It has been more than a decade since Ottawa followed the provinces’ lead and outlawed mandatory retirement in all but a few cases. In important ways however, public- and private-sector stakeholders are still catching up with the idea that Canadians want to work past their 65th birthday.

A new study by Joe Nunes, co-founder and executive chairman of Actuarial Solutions Inc. in Lakeshore, Ont. highlights a key area in which we need to catch up — long-term disability (LTD) insurance.

In Rethinking Age-Cutoffs for Long-Term Disability Insurance, published this week by the C.D. Howe Institute, Nunes reports that according to Statistics Canada, 28% of those 65 to 69 worked last year. Eight per cent of those 70 and older did the same.

“As the workforce ages and an increasing number of workers remain employed past age 65, age-based distinctions in the design of an LTD insurance program remain broadly appropriate,” Nunes writes. “However, a fixed age cutoff of 65 for benefits may no longer be appropriate for all workforces or legally defensible, notably where the cutoff is not linked to pension eligibility.”

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