A new survey found that those who retire at their planned age or slightly later report greater satisfaction than early retirees.Supplied
‘Good things come to those who wait’ is a credo that Canadians planning for retirement might want to embrace.
A new survey about retirement by Manulife has found that those who retire at their planned age or slightly later generally cite better financial outcomes and greater satisfaction overall.
Manulife’s report, The 40-year retirement – balancing dreams and dollars, surveyed more than 2000 workers and retirees in 2025 to shed light on how Canadians are preparing for retirement and how those already retired are faring financially, psychologically and socially.
Overall, a large majority of Canadian retirees (81 per cent) said they are enjoying their retirement. But that number falls to 75 per cent among those who retired earlier than planned and increases to 87 per cent for those who retired as planned or later.
According to the survey, just a few extra years delaying retirement can mean better financial health, a more vibrant social life, more opportunities to pursue passions and less stress.
‘Be ready for any occurrence’
What does retirement look like today? The average age of retirement in the survey was 59. Forty-four per cent of respondents said they retired earlier than planned, at an average age of 56, while those who retired on time or later than planned stopped working at 62.
Wanting to save more money was the number one reason retirees cited when delaying retirement (42 per cent), followed by the desire to remain socially connected (33 per cent) and productive (27 per cent).
Meanwhile, the top reason for retiring early was health issues (33 per cent), following by being laid off with a severance package (16 per cent).
The survey found that delaying retirement by just a few years made a big difference financially.
Those who retired early were more likely to cut back on their cost of living (62 per cent) than those who retired later or as planned (43 per cent). And nearly one third (32 per cent) of early retirees said they felt more financially stressed than before retirement, versus 19 per cent of individuals who retired as planner or later. Early retirees were also more likely to agree with the statement: ‘I wish I’d saved up more for retirement.’
Survey respondents expressed what surprised them most about retirement:
“The amount my income dropped.”
“That I would get sick and be unable to do much work at all.”
“My employer retired me early so my plans went out the window. Be ready for any occurrence.”
Prepare for a major life change
The potential hazards of early retirement went beyond the financial: Canadians who retired earlier than planned were more likely to say they felt more socially isolated. Forty-four per cent of early retirees said their social circle shrank versus 28 per cent of Canadians who retired later or as planned.
Early retirees were also more likely to struggle with the social and psychological aspects of retirement, with 36 per cent saying that adjusting to retirement has been an “emotional experience” versus 27 per cent of late or on-time retirees. They were also more likely to agree with the following statement: ‘Now that I’m retired, I don’t know what to do with my time.’
Many survey respondents talked about their experiences with psychological and emotional impacts of retirement, whether they had retired early or late. Boredom emerged as a factor for some:
“Have plans in place as the ‘fun’ wears off very quickly,” said one.
“[I didn’t expect] that I would really miss working,” said another.
“Find something you enjoy and get involved in it.”
Differences aside, key themes emerged when retirees were asked to share their insights for those still working. Among the most popular words of wisdom: Remember that retirement may come earlier than you think, make saving for retirement a priority and understand that retirement can be expensive.
Another key piece of wisdom shared from retirees was to work with a financial professional when planning for retirement. It’s a way to help you feel more confident about your finances, whether you end up retiring early or later, and avoid undue stress in that chapter of your life.
“Pay for professional advice,” said one respondent. “It is well worth it.”
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.