50+ Canada Retirement Statistics You Need to Know (2025)
Whether you're planning to retire soon or just getting started, understanding key statistics about retirement in Canada can help you make informed decisions about your future. In this guide, we’ll break down 50+ must-know Canada retirement facts—Let's go.
Editor's Top Stats
BMO Retirement Survey (2025): 76% of Canadians worry they won't have enough money in retirement due to rising prices.
Ipsos Poll for RBC Insurance (2025): 58% of Canadians aged 55 to 75 are concerned about outliving their retirement savings.
Canada Pension Plan Investment Board Survey (2025): 61% of Canadians fear running out of money during retirement.
How Many Canadians Are Retiring Each Year?
Canada is experiencing a significant demographic shift as a substantial portion of its workforce approaches retirement age. According to Statistics Canada's June 2023 Labour Force Survey, approximately 44.9% of individuals aged 60 to 64 and 80.5% of those aged 65 to 69 reported being either completely or partially retired.
This trend indicates a growing number of Canadians transitioning out of the workforce each year.
In a 2023 article, CTV News highlighted that as of November 2023, there were about 4.4 million employed Canadians aged 55 and older, compared to approximately 2.7 million employed individuals aged 15 to 24. This disparity suggests that more individuals are nearing retirement than there are young workers available to replace them, potentially exacerbating existing labor shortages.
Sources [ Statistics Canada CTV NEWS ]
What Is the Average Retirement Age in Canada?
As of 2022, the average retirement age in Canada stands at approximately 64.6 years, according to data from Statistics Canada.
This figure represents the age at which individuals, on average, exit the workforce and commence their retirement.
The average retirement age varies notably across different employment sectors:
Public Sector Employees: The average retirement age is approximately 62.7 years.
Private Sector Employees: Individuals typically retire at an average age of 64.7 years.
Self-Employed Individuals: The average retirement age extends to around 66 years.
Gender Differences in Retirement Age
Gender also plays a role in retirement timing:
Men: The average retirement age for men is approximately 65.5 years.
Women: Women tend to retire slightly earlier, with an average retirement age of 63.6 years.
Trends Over Time
Historically, the average retirement age in Canada has experienced fluctuations:
1990: The average retirement age was 62.8 years.
2000: It decreased to 61.6 years.
2010: A gradual increase brought it to 62.5 years.
2022: The average retirement age reached 64.6 years.
This upward trend is attributed to factors such as increased life expectancy, changes in pension structures, and evolving financial needs.
In Canada, there is no mandatory retirement age, allowing individuals the flexibility to choose when to retire based on personal circumstances and financial readiness. Government programs like the Canada Pension Plan (CPP) and Old Age Security (OAS) offer flexible commencement ages:
CPP: Benefits can start as early as age 60 or be deferred up to age 70, with adjustments to the benefit amount based on the chosen start age.
OAS: Eligibility begins at age 65, but benefits can be deferred up to age 70 for increased monthly payments.
Sources [ Wealth Awesome Statistics Canada ]
How Many Canadians Have No Retirement Savings?
Recent data underscores a concerning trend regarding retirement preparedness among Canadians. A 2024 survey by the Healthcare of Ontario Pension Plan (HOOPP) revealed that 44% of Canadian pre-retirees aged 55 to 64 have less than $5,000 in savings, with 32% reporting they have never set aside money for retirement.
The situation is particularly acute among women in this age group; 36% have no savings at all, compared to 22% of their male counterparts.
These figures highlight a significant gender disparity in retirement savings, emphasising the need for targeted financial planning and education to ensure all Canadians can achieve a secure retirement.
Sources [ Benefits Canada.com HOOPP.com ]
Retired population in Canada by province
As of 2023, Canada's senior population—individuals aged 65 and older—has reached approximately 7.6 million, accounting for 19.3% of the nation's total populace. Projections indicate this figure will surpass 11 million by 2043, representing about one in four Canadians.
Provincially, Newfoundland and Labrador report the highest proportion of seniors, with 24.6% of residents aged 65 and above as of 2023.
This demographic shift shows the province's aging trend.
The 2021 Census provides further insights into the distribution of the senior population across various municipalities. Notably, British Columbia and Quebec house several municipalities with significant proportions of residents aged 85 and older. For instance, Sidney and Duncan in British Columbia each have 9.3% of their populations in this age group.
Sources [ Statistics Canada CTV News ]
Canada retirees population by Age
According to data from Statistics Canada, the proportion of individuals who are retired increases significantly with age:
Ages 55 to 59: Approximately 14.1% are completely retired, with an additional 7.7% partially retired.
Ages 60 to 64: The figures rise to 33.2% fully retired and 11.7% partially retired.
Ages 65 to 69: About 68.5% are fully retired, and 12.0% are partially retired.
Ages 70 to 74: The majority, 85.9%, are completely retired, with 8.1% partially retired.
Ages 75 to 79: Approximately 91.2% are fully retired, and 5.4% are partially retired.
These statistics indicate a clear trend: as Canadians age, the likelihood of full retirement increases, with a significant majority being fully retired by their mid-70s.
Sources [ Statistics Canada ]
Also read How Many Retirees Use Robo Advisors In Canada
Canada retirees population by Race
Recent analyses of Canada's retirement demographics reveal significant disparities in income and retirement preparedness among different racial and Indigenous groups. A comprehensive study by the Canadian Centre for Policy Alternatives (CCPA) utilized 2016 census data to examine these differences.
Income Disparities Among Seniors:
White Seniors: The average income for white seniors is approximately $42,800, with a poverty rate of 13.7%.
Indigenous Seniors:
First Nations Seniors: Average income of $29,500.
Métis Seniors: Average income of $35,000.
Inuit Seniors: Average income of $35,900.
Collectively, Indigenous seniors earn 25% less than their white counterparts.
Racialized Seniors:
Overall Average: $29,200, with a poverty rate of 19.8%.
Chinese Seniors: Average income of $28,200 and a poverty rate of 25%.
South Asian Seniors: Average income of $29,000, with a poverty rate of 12.9%.
Black Seniors: Average income of $32,400, 24% lower than white seniors.
Retirement Savings and Pension Participation:
White Households: 33% participate in private pension plans or contribute to RRSPs.
Indigenous Households:
Lower participation in pension plans, with smaller contributions when involved.
Reduced likelihood of RRSP contributions, and when contributed, amounts are lower.
Racialized Households:
Similar RRSP contribution rates to white households, but contribution amounts vary.
Chinese Households: Average contribution of just over $10,000.
Black Households: Average contribution of $4,600.
White Households: Average contribution of $7,600.
These findings shows the enduring effects of systemic racism and economic marginalization, leading to diminished retirement security among Indigenous and racialized seniors.
How many people collect CPP in Canada
As of December 31, 2021, the Canada Pension Plan (CPP) served approximately 6 million retirement beneficiaries. This number is projected to increase to 9.9 million by 2050.
In the fiscal year ending March 31, 2022, the CPP paid out a total of $5.6 billion in survivor benefits, accounting for 10.5% of the total benefits paid during that period.
What Percentage of Retirees Rely on Government Pensions (CPP & OAS)
Government transfers, including the Canada Pension Plan (CPP) and Old Age Security (OAS), play a significant role in supporting Canadian retirees. According to a 2023 survey by LifeWorks Inc., 15% of Canadians consider government pension plans their primary source of retirement income.
Additionally, a 2023 report by Russell Investments Canada Limited reveals that, on average, government transfers account for over 50% of retirement income for Canadians aged 65 to 74.
However, these government-provided funds often cover only a portion of essential retirement expenses, highlighting the importance of supplementary income sources for a financially secure retirement.
Sources [ Benefits Canada.com Newswire]
What Are the Biggest Financial Concerns for Canadian Retirees?
Recent studies have identified several financial concerns that significantly impact Canadians as they approach retirement:
Inflation's Impact on Savings: A BMO survey from February 2025 revealed that 76% of Canadians are worried about insufficient retirement funds due to rising inflation. Additionally, 63% feel that increasing prices over the past year have hindered their ability to save adequately. To mitigate inflation's effects, experts recommend constructing portfolios that address inflationary pressures while aligning with individual risk tolerance and investment horizons.
Cost of Living Affecting Savings: A July 2024 report by Sun Life Financial Inc. found that 75% of Canadians feel the rising cost of living negatively impacts their retirement savings. Approximately half of the respondents are concerned about not having enough saved for retirement. Many are prioritizing essential expenses over retirement contributions, with 53% pausing RRSP contributions to focus on tax-free savings accounts, which offer greater flexibility.
Adjusting Lifestyle Plans: An Ipsos poll for RBC indicated that only 33% of Canadians aged 55 and over plan to adjust their lifestyle for retirement, despite concerns about longevity. Top worries include maintaining their standard of living (39%), having sufficient savings (37%), and covering healthcare costs (34%). Additionally, 32% are concerned about inflation's impact on retirement finances.
Financial Stress Amidst Economic Challenges: Despite three interest rate cuts in 2024, Canadians continue to experience financial strain. Factors contributing to this stress include the mortgage structure, rising rents, and high household debt. These elements exacerbate financial challenges for retirees, keeping economic growth subdued and increasing reliance on retirement savings.
Sources [ Reuters Ipsos Wealth Professional Money.ca]
How Many Retirees Continue Working Past 65?
In recent years, there has been a notable increase in the number of Canadians aged 65 and older remaining in the workforce. This trend is influenced by various factors, including financial necessity and evolving workplace dynamics.
Labour Force Participation Rates
In 2023, 15.0% of Canadians aged 65 and older participated in the labour market, up from 6.6% in 1994.
The average retirement age has risen from 60.9 years in 1998 to 65.1 years in 2023, indicating a shift towards later retirement.
Gender Differences
Within this demographic, 19.3% of men and 11.2% of women aged 65 and older were active in the labour force in 2023.
Reasons for Continued Employment
While some seniors continue working due to financial necessity, others choose to remain employed for personal fulfillment and social engagement. A 2022 Labour Force Survey indicated that more than half of Canadians aged 60 and older work out of necessity rather than choice.
Policy Changes and Workplace Adaptations
The abolition of mandatory retirement in Canada in 2009 has allowed seniors to remain in the workforce if they choose.
Employers have also adapted by offering age-friendly workplaces, including flexible hours, remote work options, and phased retirement plans, to accommodate older workers.
These developments reflect a broader societal shift towards recognizing the value of experienced workers and adapting to an aging population.
Sources [ Vanier Institute NICE]
Provinces with the Highest and Lowest Retirement Savings
Recent studies have highlighted significant disparities in retirement savings across Canadian provinces. Saskatchewan leads the nation in retirement readiness, with residents aged 45 to 64 having retirement assets approximately four times their annual income.
This high ratio is partly attributed to the province's substantial number of small businesses, which may contribute to greater retirement savings through business equity.
Other provinces with notable retirement readiness include Prince Edward Island, British Columbia, Ontario, and Alberta. These regions benefit from strong retirement assets relative to income and, in some cases, a lower percentage of seniors in the population, which can influence the demand for retirement savings.
Conversely, Quebec has been identified as having lower retirement savings levels. A 2025 survey found that only 43% of Quebec residents have a financial plan they follow, the lowest among Canadian provinces. This lack of planning may contribute to reduced retirement preparedness in the region.
Additionally, a 2024 survey revealed that 28% of unretired Canadians aged 55 to 64 have less than $5,000 in savings, with women in this age group disproportionately affected.
What Percentage of Retirees Own Their Homes vs. Rent?
Recent data indicates a significant shift in housing tenure among Canadian retirees, with a growing number opting to rent rather than own their homes.
National Trends:
As of June 2024, renters comprise 33% of Canadian households, the highest percentage recorded. This rise is attributed to escalating homeownership costs and demographic changes, including an aging population.
In February 2024, a survey revealed that 43% of Canadians rent their residences, a notable increase from 31% in July 2022. Concurrently, homeownership without a mortgage declined from 31% to 20% over the same period.
Senior-Specific Data:
Seniors aged 65 and older now constitute one-third of Canada's solo renters. In cities like Montreal, solo renters account for 74% of one-person households, with similar trends observed in Toronto and Ottawa.
A 2016 report highlighted that 32.8% of rented senior households were in core housing need, compared to 7.7% of owned senior households.
Sources [ Government of Canada Point2Homes The Logit Group Benefits and Pensions Monitor ]
How Many Retirees Still Have Mortgage Debt?
As of 2021, approximately 33.1% of Canadian households were renters, marking an increase from previous years.
This trend is influenced by factors such as the high cost of homeownership and an aging population. Notably, Montreal has the highest proportion of renters among major Canadian cities, with 63% of households renting.
In terms of demographics, Canadians aged 65 and older represent a significant portion of solo renters. In 2021, 4.4 million Canadians lived alone, with 50.4% of these one-person households being renters. Among solo renters, those aged 65 and above accounted for one-third of the market.
Sources [ Point2Homes Benefits and Pensions Monitor Statistics Canada ]
Canada’s Retirement System Vs Other Countries
Canada's retirement system consistently ranks among the top globally, reflecting a robust framework designed to provide financial security for its aging population.
Global Rankings and Comparisons
In the 2023 Mercer CFA Institute Global Pension Index, Canada maintained a 'B' rating, placing 12th out of 47 countries assessed. The index evaluates retirement income systems based on adequacy, sustainability, and integrity.
The Netherlands led the rankings with a score of 85.1, followed closely by Iceland (83.3) and Denmark (81.3). Canada's scores were 71.1 for adequacy, 64.5 for sustainability, and 76.7 for integrity.
Canada's retirement framework is primarily anchored by the Canada Pension Plan (CPP) and Old Age Security (OAS). The CPP offers earnings-related benefits, while the OAS provides a flat-rate monthly payment to seniors aged 65 and older. This combination ensures a basic income for retirees, though it may not fully replace pre-retirement earnings, emphasizing the importance of additional savings.
The effectiveness of Canada's pension system has garnered international attention. For instance, the UK government has looked to Canada's model as a potential blueprint for reforming its own pension funds, aiming to enhance investments in infrastructure and businesses. However, experts caution that replicating Canada's system requires careful consideration of unique national contexts and challenges.
How Many Retirees Move Abroad?
While precise statistics on the number of Canadians retiring abroad are limited, available data indicates a notable presence of Canadian pensioners residing overseas. In 2022, the total amount of Old Age Security (OAS) payments to Canadians living abroad reached $621 million, reflecting a 9.7% increase from the previous year.
This uptick suggests a growing trend of Canadian seniors choosing to spend their retirement years outside the country.
A report commissioned by Senator Yuen Pau Woo in April 2024 highlighted that over 4 million Canadians live abroad, accounting for more than 11% of the national population.
While this figure encompasses all Canadians residing overseas, not exclusively retirees, it underscores the significant expatriate community. The report also notes that the motivations for Canadians living abroad vary, including permanent emigration and reverse migration from Canada.
Lifestyle enhancements, favorable weather conditions, and more affordable living expenses are among the primary reasons Canadians consider retiring abroad. A survey by Canada Life UK revealed that 64% of individuals over 50 contemplating retirement overseas are drawn by the prospect of a better lifestyle, and 54% are attracted by a lower cost of living.
Spain consistently ranks as the top destination for Canadian retirees, followed by Portugal and France.
Sources [ Canada Life UK senatoryuenpauwoo.ca Benefits and Pensions Monitor ]
How Many Canadians Have a Formal Retirement Plan?
A significant portion of Canadians have not established formal retirement plans, raising concerns about future financial security. Recent studies highlight this issue:
A survey by the Ontario Securities Commission found that 56% of Canadians aged 50 and over lack a retirement savings plan. Additionally, 22% have not started saving for retirement, and 38% are uncertain about the amount needed for a comfortable retirement.
Similarly, a study by Manulife revealed that only 47% of working-age Canadians (25 and older) participate in workplace retirement savings plans. Moreover, just 6% receive advice from financial advisors to manage these plans effectively.
Source [ Benefits Canada.com]
How Many Canadians Worry About Outliving Their Savings?
Recent studies indicate that a significant portion of Canadians express concern about outliving their retirement savings. A 2025 survey by BMO revealed that 76% of Canadians are apprehensive about not having sufficient funds for retirement, primarily due to rising prices.
Similarly, a 2023 survey by the Canada Pension Plan Investment Board found that 61% of Canadians fear running out of money during retirement.
Sources [ Benefits Canada.com Newswire ]
How Much Do Canadians Withdraw Annually from Their RRSPs?
Determining the average annual withdrawals from Registered Retirement Savings Plans (RRSPs) in Canada is complex due to the individualised nature of retirement strategies and the absence of centralised data on withdrawal amounts. Factors such as personal financial needs, alternative income sources, and tax considerations significantly influence withdrawal decisions.
While specific data on average annual RRSP withdrawals is limited, available information provides insight into Canadians' retirement savings behaviors:
Average RRSP Balances: As of 2022, the average RRSP balance was approximately $144,613, marking a slight increase from $141,923 in 2021 and a more substantial rise from $112,295 in 2020.
Contribution Patterns: In 2019, 69% of Canadians held an RRSP account, with an average balance of $111,922, reflecting a $10,000 increase from the previous year.
These figures highlight a positive trend in retirement savings; however, they do not directly inform the average annual withdrawal amounts.
It's important to note that RRSP withdrawals are subject to withholding taxes, which vary based on the amount withdrawn:
Up to $5,000: 10% withholding tax (5% in Quebec)
$5,001 to $15,000: 20% withholding tax (10% in Quebec)
Over $15,000: 30% withholding tax (15% in Quebec)
These tax implications further influence individuals' decisions on the timing and amount of RRSP withdrawals.
Sources [ NCESC Wealthsimple Made In Canada]
