Future retiree infographic
TORONTO, Canada, April 8, 2024 (Globe Newswire) — Workers in Canada's education sector may feel ready to retire from their current roles. Still, they are not ready to quit their jobs, according to RTOERO's 2024 Future Retirement Survey results.
“The concept of retirement is changing. As the population ages and life expectancy increases, older workers continue to work past traditional retirement age, either by necessity or by choice.” RTOERO Chair Martha Foster explains. assignment. View older employees as an asset. Consider their unique needs and perspectives. And design a collaborative, multigenerational workplace. ”
For the past three years, RTOERO has been surveying future retirees from the education industry. The 2024 survey includes results from 1,300 employees in the education sector, the majority of whom have been within five years of retirement. The survey results provide a glimpse into people's perceptions of their retirement preparedness, the types of information they seek, and the various factors that influence their retirement planning.
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More than half of respondents plan to work part-time or full-time after retirement, which is consistent with the 2023 survey results.
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One-third of respondents are considering or have decided to retire earlier than planned. The top two factors that influence the decision are working conditions and health/mental health.
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Just over a quarter of respondents are considering postponing retirement or have decided to postpone retirement. The biggest factor influencing the decision is the economy/inflation.
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Approximately one in five respondents have experienced age discrimination at work.
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If you are looking for financial advice, your financial planner is your best resource.
“One of the trends we are watching for the future of aging is the changing workforce,” says RTOERO CEO Jim Grieve. “Over the next decade, we will see a shift in the way many organizations approach an aging workforce. Companies that see this reality as an opportunity will offer flexible options to older workers, creating a win-win situation. It will create a situation.”
The future of work is one of the topics focused on at RTOERO's upcoming Future of Aging Summit, to be held in Toronto from May 15th to 17th. Shruti Singh, Senior Economist, Skills and Employment, Organization for Economic Co-operation and Development, discusses employment and labor force participation.
Retirement gives you the opportunity to explore new activities and experiences outside of work. When he asked respondents to name one word or phrase that comes to mind when they think about retirement, respondents overwhelmingly associated it with “freedom.”
Foster says, “People nearing retirement have a predominantly optimistic view of their future.This reflects our view of retirees, as retirees tend to be happier after retirement.'' This is consistent with our understanding.”
The full report is available on the RTOERO website: https://rtoero.ca/future-retirees-to-retire-or-not-to-retire/
About RTOERO
RTOERO is a trusted bilingual voice on living a healthy and active life in retirement, serving the broader education community. With more than 84,000 members in 51 districts across Canada, we are the nation's largest provider of not-for-profit group health benefits for educators and retirees. We welcome members working in the early stages of education, schools, school boards, higher education institutions and other education sectors, or retired members. We believe in a better future together!
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CONTACT: Danielle Norris RTOERO 416-962-9463 ext 224 dnorris@rtoero.ca
