Canada’s actuaries ties financial literacy month to a longer Canadian retirement
Life expectancy at age 65 runs approximately 4.5 years higher than life expectancy at birth for men and three years higher for women, and retiring couples aged 65 have a one in four chance that at least one spouse lives to 100.
Withdrawing 4 percent of retirement savings each year, or setting income replacement ratios from a retiree’s last year of employment earnings, is described in the statement as clearly too simplistic to meet the diverse needs of retirees.
Roughly 20 to 25 percent of Canadians who turned 60 between 2020 and 2024 started their pensions as soon as they were eligible, according to the 32nd actuarial report on the Canada Pension Plan cited by the institute.
For people who began drawing Quebec Pension Plan retirement pensions in 2024, the maximum monthly amount was $873.34 at age 60 and $2,166.98 at age 72, against $1,364.60 at age 65.
The institute publishes a free tip sheet and resources covering saving early, balancing current priorities against future needs, and deciding when to start government benefits.
