If Canadians are looking to their employers for assurance they will enjoy a financially secure retirement, they'd better think again.
Executives who responded to the latest C-Suite survey say the pension system is in crisis, but corporations should not be expected to pick up the slack.
Indeed, fully 70 per cent said they feel that people working today will not have enough to live on in retirement.
And more than 80 per cent say that defined benefit plans – which provide a guaranteed pension that is most likely to provide a secure long-term retirement income – are no longer affordable for companies to fund. Less than a quarter of those say they are likely to increase contributions to their employees' plans in the next year.
After the kind of grim downturn in the markets that we've seen in the past year, the level of funding at some defined benefit plans “can be almost insurmountable,” he said.
More than two-thirds said tax breaks on corporate contributions to pension plans should be boosted, while almost that proportion said companies should have more time to make up DB shortfalls....
twocentsworth wrote:Check out this poor guy's retirement pension:
www.globeandmail.com/report-on-business ... le1324807/
Started with $600/month....now down to less than $200!
Mr. Grant paid off his mortgage as quickly as possible. He maximized his RRSP contributions. He stayed out of credit-card debt. “I paid MasterCard $10 in interest once and that was because I missed a payment when I was on my honeymoon,” he says.
When Mr. Grant needed a new car, he saved up the cash first. If he and his wife found a deal at a discount grocer like No Frills, they stocked up their freezer. They tracked their income and expenses meticulously, so they knew exactly how much money would be left over every month.
Shakespeare wrote:Longevity calculator:
Life Expectancy Calculator - PHIRN: Population Health Improvement Research Network
I got 82.
Based on what you have entered your estimated life expectancy is: 87 years
Your largest modifiable risk factor is: Alcohol
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