A recent report from the Institut du Québec reveals a significant shift in retirement trends among Quebecers. Over the past few decades, the average retirement age has steadily risen to 64.5 years in 2024, almost on par with Ontario’s average of 65.1 years.
One notable finding is the increase in the number of individuals aged 45 and above still actively participating in the workforce, accounting for 42% of workers today compared to 24% in 1984.
The report highlights the impact of mounting debt on career decisions, particularly among the 45 to 54 age group whose median debt has tripled from 2005 to 2023. This financial burden often compels individuals to prolong their working years out of financial necessity.
Furthermore, health considerations play a significant role in retirement decisions. While retirements due to health reasons have decreased over the past four decades (12% currently versus 20% in 1985), a substantial portion (26%) of retirees cite health issues as the primary reason for leaving the workforce prematurely.
Many individuals in their 40s and 50s are juggling multiple responsibilities, including raising children, looking after aging parents, and advancing their careers. The pandemic has exacerbated this situation, leading to a notable increase in women aged 45 and above exiting the workforce for family-related reasons compared to men.
Notably, women tend to retire earlier than men, with 34% of women aged 45 and above planning to retire before 60, in contrast to only 22% of men.
The report emphasizes the importance of implementing public policies and organizational practices that address the evolving needs of an aging workforce. Emna Braham, President and CEO of IDQ, stresses the significance of providing stimulating projects, ongoing education, and recognition within organizations to ensure the professional fulfillment of workers at all stages of their careers.
