OMERS Retire Ready Impact Report Highlights the Importance of Holistic Retirement Planning
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.
Media Contact:
Don Peat
dpeat@omers.com
416.417.7385
About OMERS
OMERS is a jointly sponsored, defined benefit pension plan, with 1,000 participating employers ranging from large cities to local agencies, and almost 640,000 active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in government bonds, public and private credit, public and private equities, infrastructure and real estate.