Boomers don't always have much lead time in advance of their retirement date.
The current federal legislation for PRPPs only applies to employees governed under federal jurisdiction, such as inter-provincial transportation, banking, telecommunication and airlines. So on June 28, 2012, the Canadian government approved the Pooled Registered Pension Plan (PRPP) Act.
There was a time when age 65 symbolized the finish line for one’s working life. A point where people dropped out of the rat race, traded their Oxfords for slides, and looked forward to engaging in leisure pursuits. But changes to CPP and OAS pension deadlines for late Boomers and early Generation X-ers is altering […]
Put long-term-care insurance in retirement plans.
People are living longer, working later into their lives, and spending a larger portion of their lives in retirement than previous generations, says TD. For many Canadians, retirement isn’t just about leaving the workforce anymore. Read: Boomers keep a keen eye on retirement “You can choose to continue working part-time, consult, volunteer, go back to […]
Fewer Canadians are living pay cheque-to-pay cheque (47% versus 57% last year), finds Canadian Payroll Association (CPA). And in 2012, 66% were able to increase their savings, up from 40%. Read: Half of Canadians don’t have emergency savings: CIBC But although more people are saving, the rate of savings remains low. Almost half (46%) are […]
Declining pension coverage, shrinking nest eggs and persistent financial instability have shifted Canadians’ retirement focus from enjoying freedom to financial survival.
Knowing the best time to apply for CPP depends on how long you think you'll be alive
Enrolments in public sector pension plans are growing at double the rate of those in the private sector. Canadians could face higher taxes and reduced government services as a result, says a new CFIB report. “The public sector has grown rapidly over the past decade, becoming increasingly unsustainable,” says Ted Mallett, CFIB’s chief economist. Read: […]
Almost half of Canadians (45%) don’t have an emergency savings fund, meaning an unexpected expense could have them dipping into RRSPs or taking on debt, finds a CIBC poll. Read: How to protect emergency savings Additional findings include: Canadians aged 45-64 are more likely to be prepared for an emergency, with 60% reporting they have […]