Every year, thousands of Canadians make retirement decisions, assuming that earlier is automatically better. New research says that assumption might be costing them their happiness.
In this episode of Think Smart with TMFG, we break down a 2025 Manulife study on retiree satisfaction: why the retirees who left work earlier than planned report being less happy than those who stuck to their original timeline, and what actually predicts a happy retirement.
We also dig into one of the more uncomfortable findings in the data. Nearly half of early retirees didn't leave by choice; they left because of health issues, caregiving needs, or layoffs, and only 15% retired simply because they'd saved enough. That gap between "chosen" and "forced" early retirement turns out to matter more than the age on the calendar.
From there, we break down what each group tends to regret most. Early retirees often underestimate the healthcare cost gap once workplace benefits disappear, and many claim CPP at 60 without realizing it locks in a permanently smaller payment for life. Late retirees carry their own risk: Canada's health-adjusted life expectancy sits around 66.9 years, which means working straight through to 65 or later can quietly cost someone their healthiest remaining years.
Finally, we share what actually separates happy retirees from unhappy ones on either side: building income, healthcare coverage, and a sense of purpose into the plan before the transition happens, not after.
📌 If you're within five years of retiring, whether you're leaning early, leaning late, or still unsure, feel free to reach out. We'd be happy to help you build a plan around it:
Schedule a meeting here
🎧 Listen to the full episode on YouTube.
Check out the full analyzed source here: Manulife: Financial Resilience and Longevity Survey (2025)
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