Canadians Urged to Plan for Longer Lives
The Canadian Institute of Actuaries says savings should be planned to last into retirees' 90s.
Updated on Nov. 6, 2026 in Retirement Planning
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The Canadian Institute of Actuaries encouraged Canadians to plan for longer lives, noting that life expectancy at age 65 has risen from 18.8 years in 2000 to 2002 to 20.9 years recently. The CIA also released a statement on retirement decumulation strategies focused on spending, longevity, investment risk, health needs and income sources.
Why it matters
Many people plan for retirement as if it will last only a few years, while retirement can now run 30 years or more for many Canadians. Combining savings, government benefits and workplace pensions may help provide reliable lifetime income.
Life expectancy at age 65 rose from 18.8 years in 2000 to 2002 to 20.9 years recently, according to averages cited by the actuaries. These are population averages, so individual lifespans and retirement lengths will differ.
The players
Canadian Institute of Actuaries
The Canadian Institute of Actuaries is the national professional body for actuaries in Canada, which studies risk and long-term financial planning.
The details
The CIA urged Canadians to plan savings to last into their 90s rather than a few years. Its decumulation statement addresses how to draw down savings, weighing spending, longevity, investment risk, health needs and income sources, and suggests combining savings, government benefits and workplace pensions for reliable lifetime income.
Timeline
November 2026: Financial Literacy Month campaign on longer life planning.
Roadmap
The Canadian Institute of Actuaries' decumulation statement builds on its longevity-focused financial literacy work, updating retirement planning guidance with rising life expectancy figures. Canadians are being asked to shift from short-horizon retirement assumptions toward plans that cover three decades or more.
Canadians planning retirement may need savings that last into their 90s rather than a few years. Combining personal savings, government benefits and workplace pensions can help cover living costs over a longer retirement.
The takeaway
Plan retirement savings for a lifespan of 30 years or more rather than a few years. Review how savings, government benefits and workplace pensions fit together to provide reliable lifetime income.
Further reading
Explore more on Retirement Planning to see how savings, government benefits and pensions can work together.
More information
Find free financial tips and resources from actuaries on the Canadian Institute of Actuaries website.
Source note: This article includes information reported by Simcoe Reformer.
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