Older couple engaged in retirement planning.

Canada Pension Plan – Will It Be There When You Retire?

In this post, Benefit Strategies Inc. in Edmonton Alberta takes a look at how Canadians feel about retirement and some troubling statistics about the state of the public pension plan in Canada.

  • The belief that Canadian pension plans will cease to exist at the point of retirement is shared by as much as 21% of today’s working age Canadians, according to an HSBC report entitled The Future of Retirement: Shifting Sands.
  • Concern over the decline of public pensions is also worrying at least 62% of the respondents. That same percentage of Canadians (62%) was mindful of economic uncertainty as it applied to their ability to save for retirement.
  • On the heels of the 2007/08 financial crisis, 52% of Canadians polled stated that it is now more difficult than ever to save for retirement.
  • Employee pension plans were troubling 48% who question whether they will receive a full pension payout on retirement.
  • Rising health-care costs concerned 74% of Canadians, who feel they will have to spend more in the future.
  • The report also indicates changes in the landscape of retirement are compelling Canadians to adjust their retirement outlook. Many are using online technology to research saving options, with 22% having deposited money in an online savings account.

How Canadians feel about retirement is certainly a cause for concern. Are you feeling bewildered by these Canada Pension Plan statistics and the potential ramifications for your future retirement?

Contact Benefit Strategies today at 1-780-437-5070 or send us an email and let us show you how to develop a positive course of action in today’s volatile retirement climate.

You might also like our Benefit Strategies article entitled New Trends in Retirement Planning in Canada.