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Retirement Trends – Do You Need to Adjust Your Plan?

  • Personal Finance

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Insights and Market Perspectives

Retirement Trends – Do You Need to Adjust Your Plan?

Author: Sound Choices

February 24, 2021


The content in the article below is meant for Canadian investors only.


Getting a better understanding of these major retirement trends and changes will help you better plan for your retirement.


1. Canadians are living longer

At age 65, the average lifespan of Canadian men and women is 85 and 87, respectively.1


2. We are retiring early

The majority of us are not working through retirement. Actually, we are retiring early. The average retirement age in Canada is 64.2


3. We are not on track

4-in-10 Canadians over 55 say they’re falling short in their saving for retirement and almost half don’t have a financial plan.3


4. COVID-19 is having an impact

1/4 of Canadians have been unable to contribute to retirement savings4 and 1/3 say they’ll retire later than planned as a result of COVID-19.5


While retiring early and living longer can both be good, the pandemic has underscored the need to have a plan and start early. Contributing to your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) are two of the best ways to make sure you’re on track for retirement.

To learn more about saving and investing for your retirement, talk to your financial advisor. Don’t have a financial advisor? Before you start your search, read about working with a financial advisor.


1Source: Statistics Canada. Table 13-10-0114-01 Life expectancy and other elements of the life table, Canada, all provinces except Prince Edward Island.
2Source: Statistics Canada. Table 14-10-0060-01 Retirement age by class of worker, annual
3Source: RBC Financial Independence in Retirement Poll, February 2020.
4Source: CIBC Poll: COVID-19 Impact on Retirement Planning, October 2020.
5Source: Edward Jones Canada, The Four Pillars of the New Retirement (June 25, 2020).
The commentaries contained herein are provided as a general source of information and should not be considered personal investment or tax advice. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change investment decisions arising from the use or reliance on the information contained here.

The contents of this Web site are provided for informational and educational purposes, and are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting or tax. Please consult with your own professional advisor on your particular circumstances.

AGF Management Limited (“AGF”), a Canadian reporting issuer, is an independent firm composed of wholly owned globally diverse asset management firms. AGF’s investment management subsidiaries include AGF Investments Inc. (“AGFI”), AGF Investments America Inc. (“AGFA”), Highstreet Asset Management Inc. (“Highstreet”), AGF Investments LLC (formerly FFCM LLC) (“AGFUS”), AGF International Advisors Company Limited (“AGFIA”), Doherty & Associates Ltd. (“Doherty”) and Cypress Capital Management Ltd. (“CCM”). AGFI, Highstreet, Doherty and Cypress are registered as portfolio managers across various Canadian securities commissions, in addition to other Canadian registrations. AGFA and AGFUS are U.S. registered investment advisers. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. AGF investment management subsidiaries manage a variety of mandates composed of equity, fixed income and balanced assets.

TM The “AGF” logo and ® “Sound Choices” are registered trademarks of AGF Management Limited and used under licence.


About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

For further information, please visit AGF.com.

© 2021 AGF Management Limited. All rights reserved.

Written by

Sound Choices

Sound Choices

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