Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014
Debate has intensified on how best to help Canadians plan for retirement with adequate retirement income, and rightly so. Approximately 60% of Canadians moving towards retirement are expected to lack savings to make ends meet during their retirement; about half are expected to still carry a mortgage1 . There is a fundamental issue that Canadians appear to be suppressing and that is the fact that a majority need to increase their actual savings along with developing a sufficient understanding and importance of commencing retirement savings early in one’s career. This article offers a practical approach as one part of the solution to move the needle towards solving Canada’s retirement savings dilemma while addressing the concerns of stakeholders.