Canadians Need to Plan for Longer Retirement, Actuaries Say
News related to:Canadian Institute of Actuaries · 2 min read
OTTAWA, Ontario, Nov. 06, 2026 /CourierPR/ -- Canadians are living longer than ever, and their savings may need to stretch further than they expect, according to the Canadian Institute of Actuaries. This Financial Literacy Month, the CIA is encouraging Canadians to plan for a longer life, so their money lasts as long as they do.
Actuaries, experts in measuring life expectancy and financial risks, are urging individuals to rethink their retirement plans.
According to Statistics Canada, life expectancy at age 65 rose from 18.8 years in 2000 to 2002 to 20.9 years recently. Because these figures are averages, many Canadians will live longer, so plan your savings to last into your 90s, the CIA advises.
The CIA offers five tips for Canadians to ensure their financial security in retirement:
1. Plan for a long life: Many Canadians underestimate how long they will live. With life expectancy at age 65 rising from 18.81 years to 20.85 years, it's crucial to plan your savings to last into your 90s. 2. Turn savings into steady income: Saving is only half the job. Plan how your savings, government benefits, and any workplace pension can provide a reliable income for life. 3. Account for inflation: Even modest inflation reduces what your money can buy over a long retirement. Build rising costs into your plan. 4. Protect against the unexpected: Illness, disability, or the loss of a partner can change everything. Review your insurance coverage regularly and be wary of anyone who pressures you to act fast or promises abnormally low or high guaranteed rates. 5. Check in on your plan every year: Your circumstances will change over time, so review your plan annually to make sure it still meets your needs.
The CIA also released a statement on retirement decumulation strategies for Canadians. It focuses on the decisions retirees must revisit over time, including spending, longevity, investment risk, health needs, and income sources.
The Canadian Institute of Actuaries, with more than 7,500 members, is dedicated to developing and upholding rigorous standards, sharing risk management expertise, and advancing actuarial science.