A recent Manulife survey found that early retirees were more likely to say they wished they saved more (54 per cent) than those who retired later (42 per cent).Supplied
Ever wished you could get a sneak peek at what your life will look like in retirement?
With so many fluctuating factors in play, from inflation to market volatility to health, it’s impossible to predict the future without a crystal ball. But a new report from Manulife offers a fascinating deep dive into the lives and insights of Canadians who are already living the retired life.
The 40-year retirement – balancing dollars and dreams report, released in late 2025, surveyed more than 2000 Canadian adults of all ages to understand their fears, plans, successes and lessons learned about retirement. It includes valuable insights from baby boomer and Generation X respondents who are already retired or closing in on it, exploring what surprised them about retirement, what they might have done differently and what those planning for retirement can learn from their experiences.
For example, 44 per cent of retirees said they retired earlier than planned, at an average age of 56. About a third said they retired early due to health issues, while 13 per cent said they needed to take care of a loved one and 10 per cent said they were laid off. Just 15 per cent of respondents in this group retired early because they had saved enough money.
As one respondent said: “[Retirement] came earlier than I thought it would – you can’t always bank on things going according to plan.”
Another said: “I was in very good health until I wasn’t.”
On the opposite end of the retirement spectrum, the top reason respondents gave for delaying retirement was to “save more money” (42 per cent).
‘Don’t live beyond your means’
The Manulife survey found those who retire later are less stressed. Just 19 per cent of that group said they are more money stressed in retirement than before. That number increases to 32 per cent among those who retire early.
As well, the latter group is more likely to say they wished they saved more (54 per cent) versus 42 per cent of those retiring later.
Many retirees stressed the importance of saving and planning in the years before retirement, indicating they had wished they had prioritized it more in their working years.
For example, one retired boomer said: “Stop spending and start socking away every penny you can. You don’t need a new car or the newest cell phone or a mansion or a house. Don’t live beyond your means.”
Other retirees shared similar sentiments:
“The biggest surprise is how much and how quickly the cost of living changes.”
“[I worry about] running out of money; being a burden to my children.”
“[I’m] wondering if my funds will last as long as I do.”
Plan early for financial and mental health
Some retirees shared that they were surprised that costs during retirement were about the same as while they were working, they were just “spending on different things,” as one respondent put it. Fifty-two per cent of early retirees (and 35 per cent of later retirees) said they had to adjust their spending in retirement to fill financial gaps.
Others noted that planning shouldn’t just be about the financial demands of retirement because they felt ill-prepared physically, socially and emotionally as well.
One respondent said they were surprised by “how suddenly things that came to me so easily, like walking long distances, have become more difficult.” Another shared: “I have seen people unable to cope with retirement. The issue isn’t financial. It is about maintaining a purpose in one’s life.”
These sorts of insights speak to the need for more comprehensive planning that connects income with lifestyle. With Canadians potentially being in retirement for 30 or even 40 years, it’s critical to ensure financial capacity is sufficient to support a retirement that is comfortable, enjoyable and meaningful.
The overall message from today’s retirees? Plan early, save as much as possible and work with a financial professional.
“Start as early as possible because it sneaks up on you rather quickly,” said one respondent.
“Make sure you get good advice. Don’t get caught up in the same story we all like to tell ourselves: I have time.”
Read the full report at manulifeim.ca/retire/financialresilience
Advertising feature produced by Globe Content Studio with Manulife. The Globe’s editorial department was not involved.