Sep 26, 2025
For so many Canadians, retiring early is a dream. In a retirement report released by Fidelity Investments in 2025, only 26% of Canadians aged 45 and older plan to retire before age 65 (1).
But if you’re part of the remaining 74% who are still considering a traditional retirement age, say at 65-years-old or later, there could be plenty of reasons to reconsider when you retire.
Advertisement
Here are three surprising statistics that could change the way you look at your golden years.
Healthy life expectancy is only about 69 years
According to the World Health Organization (WHO), the average overall life expectancy in Canada is 81.6. years (2). However, a person’s longevity doesn’t reflect a high-quality of life.
The healthy life expectancy in Canada, meaning the age to which you can expect to live in good health without chronic illness or disability that limits daily activities, is just 69.7, according to Statistics Canada (3). Beyond this age, you’re more likely to suffer from chronic medical issues that can leave you unable to fully enjoy your golden years.
If you plan to retire at age 65, you’re just under this threshold. You might be healthier and in better shape than many of your peers, but your chances of needing medical attention could significantly increase over the following four years.
If you’re interested in retiring early — or already plan to — these statistics may sway your decision. While not everyone will develop chronic health conditions later in life, some may want to avoid finding themselves finally retired but with less enjoyable time left than initially expected. Retiring as early as possible could give you more opportunity to enjoy pursuing activities and hobbies or spending time with family.
Must Read
- Stop the leak: 5 costs Canadians (still) overpay for every single month. How many are sabotaging your 2026 budget?
- What's your worth? Here are the 3 net worth milestones that change everything for Canadians (and what they say about you)
- Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich — and that ‘anyone’ can do it
Most Canadians spend 74,000 hours at work
Andrew Naber, a data scientist who graduated from Gettysburg College (4), calculated that most Americans spend a total of 90,000 hours at work during the course of their career. Canada cites a more conservative estimate of more than 74,000 hours spent over the span of your career, as of 2022 (5).
Sometimes it takes a new perspective to realize how things can add up over the years, but with only 24 hours in a day, 74,000 hours spent at work in a lifetime sounds like a lot.
For some people, this may encourage them to retire as early as possible. If you work 35 hours a week, retiring only five years early could give you a chance to reclaim roughly 8,500 hours.
With CruiseBooking reporting that the typical world cruise is about 120 days, that’s enough time to cruise the world roughly three times (6).
Early retirement can reduce depression
Research confirms that how you retire can significantly impact your mental health. For example, retiring under favourable conditions tends to reduce depression, whereas doing so under pressure could have the opposite effect.
Advertisement
Retiring by choice while you’re still relatively young and healthy could reduce your risk of developing feelings of dejection, while also charting a course for a more fruitful use of time. But if you wait too long, you increase the chances of being pushed out of the workforce involuntarily, whether due to an issue based on your physical health, sudden employment instability or something else.
One way to ease into a smoother retirement is to take control of your own destiny and retire on your own terms. For some, this might mean retiring early.
Read more: The ultra-rich are bailing on volatile stocks right now — these 4 shockproof assets are their new safe havens
What about the money?
Although 65% of Canadians say they hope to retire early, only 35% of working Canadians over 50 believe they can afford to retire when they want (7). The main drivers for this gap are most likely related to the rising cost of living, high debt, insufficient savings and greater employment and pension insecurity. No one wants to retire without a robust financial safety net.
The fear of outliving your money is real. The Healthcare of Ontario Pension Plan's (HOOPP) 2025 Canadian Retirement Survey reveals how only 43% of Canadians will be able to meet their financial needs in retirement (8).
Even if you’re convinced you’re not part of this safe cohort, there are ways to boost financial security for retirement. Consider moving to a region or province with a lower cost of living, or tightening your post-retirement budget to push your nest egg further.
A financial advisor can also help you set a realistic timeline and build a strategy to reach it, whether that means retiring early or simply choosing the age that works best for you. With a clear plan, you can work toward your goals and step into retirement on your own terms, ready to enjoy the sunset years you’ve been working so hard for.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Fidelity (1); World Health Organization (2); Statistics Canada (3); Gettyburg College (4); Statistics Canada (5); CruiseBooking (6); Ipsos (7); Healthcare of Ontario Pension Plan (8)
You May Also Like
- Here’s how to retire in 10 short years no matter where you live in Canada — even if you’re starting with $0 savings
- If you’re still feeling the pinch this month — don’t panic. Here are 5 easy ways to fix your finances without a total overhaul
- How Warren Buffett’s simple buy-and-hold real estate approach offers a lesson for Canadian homeowners and long-term investors
- Approaching retirement with no savings? Don’t panic, you're not alone. Here are easy ways you can catch up (and fast)
Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He is the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms His work has appeared in Money.ca, Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine, National Post, Financial Post and Piggybank. He frequently covers subjects ranging from retirement planning and stock market strategy to private credit and real estate, blending data-driven insights with practical advice for individuals and families.
