Later Retirement: the Win-Win Solution

Peter Hicks
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Peter Hicks: Peter Hicks Consulting

C.D. Howe Institute Commentary, 2012, issue 345

Abstract: Over the coming two decades people are likely to stay in the workforce much longer – by about five years. There will be a strong trend towards later retirement as a result of social and economic pressures, without any policy action. The results will be largely positive and should therefore be supported by policy whenever possible. Delaying work-retirement transitions by five years would have large, positive economic and fiscal effects, reducing pressures on growth, government finances and pension funding. While there is no immediate crisis to be addressed, a key reform will be to gradually increase the standard age of pension eligibility in order to bring it more in line with increases in longevity. Such reforms should involve gradually raising the age band at which one could receive C/QPP. Similar changes to the Old Age Security (OAS) would provide consistency in signals about retirement ages.

Keywords: Governance & Public Institutions; Canada; retirement; public and private pensions; aging (search for similar items in EconPapers)
JEL-codes: J14 J22 J26 J28 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (7)

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