More Canadians working past age 65: Statistics Canada

More Canadians are working past age 65, according to the latest census data from Statistics Canada.

Almost one in five (19.8 per cent) Canadians older than 65 worked at some point during 2015. This number has nearly doubled since 1995. More men (25.7 per cent) than women (14.6 per cent) made up this segment of working seniors.

Many factors contributed to these increased numbers, noted Statistics Canada, including higher levels of education among seniors and an increase in the debt levels of older Canadians, encouraging them to stay in the workforce. As well, higher wages, improved health and a move toward a less labour-intensive, service-sector economy could also be contributing factors.

Read: Canada not preparing for ‘greying of society’ given retirement age reversal: study

The number of Canadians over age 65 working full time for the full year set a record at 5.9 per cent in 2015, the highest since the census began to measure comparable data in 1981.

Those with a bachelor’s degree or higher, as well as those without any private retirement incomes were more likely to be working past age 65. Senior employees were more prominent in Alberta, Saskatchewan, Prince Edward Island and the territories, while seniors in Quebec, New Brunswick and Newfoundland and Labrador were less likely to continue working. 

As more older Canadians stay in the workplace, the median income among older workers is on the rise as well. Since 2005, Canadians aged between 65 and 74 who worked the full year saw median income jump from $33,842 to $44,193. Part-time employees in the same age group saw increases as well, from a median income of $11,816 in 2005 to $14,274 in 2015.

Read: Two-thirds of Canadian households saving for retirement, census suggests