Semi-Retirement: Why Some Canadian Seniors Choose to Keep Working
The concept of a long, leisurely retirement after the age of 65 is a very new concept in the broad scheme of things. Right now, the average lifespan for Canadians is nearly 83; in 1950 it was less than 69. For many, taking it easy after a long, challenging career sounds just fine, but some are choosing semi-retirement instead.
What Is Semi-Retirement?
In a word, semi-retirement means transitioning out of a traditional, full-time career and into either a part-time job or volunteer position.
The median retirement age in Canada is sixty-one, which means many Canadians are spending over twenty years in retirement on average. That’s a long time, so it’s no surprise that 65 per cent of these retirees are working part-time. In addition to that, 36 per cent of Canadians aged sixty-five to seventy-four are working full-time, and 13 per cent over seventy-five are also working.
What Are the Benefits of Semi-Retirement?
Many Canadians choose to do so for a number of reasons. Some may still want some extra income for financial security while others are seeking a less demanding schedule to work on projects they’re passionate about that gives them a sense of satisfaction and purpose.
A recent report from the National Institute of Aging found that nearly 80 per cent of Canadians aged fifty-five to sixty-nine are worried about their finances. With age expectancies and retirement costs trending upwards, many seniors are looking for a source of income.
The benefit of semi-retirement is that it can provide an income for those who want to still work but are looking for a slower pace. Semi-retirement gives seniors the flexibility to approach their work-life with more intentionality. A recent survey found that working adults aged eighteen and older would take part in semi-retirement if offered by their employer, transitioning into a consulting role with flexible or reduced hours.
It can be beneficial to employers as well who are struggling to fill job vacancies in this labour market presently struggling with a shortage of workers.
Semi-retirement can also be a health benefit for people who struggle to have an identity outside their careers. Part-time work offers seniors social engagement and physical activity, which are good for mental and physical health.
Looking for Work?
Storesupport is looking for candidates of all ages! Ideal for semi-retirees, we’re a national retail team where you choose your schedule and won’t be chained to a desk. We offer flexibility, competitive wages, and independence.
Check out our current job availabilities!« Back to Blog