Ontario residents are worried there’s a retirement income crisis on the horizon in Canada, according to a recent survey by the Healthcare of Ontario Pension Plan.

Of those surveyed, 86% said they feel there is an emerging retirement income crisis, more than 35% said they are very concerned about having enough money to retire, and only 29% said they believe that most Canadians have a good workplace pension program.

Some other findings from the survey include the following:

  • 85% said that employers have a responsibility to offer employees access to a good workplace pension plan and that government has a responsibility to ensure that all workers can access the best type of workplace pension program.
  • 81% said they support workers having a pension that guarantees a percentage of their working income in retirement.
  • Only 31% said they are very confident that their retirement savings will provide them with adequate retirement income; however, 60% of those who are in DB plans said they were confident about their retirement income.
  • Three-quarters said they anticipate they will need at least half of their working income as annual retirement income, yet 46% said they expect to get less than half of their working salary during retirement from all retirement income sources.

Read the survey.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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