With the pandemic in its fourth wave, the Canadian retirement landscape remains a vulnerable sector. The findings of the Retirement Risk Survey, though concerning, illustrate an undeniable fact that, more than ever, Canadians need support and information about how to manage their retirement and long-term care needs in old age.
Advances in modern medicine mean people are living longer, and while a longer life is an important gain, it can present a challenge to income security. We asked Canadians to consider how well their retirement plans factor in the possibility of living longer and what it might mean for their quality of life.
Despite being associated with a more comfortable, confident retirement, more than half of Canadians do not have a financial plan for their retirement, which results in most retired Canadians having less income in retirement than they did when working. Compared to 80% of individuals who do have a plan and expect to live comfortably in retirement, this is a discrepancy that may indicate an earlier...
Many Canadians underestimate the risks associated with old age illnesses or the likelihood that they will require long-term care in their later years. A significant number also lack understanding of the costs associated with long-term and in-home nursing care. While some Canadians are planning for their long-term care needs, many more are left unprepared and ill-equipped to face the challenges of...
In Canada, pension promises made to employees by employers are not guaranteed by insurance contracts. What happens when an employer goes out of business and a pension plan becomes wound up? Scenarios like this often run the risk that the assets set aside to deliver the promised pensions may not be sufficient. The question begs: Is there is a better approach to addressing underfunded pension plans...
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