I suspect that people under 50 years of age and who still have a substantial mortgage to pay on their properties and little in the way of retirement savings (besides their properties), will be working well into their 70s and possibly their 80s. Many younger people are counting on the equity in their homes to fund their later years because the cost of buying and maintaining a home takes the majority of their after-tax income.
When the Canadian Real Estate Bubble finally bursts, it is going to take several years and possibly decades for the property values to recover (if they ever do fully recover to today's prices) and many people are going to find the equity in their homes may not be the nest egg they were hoping for.
The same goes for the equity markets that have seen unprecedented increases that have fortunately been able to offset the low returns of money market funds, but this won't go on forever and future returns on investments may be flat or even negative for many years.