May 14, 2025 – OMERS, one of Canada’s largest pension plans, has released its Retire Ready Impact Report, which underscores the critical importance of holistic retirement planning. The Report is based upon a groundbreaking, comprehensive survey of retired and non-retired Ontarians, which was designed, conducted, and analysed by Pollara Strategic Insights on behalf of OMERS. The study goes beyond the typically singular focus on financial needs that dominates discourse about retirement to also explore the importance of physical health, mental health, and social connectivity to a thriving retirement experience.
From July 24 to August 2, 2024, Pollara conducted an online survey amongst a randomly-selected sample of N=1,516 adult Ontarians who were employed, retired, or unemployed but looking for a job. Within this sample, n=760 were retired and n=756 were not retired. For comparison purposes, a probability sample of this design would carry a margin of error of +2.5%, 19 times out of 20, whereas the retired and non-retired sub-samples would each carry a margin of error of +3.6%, 19 times out of 20. An oversample quota was applied to the retired portion of the sample in order to ensure confident, comparable analysis of the retired and non-retired cohorts. The dataset was weighted by gender, age, region, and employment/retirement status according to the most current Census statistics in order to ensure the dataset accurately reflected the target population.
The study provides valuable insights into the varied experiences and expectations of Ontarians regarding retirement. Some of the key findings include:
- Over 80% of retired Ontarians report happiness with their retirement, but notably fewer (60%) feel they have achieved their “ideal” retirement, characterized by timing, good health, and financial security. While 45% of retirees are very happy, 38% express moderate contentment with their retirement.
- Although financial preparedness is considered a key pillar of retirement planning, a significant majority (71% retired, 58% non-retired) feel that retirement planning should also encompass physical health, mental health, and social connections.
- Nearly 40% of retirees with a comprehensive plan across health, connectivity, and finances report better overall satisfaction and health, highlighting the benefits of thorough preparation.
- Over three-quarters of retirees had considered or fully planned for retirement before leaving the workforce, with those possessing a pension plan being significantly more prepared. Many retirees wish they had focused more on physical health and financial security preparations.
- Turning to demographic differences, non-retired men are more proactive about retirement planning than women, with 44% of men having started planning compared to 34% of women. Retired and non-retired women exhibit less confidence and preparedness for retirement, with heightened concern over financial security. Non-retirees under the age of 50 are less likely to have started planning and are more concerned about financial stability than older cohorts.
The OMERS Retire Ready Impact Report reveals that achieving an ideal retirement necessitates holistic planning across all aspects of life, not just the financial cornerstone. With a significant portion of Ontarians yet to fully engage in retirement planning, there is a clear opportunity for increased education and proactive planning to ensure a fulfilling and secure retirement.
For more information and to access the full report, please visit OMERS.com/retire-ready.
