What is Retirement?

Retirement is a transition from work life to life after work. OMERS has nearly 50 years of experience helping our members prepare for retirement. Here, we provide questions and facts to get you thinking about your life after work.

Retirement: the Stage of Life After Working

Retirement is the beginning of a new stage of life. Work is only part of what you do as a person. When you retire from working, whether fully or partially, you'll have more time for the other interests in your life.

  • Planning your retirement is a very personal process, not simply following a one-size-fits-all plan. Your retirement plan should be based on your vision of the life you hope to lead, and must also take your financial picture into account.
  • The best time to start planning your retirement is while you're still working. It's never too early to start your research. The important thing is to get started, so you're not left making all the important choices in your last few weeks on the job.

Some Questions to Ask Yourself:

  • Do I want to retire?
  • How do I want to spend my time in retirement?
  • How will I handle not having to go to work?
  • How much will I miss the social contacts and friends at work?
  • Will my friends also be retired?
  • How much income will I need in retirement?
  • Am I psychologically ready to retire?
  • Should I consider semi-retirement or a second career?
  • What impact will my retirement have on my family?
  • What if I don't retire and instead keep on working like I am now?
  • Will I have to get a part-time job to make ends meet?

How Many Years Can I Expect to Receive a Pension?

  • The average retirement age of an OMERS member is 58.
  • According to statistics, a woman who is 58 today will live on average to 84 years old, and will collect a pension for at least 26 years.
  • A man who is 58 today will live on average to 79 years old, and will collect a pension for at least 21 years.

General Facts About Retirement

  • The baby boom generation (born 1946 to 1964) entered the workforce in large numbers and has begun to retire. In 2011, the oldest boomers will reach age 65.
  • This retirement wave should peak in the early 2020s. A lot of talent and experience will leave the workforce. A key challenge for employers will be finding qualified workers to replace it.
  • Pressure to replace workers will arise early for employers in public administration, education and health care; these tend to have a lower average age of retirement and an older workforce.