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32% of Canadians delaying retirement due to coronavirus pandemic: survey

While the rollout of vaccines has the world cautiously optimistic about an economic recovery, a Scotiabank survey shows the coronavirus pandemic has Canadians concerned about their retirement future. According to the survey, 72 per cent of Canadians said they’re worried they’re not saving enough for retirement, while one-third (32 per cent) said they won’t be able to […]

  • By: Staff
  • January 25, 2021 April 14, 2021
  • 09:00
Should Canadian employers consider offering emergency savings plans?

With Canadian employees feeling the toll the coronavirus pandemic is taking on the economy, should policy-makers facilitate the use of workplace emergency savings plans? “We know from data that 28 per cent of Canadian households who are financially impacted by COVID in August were drawing down on their [tax-free savings accounts] and [registered retirement savings […]

Tips for helping staff piece together their retirement income puzzle

Retirement income can be sliced into three broad categories: what an individual receives from their employer, what they receive from the government and everything else. While plan sponsors are naturally most concerned with what they provide for plan members, including all forms of income in the conversation is integral to properly planning for retirement, says […]

Q&A with ABC Technologies’ Cindy Xing

ABC Technologies Inc.’s director of total rewards talks wellness, new retirement savings plans and gardening. Q. What top challenges do you face in your role? A. The top challenge is a combination of many factors linked to the unprecedented times we’re experiencing. Like many organizations, the pandemic hit us hard. We’ve had to reduce our […]

Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier, according to the Canadian Life and Health Insurance Association’s annual fact book. The benefits include $53.3 billion in pension annuity payments, $38.1 billion in health benefits for prescription drugs and supplementary health […]

  • By: Staff
  • September 16, 2020 November 30, 2020
  • 09:00

Retirement and savings programs should motivate plan members to think about how they want to spend their time in retirement as well as their money. “If we focus in just on the financial part of the equation and then [plan members] get to that point where [they’re] retiring, not only might they not have enough money to do the […]

ACPM calling for CAP automatic enrolment, escalation features

The Association of Canadian Pension Management is calling on the Ontario government to consider amending the Employment Standards Act and the Pension Benefits Act to allow for auto-enrolment and auto-escalation features in capital accumulation plans. Specifically, it’s suggesting the government allow employers to automatically deduct employee contributions from payroll to facilitate these features. “The shift […]

  • By: Staff
  • July 20, 2020 November 30, 2020
  • 10:00
Market corrections and the retirement savings withdrawal dilemma

A retiree whose retirement savings are primarily in a registered savings plan, such as a life income fund or registered retirement income fund, already faces a number of risks and challenges during their retirement years. But a significant financial market correction highlights one of these challenges — how much income should be withdrawn from the […]

With many people around the world facing layoffs due to business shutdowns caused by the coronavirus, financial stress is pervasive. In Australia, the government is allowing individuals affected by coronavirus to access up to $10,000 of their superannuation savings tax-free in both 2019-20 and 2020-21, subject to restrictions, including that they must be unemployed or […]

Managing a capital accumulation plan through coronavirus

In this time of global pandemic, the coronavirus is shaking up everything, with high market volatility and changing work arrangements. Everyone is worried — not only for their immediate futures, but also for the long term. “It’s pretty hard to watch the market go through the volatility that we’ve seen over the last couple of […]