70 Is the New 50! The Longevity Shift & Planning to Live to 100

Canadians are living longer than ever. Today, our average life expectancy is 82, and those who have reached 65 can now expect to live to over 86.¹ Our “centenarian population,” or those who reach the esteemed age of 100, has more than tripled since 2000. This is the fastest-growing age group, projected to increase nearly tenfold in the next 50 years.²

We’re not just living longer, we’re living healthier, more active lives. A recent report by Goldman Sachs found that a 70-year-old in 2022 had the same cognitive ability as a 53-year-old in 2000, highlighting remarkable improvements in health and vitality.³ Accordingly, longevity has become a thriving field of innovation and investment. From Dr. Nir Barzilai’s work on healthspan to Bryan Johnson’s highly publicized biohacking experiments, billions are being invested in research, technologies, therapies and products aimed at adding quality years, not just more years, to life.

As lifespans increase, the financial question shifts from “Do I have enough?” to “How do I optimize what I have for 30 or 40 years of income, tax efficiency and financial security for loved ones?”

A Good Start? An Investment Plan

Having an investment plan puts you ahead of most Canadians. Nearly 60 percent of working Canadians believe they’ll never be able to retire, according to a recent Globe & Mail article.⁴ Anxiety and financial instability are real concerns, but a long-term plan helps mitigate both. Here are some additional considerations for longevity planning:

• Personal longevity literacy — Understanding your longevity
  risk is a good place to start. Family history, lifestyle and medical advances influence longevity, and how long your plan should last.
• Extending the financial horizon — Your plan should account for additional years of spending, balancing today’s needs (such as helping children, supporting education or making charitable gifts) with tomorrow’s, while factoring in inflation and rising costs. It may also mean working longer, by necessity or by choice. The average working life has risen from 34 to 38 years since 2000.5
• Health care inflation — Health and long-term care costs continue to outpace inflation, putting pressure on savings if care is needed for extended periods. Some high-net-worth retirees choose to insure against this risk.
• Strategic decumulation — This is where strategy meets sustainability: structuring withdrawals that optimize for taxes, longevity and flexibility over time.

The tactics may also change as plans adapt to longer lifespans, such as:

• Delaying government benefits — For instance, deferring CPP/ OAS to age 70 provides a higher guaranteed lifetime income, which can serve as valuable “insurance” if you expect to live past 90.
• Using the Tax-Free Savings Account (TFSA) as a longevity backstop — Tax-free growth and withdrawals make the TFSA a powerful vehicle for later-stage income and estate flexibility.
• Maintaining a growth tilt in retirement — A longer retirement horizon may justify keeping a higher equity exposure to support growth and hedge inflation, while diversifying across asset types to better manage longevity risk. The appropriate mix depends on individual risk tolerance, liquidity needs and financial goals.

Of course, every plan depends on individual circumstances. However, thoughtful guidance and careful planning can make a difference. As lifespans continue to increase, retirement planning is no longer just about reaching a target age; it’s about building flexibility for a life that may continue to extend. Strategies should adapt over time to maintain financial security, improve tax efficiency and address the challenges of greater longevity.

The encouraging news? We’ve got plenty of chapters left to write.

^{1. Statistics Canada, Table: 13-10-0114-01; 2. https://www.cbc.ca/news/canada/british-columbia/canada-centenarians-fastest-growing-1.7246790; 3. https://www.goldmansachs.com/insights/ articles/aging-population-not-a-risk-to-the-global-economy-after-all; 4. “Our Retirement Dreams Are Slipping Away,” Globe & Mail, Meera Raman, June 17, 2025; 5. https://www.goldmansachs.com/insights/articles/aging-population-not-a-risk-to-the-global-economy-after-all}

‍