That's not really a comparable stat because in 1966 the retirement age was much lower than it is today. What we need to look at is what is the labor force participation rate vs. the number of retirees. I would agree the ratio today is quite a bit lower than in 1966 but not at the extreme's you're suggesting.
there were also more tax deductions available to Canadians in 1966 and no GST
the husband was the bread winner , while wifey stayed home and raise the kids
if you put the hours and years in at work you could still get by without marketable skills
a house cost far less as a % of disposable income
you could but a new vehicle for $3K to $4K
and gasoline was 31 cents per gallon
the federal government entire budget was $8.8 billion for the whole year
The government's deficit for the period from April 2023 to March 2024 was $50.9 billion.
Most employers provided company pensions.
Now that is almost exclusively for govt employees
comparing 1966 to today is of limited value, as the environment has change significantly