With some Canadians facing a potential 40-year retirement, survey data found the share of older Canadians who can afford to retire when they want fell to 29% in 2025 from 35% in 2022.
The findings are from the National Institute on Ageing’s (NIA) Ageing in Canada Survey, released in January 2026 and supported by Manulife through early initiatives of its Manulife Longevity Institute. The online survey was conducted from June 27 to July 24, 2025, sampling 6,001 Canadians aged 50+ living in community settings across all provinces and, for the first time, the territories.
Retirement pressures are developing alongside a demographic shift. RBC Economics said Canada is more than two-thirds through baby boomer retirements, estimating 5.2 million boomers have exited the labor force, with the remaining cohort reaching age 65 by 2030. The share of the working-age population aged 65+ was 17.0% in 2010, rising to 22.2% in 2025, and is estimated at 25.4% in 2030.
Manulife also cited its Financial Resilience and Longevity Report, which found 48% of Canadians are behind schedule on retirement savings.
“Financial security is fundamental to healthy aging and the insights from the NIA survey shows that proper financial and retirement planning is key to thriving in your senior years. With many Canadians now facing a potential 40-year retirement, they require more resources and support to not only build but also sustain their security for those extra years,” said Paul Lorentz, president & CEO, Manulife Wealth & Asset Management.
Beyond retirement readiness, the NIA survey found positive feelings toward aging fell to 57% in 2025 from 62% in 2024, the steepest decline since the survey began in 2022. Social isolation and loneliness remained high, with 43% at risk of social isolation and 57% experiencing loneliness.
The survey also found Canadians aged 50–64 were the least connected to primary care and the least likely to access care when needed. Access to care was highest among those with secure incomes and lowest among those who feel financially insecure, according to the survey.
“One of the clearest messages from the Ageing in Canada Survey is that prevention can’t be postponed until later in life,” said Dr Samir Sinha, geriatrician and director of Health Policy Research at the NIA.
Manulife said its collaboration with the NIA aligns with the Manulife Longevity Institute, announced in November 2025, which it said will support research, innovation and partnerships focused on longer, healthier and more financially secure lives in Canada.
