Retirement levels expected to surge after pandemic-era slump: RBC report

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TORONTO — A new report from RBC Economics says it expects a renewed surge of retirements in the second half of this year as Canada works to get past the pandemic.

Senior economist Andrew Agopsowicz says in the report that the number of retirements fell about 20 per cent last year compared with the 12 months ended February 2020.

He says the dip was likely a result of uncertainty about retirement savings as the pandemic arrived.

Agopsowicz says recent data suggest the level of Canadian retirements began to return to normal during the second quarter as the economy took steps toward reopening.

He says retirement levels have been high for about 10 years as the large baby boom generation reaches the age of 65 and he expects that trend to continue.

Agopsowicz says there may be a labour shortage for some types of jobs because of a combination of the higher retirement levels, reduced immigration and an increase in people who are choosing to leave dissatisfying jobs.