Our readers interested in working longer…30 per cent say they plan to work past 65.
CARP Action Online readers are very aware of – and interested in – the growing number of news reports about Boomers and seniors staying in the workforce longer. And 30 per cent said they expect to keep working after the age of 65.
Those are the results of our survey on employment, in the previous issue of CARP Action Online.
82 per cent of our readers agreed that they’re reading and hearing a lot more about Baby Boomers and seniors staying in the workforce. And just under 60 per cent strongly or somewhat agreed that the topic was very relevant to their own personal situation.
A bare majority – 54 per cent — said they did not plan to work past the age of 65. But 30 per cent said they did plan to, and another 15 per cent weren’t sure.
What makes these numbers significant is that the current labour force participation rate, according to Statistics Canada, is 11per cent for people aged 60 to 69, and 1.9 per cent for those over the age of 70. So if the numbers in our survey ever happened, it would triple the number of people over age of 65 who are still in the work force.
The biggest single reason? Money – 40 per cent said they strongly or somewhat agreed that they needed to keep working “primarily for financial reasons.” 60 per cent had other reasons, but no one factor was as big as the financial one.
Not surprisingly, our readers were strongly in favor of legislation to end mandatory retirement at age 65. 75 per cent were strongly or somewhat in favor, while only 18 per cent were strongly or somewhat opposed (6 per cent weren’t sure).