Health Is the Number One Reason Canadians Delay Retirement

Sixty-nine percent of retired Canadians did not stop working on the date they planned. “Our research shows that Canadians who are not financially prepared to retire typically say they will work longer to compensate, but unfortunately, they may not have that choice,” says Kevin Dougherty, president, Sun Life Financial Canada. Though Sixty-six percent of Canadians cite that deteriorating health is a top concern as they age, only 22% have saved money or planned for healthcare expenses in retirement. The survey also reveals the following:

  • 53% worry about the cost of drugs and medical treatments in retirement.
  • 47% worry about being in long-term care longer than they are financially prepared for.
  • 45% worry about outliving their retirement savings.

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Last Updated 08/10/2022

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