{"id":641,"date":"2025-08-15T21:05:10","date_gmt":"2025-08-15T21:05:10","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/641\/"},"modified":"2025-08-15T21:05:10","modified_gmt":"2025-08-15T21:05:10","slug":"late-career-layoffs-are-forcing-some-into-retirement-and-delaying-it-for-others","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/641\/","title":{"rendered":"Late-career layoffs are forcing some into retirement, and delaying it for others"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Kathryn Chisholm was eyeing an early retirement after 20 years at Stemcell Technologies, until AI advances made much of her work redundant.Isabella Falsetti\/The Globe and Mail<\/p>\n

Good morning. <\/b>We\u2019re digging into how late-career layoffs can throw a big ol\u2019 wrench into a well-laid retirement plan. Plus, we\u2019ve got some smart credit card tips to help you navigate your finances. Read on!<\/p>\n

Late-career layoffs: When retirement plans hit pause<\/b> <\/p>\n

Getting laid off is brutal at any age, but when it happens in your 40s, 50s or 60s, it can feel like someone pulled the rug out from under your retirement. That\u2019s often when you\u2019re earning your peak salary, have the most debt, and are mapping out your next chapter.<\/p>\n

Curious how Canadians are navigating this, we asked readers to share their stories \u2014 and the floodgates opened. People told us about the financial stress, the mental health toll, and the unexpected reinventions that followed.<\/p>\n

Many blamed forces such as tariffs, automation and advances in AI for their layoffs.<\/p>\n

Take Kathryn Chisholm, 52, from Vancouver. After 20 years at Stemcell Technologies, she was eyeing an early retirement with her husband. But last year, AI advances made much of her work redundant. Overnight, her nearly $200,000 salary vanished and her retirement clock got pushed back by at least five years. \u201cThis change will definitely delay the start of our retirement,\u201d she says.<\/p>\n

Then there\u2019s Paul Whiteley, 51, who\u2019s been laid off three times, with the most recent being about 2\u00bd months ago. The first time was devastating, but this time, he\u2019s using it as a chance to explore a new career as a financial planner.<\/p>\n

Losing a job late in life can feel like an unwanted detour. But it can also be a pivot point \u2014 a moment to rethink priorities, explore new paths, and reshape what retirement might look like. For example, Tonya Archer, 53, is piecing together freelance gigs while she makes a career shift from a program manager to career coaching.<\/p>\n

Read the full story on how late-career layoffs can impact retirement plans.<\/a><\/p>\n

The Calculator<\/p>\n

Late-career job losses are on the rise. <\/b>According to Statistics Canada, workers aged 45 and older made up nearly 40 per cent of the increase in the unemployment rate over the past year as of June. <\/p>\n

Plus: <\/b>Economic ups and downs have nudged some retirees back into the workforce, with more Canadians 55 and up actively looking for work after recently leaving the labour market.<\/p>\n

The Retirement Receipt Open this photo in gallery:<\/a><\/p>\n

Mike and Miriam need advice on how to deal with the unrealized capital gains on their stock portfolio and how to pass the wealth to their only daughter.Jennifer Roberts\/The Globe and Mail<\/p>\n

Now with $4-million<\/b><\/a>, what\u2019s the best way for Mike, 68, and Miriam, 66, to handle their capital gains and pass on wealth?<\/b><\/p>\n

The numbers: <\/b>The retired couple was in Financial Facelift five years ago with combined savings and investments that totalled $2.5-million. Today, that has grown to $4-million.<\/p>\n

The situation: <\/b>With no pensions, their income comes from government benefits, dividends, interest, and, eventually, mandatory RRIF withdrawals. They want to spend about $100,000 a year after tax and leave plenty to their 22-year-old daughter. They want to sell some stocks now, gift part of the proceeds for a down payment, and manage withdrawals to avoid large tax bills later.<\/p>\n

Key steps, from a financial planner:<\/b> In the years before they have to start taking mandatory withdrawals from their RRIFs, they can sell off some of their stocks, keeping their taxable income low enough to avoid the highest marginal tax rate, and gift the proceeds of the stock sales to their daughter for a down payment.<\/p>\n

Best of the Rest <\/p>\n

\ud83c\udf82 A man turned 100, but tells people he\u2019s 83 to avoid the fuss.<\/b><\/a> Bob Neighbour says reactions to his milestone (such as strangers giving up their cab) got awkward, though the year brought joy: recording his life story, reminiscing about hitchhiking in Europe in a kilt, and celebrating with 100 friends and family at a park picnic.<\/p>\n

\ud83e\udde0 Want to keep your brain sharp as you age?<\/b><\/a> A major U.S. study found that four habits \u2014 eating a healthy diet, exercising regularly, engaging in cognitive activities, and managing heart health \u2014 can boost cognition in older adults at risk of decline. A more structured program (think group exercise sessions, MIND diet, brain-training, and regular health checks) delivered slightly faster gains, but even small self-guided changes helped.<\/p>\n

\ud83d\udcb8 A Toronto investor lost $70K from her Questrade account in a cyber crime.<\/b><\/a> <\/b>It was wiped out after hackers sold her ETFs and made rapid trades in two Chinese stocks. Despite using two-factor authentication and having IT security training, Questrade denied most reimbursement, calling it likely phishing, which isn\u2019t covered under its guarantee.<\/p>\n

\ud83c\udfe0 Canada\u2019s grey wave is turning senior housing into the hottest bet in real estate<\/b>.<\/a> Outpacing offices, apartments, and even other property plays, retirement residences are riding a surge of demand as Canada\u2019s aging population meets a shortage of supply. After years of pandemic-era setbacks, the sector has roared back, with occupancy and share prices climbing and investors lining up for the long run.<\/p>\n

Try This <\/p>\n

\ud83d\udcb3 Credit cards can feel like a black box, but <\/b>here are some tips.<\/b><\/a> <\/b>Pay on time and keep your credit usage low \u2014 your score will rise naturally. And even without a credit history in Canada, you might still qualify for a premium American Express card through its Global Card Relationship program, which can help with your application and may even let you transfer points from a previous Amex account.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Kathryn Chisholm was eyeing an early retirement after 20 years at Stemcell Technologies,…\n","protected":false},"author":2,"featured_media":642,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[79,18,19,17,234,235,935],"class_list":{"0":"post-641","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-personal-finance","13":"tag-personalfinance","14":"tag-retirementnewsletter"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=641"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/642"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}