Among older Canadians who were still working and intending to retire, only 35% reported that they were in a position to financially afford to when they wanted.

37% of older adults reported that they were not financially able to retire when they wanted, while 25% reported that it was unclear.

In Canada, estimates have found that those with higher levels of financial literacy are 10% more likely to have retirement savings.

69% of Canadians who are not yet retired are financially preparing for their retirement, which is up from 66% in 2014.

47% of Canadians report they know how much they must save to maintain their standard of living in retirement, a 10-point increase since 2014 (37%).

Canada's average expected retirement age is 64.

~50% of Canadians surveyed are not confident in their ability to retire when planned.

77.9% of Canadians are "Very aware" of the negative impact of social isolation and loneliness on their mental health.

30.4% of Canadians are "Very Comfortable" discussing social isolation or loneliness with their health or social service provider.

41% of Canadians aged 50 years and older are at risk of social isolation.

58% of Canadians aged 50 years and older have experienced loneliness.

710,000+ older adults in Ontario live with an anxiety disorder.

187,000+ older adults in Ontario experience a mood disorder.

100,000+ older adults in Ontario live with substance use disorders.

27,000 older adults in Ontario experience schizophrenia or psychotic disorders.

In 2024, 41% of adults (18 and over) with a diagnosed mental health disorder had unmet mental health care needs.

43% of Canadians aged 50+ are at risk of social isolation

59% of Canadians aged 50+ have experienced loneliness

In 2025, 56% of Canadians aged 50 and over felt positive about aging, down from 62% in 2024 — the steepest drop since 2022.

57% of Canadians aged 50+ reported experiencing loneliness in 2025

43% of Canadians aged 50+ are at risk of social isolation in 2025

22% of unretired Canadians aged 50+ have less than $5,000 saved for retirement

36% of respondents say their social networks are weak.

Just 32% of all participants reported strong social networks.

57% report feeling lonely.

43% are at risk of social isolation.

More than one-third of Canadians struggle with weak social networks.

Only 39% say they engage in social or recreational activities at least once a week.

23% said they never engage in social or recreational activities.

An Ontario study of adults who were 18 years of age and older found that higher debt-related stress was associated with a 1.64 increased odds of reporting moderate to serious psychological distress.

74% of Canadians aged 50 years and older who described their income as good enough such that they could save from it said that their mental health was excellent or very good.

Among those who said that their income was not enough for them and that they were having a hard time, 44% said that their mental health was fair or poor.

Older adults reported between 6 to 17% higher rates of social isolation and loneliness during the pandemic.

Between 2015 and 2023, an average of 7.0% of older Canadians reported having been diagnosed with a mood disorder.

Between 2015 and 2023, 8.3% of older Canadian women reported having been diagnosed with a mood disorder, compared with 5.5% of older men.

41% of Canadians express confidence in having sufficient retirement savings to maintain their desired lifestyle.

58% of Canadians are concerned about having enough money in retirement

70% of Canadians agree that saving for retirement is prohibitively expensive

43% of unretired Canadians feel prepared for retirement

61.5% of seniors (aged 65 and older) reported feeling highly satisfied with their lives in 2024.

Only 57% of Canadians over 50 are confident about their retirements.

Optimism about aging among Canadians aged 50 and older also dropped from 62% to 57% in just one year.

Between 2024’s survey and 2025 the number of Canadians who feel confident in their retirement dropped sharply, from 62% to 57%.

22% or respondents feel it is a priority to maintain their desired lifestyle as long as they like.

Of adults reporting they were very dissatisfied with life, 48.8% were in the lowest household income category, compared to only 9.3% of adults in the highest household income category.

79,212 long-term care beds in Ontario will be needed in 2024-25.

Total health care spending is expected to grow by 4.2% in Canada in 2025

Seniors (65 and over) accounted for 47% of total health care spending in 2023, while representing only 19% of the population.

71% of health care spending was paid by the public sector in 2025

Total health expenditure per person in Canada is forecasted to be $9,626

Provincial and territorial governments spent $21,290 per person on health care for people aged 75 and older in 2023.

104 long-term care homes started construction between April 2022 and October 2025

8% of Canadian seniors are without a regular primary care provider.

13% of Canadian seniors received government-funded home care in the past year.

Ontario provides about $5 billion in ongoing provincial funding each year for home and community care services.

More than 50,000 people are on the wait list for a long‑term care home placement in Ontario.

The median wait time for placement in a long-term care home in Ontario is 165 days.

50,000+ of people are on the waitlist for long-term care in Ontario.

The latest Statistics in Canada data show that Canadians aged 65 years and older comprise 19% of the population, and their care accounts for almost half of all health care spending.

The most recent estimates show that Canadian governments spend $38 billion on LTC services, and demand keeps rising.

In 2019, Canada’s governments spent approximately $38 billion on publicly funded LTC services.

Canadian households spent an additional $9.8 billion out of their own pockets to access additional care.

In 2021, the average household private in-home care services cost from $1,000 to $3,500 per month

With Canadians now expected to live an additional 22 years after age 65, the cost of long term care can add up to a crippling amount.

32% still lack a regular primary health care provider.

64% of respondents said they could access the healthcare services they needed.

More than 52,000 Canadians were on waiting lists for placement in a long-term care home.

More than 430,000 Canadian adults had unmet home care needs, with nearly 40% ages 65 and older.

75% of care for older adults receiving publicly funded home care services within their homes is provided on an unpaid basis by family members.

By 2030, the number of Canadians living with dementia could increase by 65% compared to 2020, and the increase could nearly double (187%) by 2050.

The cost of publicly funded long-term care for older adults is expected to more than triple in 30 years, in today’s dollars.

A recent NIA/CMA Survey determined that 85% of Canadians of all ages reported that they would do everything they can to avoid moving into a long-term care (LTC) home.

In 2020, Canada’s older population, which represented 18% of its population, accounted for 44% of total healthcare spending.

Among adults aged 65 years and older, those who reported a household income of more than $80,000 per year were 1.94 times more likely to report good self-reported health as compared to individuals reporting household incomes lower than $20,000 per year.

In Canada, while 52% of Canadian households had home care costs that were only paid for by government, 27% of households paid for home care services using their own money.

For households receiving support services only, 44% of households pay out-of-pocket for services, compared to 39% who receive government funded services.

For 12% of households, the costs of personal or home support can amount to $400 or more per month.

In British Columbia (BC), the home support daily rate calculation requires seniors with an annual income of $28,000 to pay $8,800 a year if they were to receive a 45-minute daily visit of home support.

A recent Canadian study found that job-related economic insecurity among adults between 45 to 64 years of age during the 2008 recession was associated with increased Body Mass Index (BMI) for men (3 point increase) and women (2 point increase).

Among Canadians who said that their income was good enough such that they could save from it, 53% of those aged 50-64 years reported their health was excellent or very good compared to 49% among those aged 65-79 years and 51% those aged 80 years and older.

For Canadians who reported their income was not enough, only 20% of adults between ages of 50 to 64, 24% of adults aged 65-79 years and 34% of adults aged 80 and above reported excellent or very good health.

49% of unretired Canadians haven’t set aside any money for retirement in the last year

26% of unretired Canadians expect to continue working in retirement to support themselves

42% of homeowners plan to rely on the sale of their home for retirement

Ontarians believe they need $1.9M for a comfortable retirement

36% of Canadians are concerned they will not reach their retirement savings goals.

48% of Canadians are behind schedule on retirement savings.

48% of Canadians are behind schedule on retirement savings

In 2023, the median net worth of families with a primary income earner aged 65 and over was $738,900.

In 2011, the median value of reported economic resources for Canadians aged 55 to 64 without a workplace pension was just over $3,000.

A quarter of Canadians over 50 have $5K or less in retirement savings.

22% of Canadians over 50 have less than $5,000 saved for retirement.

26% have less than $100,000 saved.

Only 15% of Canadians have more than $500,000 saved for retirement.

A quarter of seniors have $5,000 or less saved for retirement.

19% of retirees and pre-retirees have no retirement savings.

One in four Canadians have less than $5,000 saved for retirement.

Account balances grew for over a third of retirees over two decades.

A US study found that 25% of participants experienced a severe wealth shock of 75% or more of total net worth over a two-year period.

26% of unretired Canadians expect to continue working in retirement

42% of homeowners plan to rely on the sale of their home for retirement

47% of retirees left the workforce sooner than they had expected

18% of Canadians aged 50+ are unable to cover an unexpected $500 expense in 2025 (down from 20% in 2024)

As of 2024, the average retirement age in Canada was 65.”

In 2024, the average retirement age in Canada was 65.3.

Retirements could now stretch to 40 years.

Percentage of Canadians completely or partially retired by age group: 55 to 59 - 21.8%, 60 to 64 - 44.9%, 65 to 69 - 80.5%

Main factors driving timing of full retirement: Financial readiness to retire - Men 35.0%, Women 28.2%; Issues related to health or disability - Men 22.8%, Women 22.9%

In July 2025, the average monthly CPP retirement pension for new beneficiaries at age 65 was $848.37.

The median age of the Canadian population as of July 1, 2025 is 40.6 years.

26% of unretired Canadians expect to continue working in retirement

90% of people are claiming their pension before age 65.

90% of Canadians also start receiving their Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits at or before age 65.

If you wait from age 60 to age 70, you’ll more than double this pension.

Delaying benefits from age 60 to 70 can more than double a retiree’s lifetime, inflation-indexed pension income.

Fewer than 5% of Canadians take advantage of this option, as they typically wait until they turn 70 to claim, while 90 per cent claim by 65.

They’re losing about $100,000 in lifetime income by taking their benefits at age 60 instead of age 70.

Most Canadians claim CPP by age 65.

Few realize that by waiting until age 70, retirees can more than double their monthly pension compared with taking it at 60.

Yet nine out of ten Canadians still claim by 65, even when they don’t need the money.

The average person gives up roughly $100,000 in lifetime income by claiming their pension at 60 instead of 70—about the same as the median RRSP savings at retirement.

90% of Canadians claim their benefits by age 65.

By waiting until age 70, Canadians can receive more than double the monthly pension amount they would have received if they had claimed benefits at age 60.

By waiting a year, your retirement benefit increases by 11.25%.

By waiting a single year from age 60 to 61, CPP pension benefits will grow by 11.25% above inflation!

Many people who can afford to wait are gravitating toward traditional “benchmark” ages (60 and 65) and forfeiting a valuable opportunity to secure a higher lifelong pension.

In 2021, six out of ten eligible participants started claiming CPP at two specific ages—60 or 65—even though they could start their pension at any time between 60 and 70.

By waiting until age 70 to claim retirement benefits, Canadians can receive more than double (2.2 times) the monthly pension than if they had claimed them at age 60.

An overwhelming majority (9 in 10) choose to take their CPP/QPP benefits by age 65.

Fewer than 1 in 10 Canadians claim their benefits after age 65

Over the past decade, Canadians have most commonly taken their CPP/QPP benefits as soon as they are eligible, at age 60, even though most are still employed.

More than half of those who claimed QPP benefits at age 60 were still working.

By waiting until age 70 to claim benefits, Canadians can receive more than double (2.2 times) the monthly pension than if they had claimed it at age 60.

On average, more than a thousand Canadians make the CPP/QPP claiming decision every day.

Delaying benefits from age 60 to age 70 can more than double a person’s monthly pension income.

For the average Canadian earning the median CPP income, this amounts to $100,000 of additional secure income over their lifetime, in today’s dollars.

More than 7 out of 10 respondents said a main factor in their claiming decision was, “I was concerned that if I do not live a long life, I would not recoup my contributions.”

A retired 60-year-old with a basic CPP benefit of $1,000 per month starting at age 65 would receive $640 monthly at age 60 (a 36% reduction from the age 65 basic benefit amount).

Someone who waits to claim CPP benefits at age 70 instead of age 60 can increase their monthly benefit payments to 222% of the age 60 amount (142%/64%).

67% of Canadians are concerned about the daily cost of living

56% of Canadians are worried about having sufficient funds for their retirement

44% of Canadians plan to sell their homes to finance their retirement

In 2023, households in Ontario spent an average of $81,975 on goods and services.

In Ontario, shelter costs make up 35.8% of total household consumption.

On average, retirees drew 1% of assets per year and had more than 80% of assets even after two decades of retirement.

9% of respondents believe spending their money while they could still enjoy it is a priority.

14% of seniors are living in poverty, based on the Material Deprivation Index.

By 2030, at most 7.3% of seniors are expected to be living in poverty.

The maximum Ontario Trillium Benefit for seniors in the 2024 benefit year (July 2024 to June 2025) is $1,421.

22% of Canadians aged 50 and over report that their income is inadequate.

31% of Canadians aged 50 and over identified the rising cost of living as their top concern.

16% of Canadians aged 50 and over identified running out of money as their top concern.

20% of Canadians aged 50 and over experienced a poverty‑level standard of living in 2025.

19% of Ontarians aged 50 and over are experiencing a poverty‑level standard of living.

$1,248 is the maximum Ontario Trillium Benefit for non-seniors in the 2024 benefit year

In 2021, 25% of older adults, 65 years of age and above, had an individual income of less than $22,200 and 10% had an income of less than $15,700.

In the 1970s, older adults in Canada had one of the highest poverty rates among Organisation for Economic Co-operation and Development (OECD) countries, with approximately one third of older Canadians living in poverty.

As of 2020, only 4.7% of all Canadians 65 years of age and older lived in poverty.

In 2020, older adults living with family had a poverty rate of 1.3%, while older adults not living in an economic family had a poverty rate of 7.4%.

The Vulnerable Massive Middle will make up more than a third of Canada’s future older population.

20% are facing poverty-level standards of living.

Nearly 40% of Canadians aged 50+ face financial insecurity as they age.

20% of Canadians over 50 experience a poverty-level standard of living.

The proportion of older persons filing for bankruptcy has doubled since the 2008-09 downturn.

Another US study found that, while for most older adults, financial hardship is transient, 18% to 34% of participants reported financial hardship in two out of the three time periods over a ten-year window.

63% of Canadians aged 50 years and older reported that they had, or could access, the financial resources they would need in the face of an emergency.

17% answered “probably not” and 13% said “definitely not” when asked whether they had or could access the financial resources they would need in the face of an emergency.

Among Canadian men born between 1923 to 1955, those who were in the top 5% of the income distribution lived eight years longer compared to men in the bottom 5% of the income distribution.

Among women, the highest income earners lived only 3 years longer than the lowest income earners.

A large proportion of Canadian men and women aged 55 to 64 (73% and 77% respectively), who were not yet eligible for a public pension, were able to avoid living below the poverty line.

Only a small percentage of men and women (20% and 6% respectively) had sufficient workplace pension income to avoid low-income status.

An income drop of 25% or more can 'linger' for both men and women after a period of economic insecurity resolves.

Only 20% of respondents who said their income was insufficient reported the were struggling.

In 2023, the poverty rate for persons aged 65 and older with a disability was 6.5%.

In 2023, the poverty rate for persons with a disability under age 65 was 14.4%.

Canadians aged between 55 to 64 years have a median of $120,000 RRSP Savings

If a 65-year-old has $100,000 in RRSPs and draws it down assuming a 4% real rate of return (after inflation and fees), they would withdraw $673/month if they assumed their life expectancy at birth (age 82). However, if they adopted the more conservative benchmark of age 100, they would withdraw $438/month – 35% less.

Approximately 4 out of 5 Canadians with RRSPs or registered retirement income funds (RRIFs) would get more lifetime income from deliberately using a portion of those savings in early retirement as a bridge to delay starting CPP/QPP benefits.

Ontario’s maximum GAINS payment for a single senior is $83 per month (July 2024 to June 2025)

There were 6.4 million CPP retirement beneficiaries in 2025.

The average monthly CPP retirement pension for new beneficiaries at age 65 was $848.37 as of July 2025.

In 2023, the median after-tax income for senior families was $79,700.

In 2023, the poverty rate for seniors (65 and over) in Canada was 5.0%.

Canada’s current retirement income system was established almost 60 years ago when the life expectancy at birth of Canadians was around 70 years of age for men and 75 years of age for women.

Canada now has a $700-billion fund and one of the world’s most admired pension systems.

For a typical middle-income Canadian without a workplace pension, the Canada Pension Plan is projected to provide roughly 50% to 70% of their retirement income.

The CPPIB said it expects to remain financially sustainable for at least the next 75 years at current contribution rates.

The report noted the CPP fund totals $777.5 billion with a 10-year net return above eight 8%

Private annuity take-up remains below 10%.

For middle-income Canadians—those earning roughly $50,000 to $70,000 annually—CPP benefits represent 50–70% of total retirement income.

The CPP fund’s assets are now over $777 billion.

According to the NIA 2023 Ageing in Canada Survey, nine out of 10 CPP/QPP recipients said the CPP/QPP is an important source of retirement income, with six out of 10 saying it’s essential and they can’t live without it.

As of December 31, 2023, HOOPP is fully funded and manages a highly diversified portfolio of more than $112 billion in assets across multiple geographies, with over $60 billion invested in Canada.

Between 2025 and 2030, 2.3 million CPP participants are expected to apply for retirement benefits.

There are currently only 6.4 million CPP beneficiaries of any age.

9 out of 10 recipients say their CPP/QPP pension is an important source of their retirement income.

6 out of 10 saying CPP/QPP is essential and they can’t live without it.

If a participant dies at 63 before claiming, the death benefit would be $23,040 (forfeited CPP benefit of $640 per month for three years).

If a participant dies at 65 before claiming, the death benefit would be $38,400 (forfeited CPP benefit of $640 per month for five years).

If a participant dies at 67 after claiming at age 65, the death benefit would be $29,760 (forfeited CPP benefit of $640 per month for seven years less actual CPP benefit of $1,000 per month for two years).

Canada's public pension systems currently only replace approximately 46% of an average Canadian’s pre-retirement earnings.

The recently announced CPP/QPP expansion will only create a replacement rate of 33% of pre-retirement income, up to a maximum pension earning of $82,700 by 2025.

The future net replacement rates for a full-career average-wage worker will be 53%, which is still below the OECD average of 63%.

By 2023, total employer/employee contributions to CPP/QPP will increase to 11.9%.

44% of homeowners plan to sell their home to fund retirement in 2025 (up from 42% in 2024, 38% in 2023)

In 2025, 29% of Canadians aged 50 and over said they could afford to retire at their desired time, down from 35% in 2022.

Positive feelings toward aging declined to 57% in 2025, down from 62% in 2024—the steepest drop since the survey began in 2022.

The homeownership rate for people aged 75 and over in Toronto was 68.9% in 2021.

In 2021, the homeownership rate for people aged 55 to 74 in Toronto was 62.6%.

Average inflation during the 29 years from 1992 through 2020 was 1.76% per year.

Annual inflation only rarely and slightly deviated from the Bank of Canada target range of 1% to 3%.

Canadian inflation jumped to an average annual rate of 4.8% from 2021 through 2023.

The rising cost of living is by far the most frequently reported concern (70%) among Canadians ages 50 years and older.

Inflation was also ranked highest, capturing 37% of respondents.

More than 9 in 10 Canadians aged 50 years and older who still live in their own homes and plan to continue doing so feel confident they can do so for as long as they want.

Almost half (49%) of those who reported being in excellent or very good health were very confident that they would be able to remain in their own home.

42% of Canadians aged 50 years and older who reported that their income was good enough that they could save from it said they felt very confident they would be able to remain in their own home.

There is more than $196 million in unclaimed pension assets across the nation.

As of 2020, Statistics Canada reported that nearly 60% of working Canadians did not have access to a workplace pension plan.

There are 7,220,609 active members of a Registered Pension Plan (RPP) in Canada as of January 1, 2024.

161,800 became RPP members in Ontario in 2023.

68.1% of RPP members were covered by defined benefit (DB) plans in 2023.

37.7% of all paid workers in Canada were covered by an RPP in 2023.

In 2020, nearly 60 per cent of working Canadians did not have access to a workplace pension plan.

As of 2023, Statistics Canada reports that two-thirds of Canadian workers lacked a registered pension plan, including over three-quarters of private sector workers.

More than 60% of Canadian workers have no workplace pension.

In the private sector, 90% lack the gold-standard defined-benefit plans that once ensured a stable income for life.

200,000 Ontarians have up to $3.6 billion in unclaimed pension funds.

Roughly 37% of Canadians are members of a registered pension plan, with about two-thirds of those enrolled in DB pension plans.

In Ontario alone, nearly 200,000 pension plan members are considered missing, leaving some $1.5 billion in unclaimed entitlements.

Employer pension coverage in Canada has stagnated, with only 38% of paid workers enrolled in a registered workplace pension as of 2023.

In the private sector, defined benefit plan coverage fell from 21.9% in 1997 to 9.2% in 2017.

For plans registered in Ontario alone, nearly 200,000 pension plan members are considered missing, leaving behind $3.6 billion in unclaimed entitlements.

HOOPP serves Ontario’s healthcare sector with over 460,000 active, deferred and retired members and more than 670 employers. As of December 31, 2023, HOOPP is fully funded and manages a highly diversified portfolio of more than $112 billion in assets across multiple geographies, with over $60 billion invested in Canada.

Approximately 20 million Canadians are participating in the CPP and QPP.

HOOPP serves Ontario’s healthcare sector with over 460,000 active, deferred and retired members and more than 670 employers.

OMERS is one of Canada’s largest defined benefit pension plans, providing a stable and secure income in retirement to over 600,000 members across Ontario who serve our communities.

In 2020, 26.6% of Canadians were paying into a DB workplace pension plan, compared to 34.3% of Canadians in 2000.

Only 9.6% of all private sector workers had access to a DB plan in 2020, compared to almost 82% of all public sector workers.

Defined contribution (DC) workplace pension plans increased from representing 5.8% of all workplace pension plans in 2000 to 7.3% in 2020.

Eligible seniors can receive up to $500 back on their property taxes through the OSHPTG.

The earnings exemption for the Guaranteed Income Supplement should be raised to $10,000, doubling it from its current level of $5,000 and indexing it to inflation, to reflect the economic and social realities of older adults in Canada today.

In 2018, when only one in three baby boomers had transitioned into their retirement years (i.e., age 65+), OAS (including the GIS) was already the single largest federal budget item.

The number of people who receive a Canadian public pension in the form of Old Age Security (OAS) is expected to rise 53% from 2020 to 2035, the cost of which will increase from $46.3 billion in 2020 to $94.3 billion in 2025.