4 in 10
non-retired Ontarians have started planning for retirement
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.
71%
of retired Ontarians believe retirement planning should focus on financial and non-financial planning
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.