Wellness

Some people simply don’t have enough savings to leave the workplace completely at age 65. If this sounds like you, you aren’t alone. In fact, with rising inflation and financial uncertainty today, more than 60% of Canadians are delaying their retirement.

The good news is, continuing to work now will only create more financial security later. Not only does continuing to work mean you aren’t starting to rely on your savings, but it may mean you can even continue to save. In fact, you can contribute to an RRSP until you’re 71, which means your employer may contribute as well (increasing your savings) and managing the funds will cost less (because fees are shared among all employees).

Studies have shown that people who continue to work past retirement age are more likely to report being in good health and avoiding chronic or serious health problems. There are a variety of reasons for this: a sense of purpose, continued physical activity and stronger relationships with acquaintances, to name a few.

In addition, those who continue to work may have access to better health and dental benefits than those who don’t. Employer-sponsored health plans generally offer coverage for prescription medications, dental appointments and paramedical professionals, such as physiotherapists and speech or occupational therapy. Delaying your responsibility for footing these bills means more money later.

Some people do well in retirement: they call the shots, they make the schedule. Others find retirement leads to a struggle with anxiety or depression.  They may need routines and outings to maintain a positive outlook. Continuing to work provides that structure. Those who have a strong work ethic and who flourish in team settings may find they just miss the workplace.