Whether you have been retired for several years, have recently retired or are looking at retiring in the not too distant future, retirement is not as carefree as the former “Freedom 55” advertisements seemed to project.
The baby boomer generation, comprising people who are currently between the ages of 59 to 78 (born between 1946 and 1965), continues to be the largest in Canada.
However, our percentage of the overall population is gradually declining. The 2021 Census counted 9,212,640 baby boomers, but for the first time, this generation accounted for less than one-quarter (24.9%) of the Canadian population. In contrast, we represented more than two in five Canadians (41.7%) in 1966, at the end of the baby boom period in Canada (1946 to 1965).
Other than not working, what does retirement look and feel like for most people? As with our working life, retirement will evolve with changes being influenced by our age and aging bodies.
People are retiring as early as 55, or younger, which means that we may have 30 or more years of retired life. Until recently, the focus has been on our financial well-being and not our overall well-being.
When asked, many retirees will say how wonderful it is not to have to go into work, but the loss of that routine, the sense of purpose and the social interaction will have an impact on us.
Some retirees are able to maintain workplace friendships but that usually only happens when their friendships existed outside of the workplace prior to retirement.
Retirement is about many things and everyone’s recipe for a Happy Retirement will be different, but it is important to have a plan.
