OMERS Releases its Retire Ready Impact Report
OMERS, one of Canada’s largest pension plans, has released its Retire Ready Impact Report underscoring the critical importance of comprehensive retirement planning.
The report surveyed over 1,500 randomly selected Ontario residents, with an equal split between retired and non-retired individuals. The survey, conducted in 2024, provides valuable insights into the varied experiences and expectations of Ontarians regarding retirement.
"Our Retire Ready Impact Report underscores the critical need for comprehensive retirement planning that includes and goes beyond financial considerations,” said OMERS Chief Pension Officer Celine Chiovitti. “We recognize that achieving an ideal retirement requires a holistic approach encompassing physical health, mental well-being, and social connectivity. This research highlights the importance of planning, and we are committed to supporting our members in navigating this journey, ensuring they are well-prepared and confident in their retirement years."
The report also highlights provincewide gender and age disparities in retirement planning.
“Women, both retired and non-retired, exhibit less confidence and preparedness for retirement, with heightened concern over financial security,” said Chiovitti. “These findings underscore the work we have been championing at OMERS to help close the gender gap."
Pollara Strategic Insights conducted the provincewide poll.
“The Retire Ready Impact Report is a groundbreaking, holistic study of retired and non-retired people that goes beyond the typically singular focus on financial needs to also explore the importance of physical health, mental health, and social interactions to a thriving retirement,” said Craig Worden, President & Chief Innovation Officer, Pollara Strategic Insights.
Key Insights from the OMERS Impact Report:1. Retirement Satisfaction and Ideal Retirement Gap:
Over 80% of retired Ontarians report happiness with their retirement, but only 60% feel they have achieved their "ideal" retirement, characterized by timing, good health, and financial security.
While 45% of retirees are very happy, 38% express moderate contentment with their retirement.
2. Holistic Planning Beyond Finances:
A significant majority (71% retired, 58% non-retired) agree that retirement planning should encompass physical and mental health and social connections, not just financial readiness.
Financial planning remains a priority, especially among non-retirees and women across both groups.
3. The Benefits of Holistic Planning:
Nearly 40% of retirees report having had a comprehensive plan across health, connectivity, and finances. This group reports higher overall satisfaction and health, highlighting the benefits of thorough preparation.
4. Retirees’ Preparedness and Reflections:
Over three-quarters of retirees had considered or fully planned for retirement before leaving the workforce, with those possessing a pension plan being significantly more prepared.
Many retirees wish they had focused more on physical health and financial security preparations.
5. Gender and Age Disparities in Planning:
Women, both retired and non-retired, exhibit less confidence and preparedness for retirement, with heightened concern over financial security.
Younger non-retirees (under 50) are less likely to have started planning and are more concerned about financial stability than older cohorts.
Non-retired men are more proactive in planning than women, with 44% of men having started planning compared to 34% of women.
The OMERS Retire Ready Impact Report reveals a compelling narrative: achieving an ideal retirement necessitates holistic planning across all aspects of life, not just the financial cornerstone. With a significant portion of Ontarians yet to fully engage in retirement planning, there is a clear opportunity for increased education and proactive planning to ensure a fulfilling and secure retirement.“Our goal is to be the most trusted partner in empowering OMERS members through their pension journey, from hire to retire – and beyond,” said Chiovitti. “To empower our members on their retirement journey, OMERS continues to be focused on providing exceptional service and in looking ahead to identify and deliver resources that will help drive member well-being in retirement.”
Last year, OMERS introduced a new hub to help members plan and better understand how their OMERS pension fits into the broader Canadian retirement picture. We also introduced a new in-person education session, “Preparing for your 100-year life”, which provides a more holistic approach to retirement.
For more information and to access the full report, please visit here.
I thank Don Peats for sending me this earlier today and I encourage you to go here to read the report and main findings.
Just a bit more on this from OMERS:
Longevity data shows that people are living longer and many of us will be in our “retirement years” for a longer period of time, perhaps decades.
There isn’t a one-size-fits-all solution to retirement. It is very personal and there are many possible outcomes. With a potentially longer retirement and many decisions to navigate, it is more important than ever to prepare and plan.
The financial resources to sustain retirement remain a cornerstone. At the same time, questions posed to Ontario retirees reinforce the importance of thinking about other factors that can contribute to satisfaction in retirement.
This includes thinking about mental and physical health, social resources and where we want to live as we age.
In 2024, OMERS engaged Pollara Strategic Insights (Pollara) to survey retired and non-retired Ontarians to gain a better understanding of their view on retirement planning.
Among the key findings, the survey reported that an ideal retirement is closely linked with having a retirement plan that looks across both financial and non-financial (physical health, mental health, social connectivity) factors.
Planning is important
Experiencing an ideal retirement is closely linked with having a retirement plan and while a large majority of non-retired Ontarians claim to have at least thought about their retirement, only 4-in-10 have started actually planning. The almost 40% of retired respondents who had a solid holistic plan reported greater happiness in retirement. Planning matters, and it’s never too early – or too late – to start.
And holistic retirement planning is equally important
In addition to having a plan, what the plan covers is also important. Retired and non-retired Ontarians agree that financial stability is the most important factor in retirement. Both groups also agree that retirement planning should also focus on other aspects, like physical and mental health and social connections, with retired Ontarians feeling more strongly about this than their non-retired counterparts.
Thinking about retirement
Our goal is to be the most trusted partner in empowering OMERS members through their pension journey, from hire to retire – and beyond. To empower our members on their retirement journey, OMERS continues to be focused on providing exceptional service and in looking ahead to identify and deliver resources that will help drive member well-being in retirement.
In 2024, we introduced a new retirement income sources hub to help members plan and better understand how their OMERS pension fits into the broader Canadian retirement picture.
We also introduced of a new in-person education session, “Preparing for your 100-year life”, which provides a more holistic approach to retirement (covering how to retire, both financially and emotionally).
In 2025, OMERS will be piloting a more immersive holistic retirement planning experience for members, gathering insights and feedback and working with members to design material for a meaningful retirement planning hub.
Together these resources will help drive well-being in retirement for OMERS members, regardless of income level.
I am glad OMERS put this research out and want to highlight a few things here.
First, according to Statistics Canada, Canada's population of people aged at least 100 more than tripled between 2000 and 2023:
Statistics Canada data show the country's population of people aged at least 100 more than tripled between 2000 and 2023, up from 3,393 to 11,705. That makes centenarians the fastest growing age group in Canada, and the agency says their numbers are poised to rise almost 10 times higher over the next half-century.
Experts attribute the rise to improvements in health care and medical awareness, although genetics likely plays a key role in individual cases.
Some relatives interviewed by The Canadian Press see their loved ones' great longevity as a blessing, but a testing one. And medical professionals, sociologists and demographers are calling for policy changes to address issues faced by the centenarian population, such as dementia and social isolation.
Anne Martin-Matthews, a now-retired professor at the University of British Columbia, spent more than 40 years studying the sociology of aging.
"People are living longer, and they're in many ways healthier than they've ever been," she said.
But she said sectors including health care and housing are largely unprepared for such an aging population despite decades of warning.
Statistics Canada on Monday released a forecast that the centenarian population would hit 106,100 by 2073, under a medium-growth scenario that would also see the population of people aged 85 or over more than tripling.
Moreover, not all Canadians are living longer. According to the latest research, wealthier Canadians are living longer and are less dependent as they age:
Our research explored the relationships between longevity, dependency and income using data from a 2016 survey of 2,000 Canadians aged 50 to 69.
The data combined both subjective self-reports with objective data about the likelihood of living to age 85, developing limitations in daily living activities or entering a nursing home. Financial resources were measured through reported income and savings.
Our findings show that Canadians with higher incomes are more likely to live to age 85 and are less likely to become dependent. After controlling for several socioeconomic factors, we found that a one per cent increase in income was associated with the following:
- nearly a five per cent increase in survival probability;
- a one per cent decrease in the likelihood of having limitations in daily living activities;
- and a two per cent decrease in the likelihood of entering a long-term care home.
The relationship between income and dependency was particularly strong among individuals in the top third of the income distribution. This suggests that financial resources play a significant role in extending life and maintaining independence as people age.
This might seem obvious to many of you but financial resources alone don't ensure a long, healthy and happy life.
OMERS' Retire Ready Impact Report underscores the critical importance of comprehensive retirement planning which takes mental and physical health, social resources and where we want to live as we age into account.
Interestingly, the report shows 40% of retirees report having had a comprehensive plan across health, connectivity, and finances. This group reports higher overall satisfaction and health, highlighting the benefits of thorough preparation.
Moreover, retirees possessing a pension plan feel significantly more prepared for retirement.
And not surprisingly, more women than men feel more anxious about retirement and that has to do with a whole host of factors that leads to significant gender disparities in retirement.
OMERS Chief Pension Officer Celine Chiovitti notes this:
"Our Retire Ready Impact Report underscores the critical need for comprehensive retirement planning that includes and goes beyond financial considerations. We recognize that achieving an ideal retirement requires a holistic approach encompassing physical health, mental well-being, and social connectivity. This research highlights the importance of planning, and we are committed to supporting our members in navigating this journey, ensuring they are well-prepared and confident in their retirement years."
I can tell you just from seeing how my 94-year-old father handles retirement that social connectivity, reading and walking on a daily basis are all critically important.
But aging isn't easy, especially when you outlive most of your friends and as you age, you slow down, need more assistance from friends and family.
It boggles the mind how many older Canadians are ill-prepared for aging, not just financially but planning every aspect of their life as they age and need more help.
Anyways, I applaud OMERS' Retire Ready Impact Report and their new retirement income sources hub to help members plan and better understand how their OMERS pension fits into the broader Canadian retirement picture.
Let me end on this note. I hope one day Prime Minister Carney seriously thinks about creating a Ministry for Aging and Pensions, it's long overdue.
That's a wrap, long day and need to help put my little boy to bed.
Below, Statistics Canada data show the country's population of people aged at least 100 more than tripled between 2000 and 2023, up from 3,393 to 11,705. That makes centenarians the fastest-growing age group in Canada. Experts attribute the rise to improvements in health care and medical awareness, although genetics likely plays a key role in individual cases. (June 25, 2024)
Also, what does it take to live more than a century? Five centenarians shared the lessons they’ve learned about love, health, and money after 100 years of life. They reflected on the challenges they faced, the transformations they witnessed, and the habits that kept them strong as the world changed around them. They offer advice for younger generations on how to live longer and stay positive through it all.
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