More Canadians are working past the traditional retirement age of 65 than ever before. In 2015, one in five Canadians aged 65 and older reported working during the year. That is 1.1 million seniors - the highest proportion recorded since the 1981 census, and nearly double the number recorded in 1995. Most of that increase was in part time or part year work.
So why are we opting to work late?

We need to work
Financial need is the most obvious reason to stay in the workforce past the traditional retirement age. A 2016 survey by Manulife Bank found that 60% of Canadians worry about having enough savings to fund a comfortable retirement. There are legitimate reasons for concern: fewer jobs that include a pension plan, stagnant salaries, and the dramatic increase in real estate prices in many parts of the country make saving difficult for many. Many people nearing retirement age have the additional financial stress of children AND elderly parents, putting an early exit from the workplace even further out of reach.
On the bright side, working longer can have a dramatic impact on one's retirement fund. According to the authors of The Power of Working Longer, working as little as three to six months past retirement age can have a positive effect on one's standard of living in retirement. Delaying retirement now, even for a short while, can mean a more comfortable retirement later.

We want to work
Stopping work at 65 is not an appealing prospect for many. Canadians are living longer, healthier lives than previous generations, and the work place has shifted to one that is more knowledge-based and less physically demanding. Having to stop working because we are no longer physically capable of doing the job is, thankfully, becoming a thing of the past. For many, work provides a sense of purpose that isn’t easily replaced in retirement; often retirees return to the workplace not for financial reasons, but because they simply miss the social interaction and professional fulfillment that comes from working. Some choose to return to their old jobs, others begin a second career, and still others opt for part-time work that allows them to enjoy the benefits of working with the more relaxed pace that comes from being semi-retired.

It's good for us
It turns out that staying in the workforce may be good for our health. Researchers from Oregon State University found that healthy adults who continued to work for one year past retirement age had an 11 percent lower risk of death from all causes than those who did not. This was true for both blue-collar and white-collar workers. While the relationship between work and longevity is not clear, the economic and social advantages of work may have an positive effect on health.

Early retirement is looked on as a goal for many, but there are many good reasons for delaying retirement. The decision to retire is based on many factors other than age, and the reality is that more of us are going to be staying in the workforce longer than we expected, or maybe even wanted to. Older workers bring experience and talent to the workforce, which benefits everyone, and they should be supported and encouraged to remain working for as long as they care to do so.