Are Canadians ready to live longer and better?

Preparing clients for a longer life can take more than a financial plan. The new Longevity Preparedness Index provides a clearer picture of what Canadians are doing well, where they're falling behind, and where advisors have an opportunity to make a meaningful difference.

Longevity can feel like a distant issue for many plan members. Their focus is often on more immediate priorities such as mortgage payments, family expenses, and day-to-day financial pressures. But as more and more Canadians surpass 100 years old, retirement plan providers, sponsors, and advisors have an opportunity to help plan members prepare to thrive throughout their longer lives.

Where do Canadians succeed…and struggle?

We’re proud to introduce the first-of-its-kind Longevity Preparedness Index (LPI)¹, designed to measure how prepared Canadians are for a longer life.  The Index scores preparedness on a scale of 0-100 and goes beyond the traditional focus on health and wealth. It evaluates eight key areas that can play a critical role in helping people live longer, healthier, and more fulfilling lives:

The study revealed that many Canadians are underprepared for a longer life, falling short in critical areas such as care, housing, and health:

• The average score across all domains was 60 out of 100
• Care shows the biggest gap—people are unprepared to either provide or access care when needed
• Future planning doesn’t really begin until 54—supporting the need for earlier planning
• Canadians scored highest in Community and Social Connection
• Individuals working with a financial professional scored higher across all domains

These findings underscore that we need to open the aperture beyond finances in our retirement planning discussions. We need to help people think about the whole picture, including:

• Where they'll live and whether their home will support them as they age
• How they'll spend their time, continue learning, maintain social connections, and stay engaged in their communities
• How they'll navigate major life transitions such as retirement, the loss of a loved one, and the desire to leave a legacy
• Who will support them if they need short- or long-term care, and how they would manage if they became a caregiver themselves

How can we help people prepare for longer lives?

Our research highlights the need to not only help plan members save and invest, but to have a plan for all the domains of aging well. We’re broadening our view beyond the numbers—savings, investments, withdrawal rates, estimated expenses, and taxes—to help people prepare for all aspects of a longer life.

Our longevity study identified some great places where retirement plan providers, sponsors, and advisors can start expanding conversations:

• Offer holistic resources—Share resources that go beyond finances, plus offer tools and support on how to prepare their social connections and home for a long, fulfilling, and independent life. This is why we’re now offering health and wellness resources to our plan members, helping them take action beyond their group plan.
• Tailor solutions by age—Our research shows that each demographic faces different challenges and has different gaps in preparedness. Create content that speaks to your location.
• Care about care—Canadians are overlooking the potential to need to give or receive care, yet both can have a significant impact on financial security, health, and quality of life.
• Don’t forget about location, location, location—Homes are a tricky area, financially and functionally. Provide checklists and tips on downsizing, aging in place, tax rates, quality of healthcare, and available services to help clients imagine their future living situation.

How to get started

With longevity increasing, getting ready for retirement takes more than financial preparation—and we in the industry have a unique opportunity to help. With the insights from our LPI report as our guide, we need to help plan members understand that aging well can be about more than money. We all need to consider broadening the conversation and help plan members prepare across all eight domains of longevity so they can live longer, healthier, and more fulfilling lives.

1 The LPI was conducted online in English and French, sourced through the Ipsos Knowledge Panel. The sample was a representative sample of 1,025 Canadians, aged 18 and up, with oversamples from Quebec to allow for comparison. During analysis, survey responses were weighted to mirror the composition of the Canadian population. Survey data were collected from June 3, 2026 to June 10, 2026.