Canadians Score Low on Retirement Preparedness

A new study reveals that many Canadians lack long-term plans for housing and care in their later years.

Updated on Oct. 27, 2026 in Retirement Planning

Bold vector editorial illustration of a simple wooden house frame model, representing long-term retirement and housing planning. — A new Manulife and MIT AgeLab study indicates Canadians average a 60 out of 100 on retirement preparedness, signaling significant gaps in long-term care planning. AI Illustration. Upload story photo >

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Have you made specific plans for your housing and personal care needs in retirement?

A study conducted by Manulife and the MIT AgeLab finds that Canadians average a score of 60 out of 100 regarding overall retirement preparedness. The findings highlight significant gaps in how individuals plan for their future housing and long-term care needs.

Why it matters

Many people find it difficult to accurately anticipate their daily living requirements decades into the future. This lack of foresight often leaves individuals underprepared for the essential health and accommodation adjustments needed during retirement.

The survey of 1,000 Canadians recorded an average financial preparedness score of 66 out of 100, while care and housing scores lagged at 40 and 53 respectively. These figures reflect a broader assessment of retirement readiness across eight different metrics.

The players

Manulife

Manulife is a major Canadian financial services group that provides insurance, wealth management, and investment solutions.

MIT AgeLab

The MIT AgeLab is a multidisciplinary research program that studies the impact of global longevity on individual and societal well-being.

The details

The research measured preparedness across eight distinct areas, including relationships, health, finances, and housing. Participants were specifically evaluated on whether they had researched long-term care options or assessed their current homes for future accessibility needs.

Healthy life expectancy for older Canadians began to decline in 2017.
Researchers conducted the survey in June 2026.
The findings from the study were officially released in October 2026.

Market Dynamics

This study follows a pattern set by the historical decline in healthy life expectancy for older Canadians since 2017, highlighting the growing gap between increased longevity and quality of life. It demonstrates that financial readiness alone is insufficient to address the complexities of an aging population.

The study suggests that Canadians should prioritize evaluating their homes for future accessibility and researching long-term care options alongside financial saving. Failing to address these non-financial aspects may significantly impact the quality of life and healthcare costs in retirement.

The takeaway

Retirement planning requires balancing financial savings with practical considerations like housing accessibility and long-term care. Readers should conduct a personal audit of their living space and health needs now to avoid significant challenges later in life.