More women collecting pension benefits at age 60Monday, July 26 2010
Shannon Proudfoot, CanWest News ServicePublished: Saturday, August 25, 2007
A Statistics Canada report released Friday shows that more people -- especially women -- are collecting benefits from the Canada Pension Plan/Quebec Pension Plan (CPP/QPP) at age 60, although many also continue to work.
The proportion of Canadians taking CPP/QPP benefits at age 60 rose to 36 per cent in 2003 from 33 per cent in 1995. The increase was greatest among women, where the proportion climbed to 38 per cent from 31. The data came from income tax records.
In 2004, nearly half of men who started taking their CPP/QPP benefits were also earning money from work, up from just under 40 per cent in 1995. The rates among women rose to 46 per cent from 38 per cent. The incidence of paid work rose faster among CPP/QPP beneficiaries than those who weren't getting a pension.
Statistics Canada found that CPP/QPP benefits are not enough to retire on. As a result, many Canadians -- especially those without employer-sponsored pension plans -- are staying in the workforce or returning to it.
"Their situation indicated relatively weak retirement resources, so it is not surprising that many continue to work after starting CPP/QPP benefits," the report concludes.
© The StarPhoenix (Saskatoon) 2007