Toronto, Canada, April 08, 2024 (GLOBE NEWSWIRE) — Education sector workers in Canada may feel ready to retire from their current roles. Still, they are not ready to stop working, according to RTOERO’s 2024 Future Retirees Survey findings.
“The notion of retirement is changing. With aging populations and increasing life expectancy, older workers are continuing to work past the traditional retirement age—either by necessity or choice,” explains Martha Foster, chair of RTOERO, “This is an opportunity for education organizations, especially in a time of staffing challenges. See older workers as an asset. Consider their unique needs and perspectives. And design workplaces to be supportive and multigenerational.”
RTOERO has surveyed future retirees from the education sector for the past three years. The 2024 survey includes findings from 1,300 education sector workers, the majority within five years of retirement. The survey results offer a glimpse into people’s perceptions of their preparedness for retirement, the types of information they seek, and the various factors impacting their retirement plans.
Highlights
- Over half of the respondents plan to work part- or full-time in retirement, which is consistent with the results from the 2023 survey.
- A third of respondents are considering or have decided to retire sooner than planned. The top two factors influencing the decision are working conditions and health/mental health.
- Just over a quarter of respondents are considering or have decided to delay their retirement. The top factor influencing the decision is economy/inflation.
- About one in five respondents have experienced ageism in the workplace.
- When it comes to seeking financial advice, financial planners are the top source.
“One of the trends we’re watching with the future of aging is the changing workforce,” says Jim Grieve, CEO of RTOERO. “Over the next decade, we’ll see a shift in how many organizations approach the aging workforce. Those that embrace this reality as an opportunity will provide flexible options for older workers, creating a win-win situation.”
The future of work is one of the topics in focus at RTOERO’s upcoming Future of Aging Summit, which will be held from May 15 to 17 in Toronto. Shruti Singh, senior economist in the Skills and Employment Division of the Organisation for Economic Co-operation and Development, will discuss employment and workforce participation.
Beyond work, retirement offers an opportunity to explore new activities and experiences. When asked to share one word or phrase that comes to mind when they think of retirement, respondents overwhelmingly associated it with “freedom”.
Notes Foster, “Individuals nearing retirement hold predominantly optimistic perspectives regarding their future. This aligns with our understanding of retirees, as their happiness tends to increase throughout their retirement.”
The full report is available on RTOERO’s website: https://rtoero.ca/future-retirees-to-retire-or-not-to-retire/
About RTOERO
RTOERO is a bilingual trusted voice on healthy, active living in the retirement journey for the broader education community. With 84,000+ members in 51 districts across Canada, we are the largest national provider of non-profit group health benefits for education workers and retirees. We welcome members who work in or are retired from the early years, schools and school boards, post-secondary and any other capacity in education. We believe in a better future, together!
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- Future Retirees Infographic