Illustration by Sam Island
Oh, hi again. Canadians are getting older, but they’re not necessarily preparing for it. This week, the National Institute on Ageing released its annual survey, offering a clear snapshot of how Canadians are feeling about growing older, retirement, and what the years ahead might look like.
Living longer, healthier lives
I spent an afternoon this week at Manulife’s headquarters in Toronto, listening to the results of the NIA’s 2025 Ageing in Canada Survey, which was done in partnership with Manulife and Abacus Data.
Talia Bronstein, the NIA’s policy director, kicked things off by saying that Canada is officially becoming a “super-aged” country in 2026, with 15.7 million Canadians aged 50 or older.
Canadians are living longer, there’s no debate there. The bigger question is whether those extra years will be healthy and financially secure ones. Right now, the data suggests we’re not quite there.
Among people who haven’t retired yet, the share who say they can afford to retire when they want has dropped to 29 per cent, down from 35 per cent in 2022. Nearly a quarter (22 per cent) have saved $5,000 or less for retirement.
The survey also paints a worrying picture of how older Canadians are feeling. Positive feelings about aging fell to 57 per cent last year from 62 per cent in 2024, the steepest drop since the survey began. More than half of respondents said they experience loneliness, and 43 per cent are at risk of social isolation. Those numbers haven’t budged since 2022.
When it comes to where people want to age, the preference is clear, with the majority – 81 per cent – wanting to stay in their current home or move to a smaller one for as long as possible. But there’s a disconnect between that desire and reality, with 62 per cent saying they haven’t made any modifications or plans to prepare their home for aging in place. I’ve written before about the financial and emotional strain of aging at home, and this data certainly reflects the experiences of the families I talked to.
There were some bright spots in the survey, particularly on the health-care front. The share of Canadians who say they can’t afford dental care dropped to 11 per cent in 2025 from 16 per cent a year earlier. The NIA pointed to the new Canadian Dental Care Plan as a likely reason – an example of how public policy can lead to real, measurable change. The program offers dental care to Canadians under a certain income threshold.
Naveed Irshad, president and CEO of Manulife Canada, told me what longevity means to him. It’s not about simply living longer, but, as he put it, “adding life to those years.” And that, he said, starts with a strong foundation in financial planning.
The Calculator
70%
Canadians aged 50 and over who said they report experiencing everyday ageism, such as subtle comments, jokes, and assumptions about aging, according to the NIA survey. Ageism was most common among adults over 80, people with lower incomes, and those in poor health.
The Retirement Receipt
Andy Doyle and Darcy Eaton with their sons Matt, 29, Brendan, 33, and James, 27, who live in their Vancouver home. Son Nick, 31, has moved out.Jennifer Gauthier/The Globe and Mail
Adult children are getting in the way of downsizing in retirement
The situation: Andy Doyle and Darcy Eaton told their four sons they could live rent-free in their Vancouver home until age 25, then would have to start paying them rent. The parents would store this money away for their sons to save toward a down payment. The couple had originally planned to sell the house two years ago and downsize, but three of their sons still live in the house.
Why it matters: Downsizing and retirement plans are being put on hold for many Canadians to help their adult children who can’t afford to buy or rent.
Yes, but: Delaying selling has had its downsides for the couple, they said, including losing out on the higher price their home would have fetched if they had sold it in the last two years.
Best of the Rest
🩹 When caring for aging parents, cracks can form in sibling relationships. One sibling often ends up taking on a lot more work than the others, and when that happens, resentment can form very quickly. Experts say plan early about caregiving, financial, and legal roles, such as power of attorney.
📝 Putting off retirement planning? January is actually the moment to do it. You can try reframing retirement planning as a wish list, not an exercise in deprivation. By focusing on the life you want first, and working out the math later, you can build a plan that’s realistic, motivating, and far less intimidating than staring at your unused RRSP room.
📊 Market crashes feel terrifying, but they’re also normal. Big selloffs of 30 per cent happen about once a decade, and investors who stay invested and keep contributing typically recover faster than those who panic and sell. The risk is highest for retirees and anyone who can’t withstand a major drop, which is why planning before a downturn matters.
❤️ Planning for purpose in retirement is as important as wealth and health. We all have a craving to feel like we matter and that we are valued. But often in retirement, many people feel as though their purpose slips through the cracks. That can lead to serious mental health issues such as depression and cause feelings of isolation. Take this as your reminder to start thinking about how to feel seen in retirement. (WSJ, paywalled).
Try This
📊Help your kids get ahead. One retiree I recently chatted with said that she helps her grandchildren by matching any TFSA contribution they make, up to a certain limit. It’s tough out there for young people, so if you have the means, it can be a good idea to give your kids, or grandkids, an incentive to save while also teaching them good money habits.
