I’m lucky. I belong to the minority of Canadians whose company offers a defined benefit pension plan. But I don’t contribute to it. My colleagues tell me I’m crazy to leave money on the table. I know I am. If there’s anything I’ve learned as associate editor of this magazine, it’s that you need to save for retirement.
Technically, I can afford to participate in my company’s plan. I would just have to stop buying organic groceries, forego that trip to India and maybe get a roommate. But not having student debt is what would really help me save. Right now, I have eight more years on my 15-year student loan.
So here’s a thought for employers: if you want younger employees to participate in your pension plans, give them pointers on tackling student debt. Even that may not be enough, though. The real reason I’m in no hurry to contribute to any pension plan is, my retirement is nearly 37 years away. I can’t think that far ahead!
I’m part of a generation for which unpaid internships, chronic underemployment and job insecurity have been the norm. I have a full-time job now (with benefits!). But, like many of my peers, I’ve had to hustle as a freelancer and bounce back after a layoff.
Those experiences taught me tomorrow is never secure. For someone like me, one year from now—not 37—counts as long-term thinking.
But I’m not sure if there’s anything employers can do to help my generation overcome this mindset. Maybe all we need is time.