Apparently, they’re retiring. Using census data, we can approximate the ratio of workers to retirees in Canada and how it changes over time. This ratio has been shrinking more quickly since 2008, which is when baby boomers started to retire in large numbers. More than 1,000 Canadians are reaching age 65 every day, which explains the need for high levels of immigration.
Frederick Vettese is former chief actuary of Morneau Shepell and author of Retirement Income for Life.
Frederick Vettese