No shame in delayed retirement, says financial planner

Rising costs, and longer life-spans aren't the only reasons Canadians are hitting the snooze button on retirement, CTV Windsor's Robert Lothian explains.

Whether it’s due to the rising cost of living or simply a want to stay active, one financial planner says there’s no shame in Canadians staying in the workforce longer.

Figures from Statistics Canada show the rate of Canadians staying on the job has risen to new highs.

In 2025, the labour force participation rate for Canadians aged 65 and older hit 15.2 per cent. There are nearly 1.2 million seniors on the job.

Bill McBay, a Certified Financial Planner for T.E.A.M Financial Solutions with Sun Life Financial, isn’t surprised by the data.

But he doesn’t believe it’s only due to higher costs and longer life expectancy.

“The new retirement plan that I’m seeing more than not is retiring partially. Maybe working at something you always wanted to do past your normal retirement age,” he said.

These days, McBay says he hears about more people using retirement to pursue jobs in fields they enjoy but never had the chance to try.

McBay says he receives calls from people in both situations, struggling to retire or wanting to work longer, needing help to navigate the challenges each respective scenario presents.

“I think my job or the job of the advisors is to see whether or not that’s okay or not, I don’t think it’s a shaming thing,” he added.

The average retirement age climbed to 65.4 years last year compared to 61.6 years two decades prior.

In the case of those unable to afford retirement, McBay believes there can be several options to find some relief.

“So when somebody comes to me and says, ‘Oh, I can’t retire because this is happening and the cost of fuel and everything else,’ I may say, well, let’s just retire a little bit, you know, let’s retire Fridays if you can,” he said.

Regardless of their reasoning, he adds that the best route for those looking for direction is to speak with someone suited to help create a financial plan.