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.
Here are three surprising statistics that could change the way you look at your golden years.
Don’t Miss
- Want to retire with an extra $1.3M? See how Dave Ramsey’s viral 7-step plan helps millions kill debt and build wealth — and how you can too
- A new nationwide survey of financial leaders warns Canada may face a recession in six months — protect your wallet with these 6 smart money moves ASAP
- Boomers are out of luck: Robert Kiyosaki warns that the ‘biggest crash in history is coming’ — here’s his strategy to get rich before things get worse
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.
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).
Read more: Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you?
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.
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.
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.
What To Read Next
- Ray Dalio just raised a red flag for Americans who ‘care’ about their money — here’s why Canadians should limit their exposure to U.S. investments
- The ultra-rich are pulling back on volatile stocks right now, warns investing legend — here are the 4 assets they’re using to help shield their millions
- I’m almost 50 and don’t have enough retirement savings. What should I do? Don’t panic. Here are 6 solid ways you can catch up
- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
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)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.