With the growing cost of living and an increase in Canadians carrying debt into retirement, Canadians such as 70-year-old James Kadri are having to work multiple jobs.
More than half of Canadians over 60 in the workforce are there because of financial necessity, according to Statistics Canada, including the cost of essential expenses without support from a pension plan.At the age of 70, James Kadri is still putting in the work at his local grocery store in Calgary. He's worked there for 35 years, and relies on it and two other part-time jobs to make ends meet.
. It cited essential expenses and pension ineligibility as the primary reasons people continued working.found fewer people had retired in the past year, compared to the year before, among people aged 55 to 64. Bill VanGorder, 63, chief operating officer for CARP, says a key issue is that inflation is rising faster than government support such as Canada Pension Plan or Old Age Security payments.VanGorder says many people he has talked to would like to retire, or at least cut back on work, but are struggling to keep up with the increasing cost of living."Inflation has gone up much quicker than the increases in government support that's there, especially for low-income older Canadians.
"Older people used to be debt free by retirement back in the '80s, early '90s, and that's no longer the case. And this is partly due to the fact that it's so much easier to borrow now. You have a lot more access to credit than you did before," said Gallipoli. "It would be lovely to have a life of leisure and to have retirement, everybody enjoying 25 years of retirement. But it's expensive, and that means the money has to last for longer," said Gallipoli.VanGorder says CARP has been pushing for government to take a fresh look at the financial support it offers retired Canadians, and to remove the requirement for people to cash in their Registered Retirement Income Funds at a certain age.
In response to a request from CBC, a spokesperson from the Office of Canada's Minister of Seniors said government has been making changes to support seniors facing these economic challenges.
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