Canadian politicians must eliminate mandatory retirement and prepare for rising medicare and other costs as the population ages, says a report from the Certified General Accountants Association of Canada.

The report released Wednesday estimates Canada’s total health-care bill at $147 billion in 2020, adjusted for inflation, up from $80.7 billion in 2000. It urges action now, “while healthy economic conditions and federal budget surpluses exist.”

It also says that “to ensure a productive society,” Canada should end mandatory retirement and discourage early-retirement incentives.

CGA-Canada adds that it’s imperative that Canadians understand personal financial planning and know the limitations of social income provisions.

“Canadians should take more responsibility for their own personal financial planning to complement government programs,” the association says.

The report, entitled Growing Up: The Social and Economic Implications of an Aging Population, is described as the most comprehensive compilation of current Canadian data and recommendations on aging.

“We believe that economic planning on this issue is critical,” said Rock Lefebvre, CGA-Canada’s vice-president for research and standards, in a release.

“The financial implications of our aging population require immediate attention while our economy can still support such initiatives.”