Retirement today means a new life chapter that you get to write – so say the majority of today’s retirees in recent studies from Edward Jones and Age Wave called The Four Pillars of the New Retirement, and Longevity and the New Journey of Retirement.
Our ongoing collaboration with Age Wave now includes this comprehensive new study, Longevity and the New Journey of Retirement, to explore how the journey of retirement unfolds, the patterns of people’s experience in retirement, and the keys to thriving along the way. With the Four Pillars – Family, Health, Purpose, and Finances – all essential to well-being in retirement, early – and holistic – planning can have big payoffs.
"As life expectancy continues to rise, Canadians are wishing for 27 years of retirement, but will their savings last this long?"
While yesterday’s retirement plans often focused simply on the end of work and a period of winding down, today’s retirees see themselves as having more choice and freedom – freedom from many work and family responsibilities, and freedom to explore new options and pursue new interests. Are you confident that your retirement plan is ready for your idea of retirement?
Retirement, like life, is not one-dimensional. Overwhelmingly, participants in the 2020 study identified four areas that, working together, impact the quality of life in retirement: health, family, purpose and finances. Dubbed the Four Pillars, what happens in one affects the others. Achieving your ideal retirement requires thought and action about each of these pillars.
“The Four Pillars of the New Retirement” study from Age Wave and Edward Jones surveyed 9,000 adults in Canada and the U.S. across five generations. Here are some key Canadian takeaways:
Many Canadians view retirement as a time to improve their health – in mind, body and spirit. But understanding the central importance of health doesn’t always translate into adopting healthy behaviours. Only half of retirees say they exercise regularly, and one-third say they don’t maintain a healthy diet1. Alzheimer’s and other dementias are the conditions Canadians retirees fear the most – more than cancer or heart attack or even infectious diseases like COVID-19.
Survey finding:
Things to consider:
Family is the greatest source of satisfaction, support and purpose – and the recent pandemic has brought families even closer together. On the one hand, Canadians aged 50+ worry about becoming a burden on their families. On the other hand, they're willing to offer financial support to family regardless of how it impacts their future.
Survey finding:
Things to consider:
Retirees say their greatest source of purpose is from spending time with loved ones. Having purpose has been linked to greater happiness, better health, more social engagement and longer life2.
Survey finding:
Things to consider:
The role of money in retirement is to provide security and freedom. Despite the fundamental importance of financial security, before COVID-19, one in three Canadian adults were not on track with their retirement savings, and among Canadians ages 55-64 who don't have an employer pension plan, their median retirement savings is just $3,0003.
Survey finding:
Things to consider:
Read the full report: “The Four Pillars of the New Retirement”
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We understand planning for the future is about more than saving and your financial health.
Learn More1 The Edward Jones and Age Wave Thought Leadership Study, “The Four Pillars of the New Retirement”, 2020
2 Amanda Macmillan, “People Age Better If They Have Purpose in Life,” Time, August 16, 2017.
3 Healthcare of Ontario Pension Plan (HOOPP), Seniors and Poverty: Canada’s Next Crisis? August 2017.