NIA survey finds only 29% feel able to retire on time as costs and loneliness climb
Nearly half of Canadians over 50 say they can’t afford to retire when they want to – and a fifth are living at a poverty‑level standard of living – even as they move into what could be 30–40 years of post‑work life.
According to the National Institute on Ageing’s (NIA) 4th annual Ageing in Canada Survey, only 29 percent of non‑retired respondents aged 50+ say they can afford to retire at their desired time, down from 35 percent in 2022.
At the same time, those who say they cannot afford to retire when they planned have climbed to 43 percent from 37 percent over that period.
The NIA notes that 22 percent have saved $5,000 or less for retirement, not including property.
Manulife’s own Financial Resilience and Longevity Report reinforces that picture, finding 48 percent of Canadians are behind schedule on retirement savings, as per Manulife Group Retirement.
The NIA survey finds that income adequacy has “held steady, but remains precarious.”
Only 38 percent of older Canadians say their income is “good enough to save.” Another 39 percent report having “just enough to avoid major problems,” and 22 percent say their income is inadequate, similar to 2024 levels.
Income and health intersect sharply.
Older Canadians in excellent or very good health are more than twice as likely to say their income is sufficient compared to those in fair or poor health (52 percent vs. 23 percent), according to the NIA.
Homeowners also report much higher income adequacy than renters: 48 percent say their income is adequate or better, compared with just 20 percent of renters.
The NIA applied the Material Deprivation Index (MDI) to older adults for a second year. On that measure, 20 percent of Canadians 50+ experience a poverty‑level standard of living in 2025, down slightly from 22 percent in 2024.
The MDI flags deprivation when people cannot afford at least two essential items such as keeping their home at a comfortable temperature, handling a $500 unexpected expense, or obtaining regular dental care.
Some specific cost pressures show modest easing.
The share unable to afford dental care fell to 11 percent in 2025 from 16 percent in 2024, and those who could not handle a $500 unexpected expense declined to 18 percent from 20 percent, according to the NIA.
Still, the survey describes “older adults face hidden poverty,” with material deprivation concentrated among women, those aged 50–64, people in poor health and renters.
Everyday affordability dominates older Canadians’ concerns.
The NIA reports that 31 percent identify the rising cost of living as their top financial worry, while 16 percent cite running out of money as their main concern.
Anxiety about outliving assets is more common among renters and those approaching retirement.
The NIA notes that Canadians are living longer than ever, with the broader research it cites indicating life expectancy is rising and retirement could extend up to 40 years for some cohorts.
Manulife frames this as an “urgent imperative” for the retirement planning industry to help people prepare for multi‑decade retirements.
The NIA’s indicators suggest financial strain does not exist in isolation.
Social isolation and loneliness remain high and unchanged since 2022: 43 percent of Canadians 50+ are at risk of social isolation and 57 percent experience loneliness.
Only one‑third (33 percent) participate in social, recreational or group activities at least weekly, down from 39 percent the prior year, and 41 percent say they take part less than they would like, with affordability as the leading barrier.
Health access also tracks closely with income.
According to the NIA, 68 percent of older Canadians report having a regular primary care provider, up from 62 percent in 2022, and 70 percent of those who needed care say they obtained it when needed, up from 64 percent in 2022.
However, access is highest among those with adequate incomes and lowest among those who feel financially insecure. Cost and wait times rank among the biggest reported barriers for both health care and home and community care.
The survey finds 81 percent of respondents want to remain in their current home or a smaller one “as long as they can.”
Yet just under half (49 percent) say their home is fully suitable to support them as they age, and 62 percent report making no modifications or plans to prepare their home for ageing in place.
Only 18 percent have set aside savings for in‑home care or renovations, and 18 percent have installed safety features.
Positive feelings toward ageing declined to 57 percent in 2025 from 62 percent in 2024, while negative feelings rose to 39 percent from 34 percent, according to the NIA.
Those in poor health and with inadequate incomes are most likely to have negative views of ageing.
