There is a growing retirement savings crisis in Canada and we have a once-in-a-generation opportunity to address it. Too few Canadians feel prepared for retirement and most have not set aside or saved anything for retirement.
As businesses look to transition and transform in 2022, this is our opportunity to rethink Canada’s retirement ecosystem and provide more Canadians with the workplace retirement programs they deserve and desperately want.
This is our opportunity to build back better for generations to come.
The
truth is, starting to save for retirement can be difficult, and without
automatic contributions it can be hard to stay on track, especially
when life throws curveballs. Returns on popular vehicles such as RRSPs
depend on market performance, which is not an area of expertise for
average Canadians, and acquiring informed, unbiased investment advice to
maximize returns over a lifetime can be challenging.
With a third of Canadians living paycheque to paycheque, saving for the future is a steep climb and yet more urgent than ever.
According to a report commissioned by the Canadian Public Pension Leadership Council (CPPLC), those without any workplace pensions have a median savings of just over $3,000.
The Canada Pension Plan and Old Age Security benefits are designed to
only cover basic living expenses, but they are not sufficient to support
the quality of life that retirees want. With rising costs, poverty is a
reality for too many financially vulnerable seniors.
The key to unlocking a brighter retirement future in Canada lies in accessible and affordable retirement plans.
Read more of Derek's article here.