Working into retirement, postponing having kids, living longer – the lifecycle of Canadians is changing. This has implications on personal finances and retirement savings. New research suggests that old age now starts at 74, with middle age lasting at least nine years longer than current estimates. What we think of as old has changed over time and it will need to continue changing in the future as people live longer, healthier lives. Two hundred years ago, a 60-year-old was a very old person. Someone who is 60 years old today could be argued as middle aged. In terms of health, longevity, and view of life, “baby boomers” in their sixties and seventies will be more like their parents and grandparents were at 50. This means people can work longer if they so desire. For many people, 70 is the new 50 and signifies the quiet revolution that has taken place in longevity.

Brett Scott, disabilitytaxcreditwinnipeg.com