by Michael Carter
Originally published: April 9, 2017
Now that the RRSP deadline has passed, the retirement conversation will move away from monthly contributions and back to more serious topics, such as what to do with an aging work force. Where some might see this as a strain on our economy and public resources, others see it as an opportunity.
For the first time ever, Canadians are moving away from the traditional – and sometimes mandatory – retirement age of 65. Many will feel the need to continue working to pay the bills, but an increasing number are continuing to work because they want to. A recent survey from Statistics Canada found that workers with postsecondary education are putting off retirement beyond the age of 65. Canada currently has more people over 65 years old than under 15. So, we now have a highly skilled and experienced group of people looking for work, most of which is contract-based and dependent on flexible opportunities.
The boomer generation is a significant force of talent in the economy, and it is completely reworking how aging and retirement looks. This is especially true with regard to senior-level executives and professionals nearing the conventional retirement age. These executives are joining the gig economy, and this means that a cornerstone of the traditional work force is evolving and being challenged.