longevity – Benefits Canada.com

Survey finds longevity literacy tied to regular retirement planning, saving

Sadie Janes — Wed, 23 Aug 2023 19:00:07 +0000

Nearly three-quarters (72 per cent) of U.S. employees with strong longevity literacy are saving for retirement on a regular basis, compared to 58 per cent with weak longevity literacy, according to a new survey by the Teachers Insurance and Annuity Association of America Institute and the Global Financial Literacy Excellence Center at the George Washington University […]

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2023 Top 100 Pension Funds Report: How to improve retirement outcomes across diverse plan member groups

Jennifer Paterson — Fri, 23 Jun 2023 12:56:55 +0000

At the beginning of April, the OPSEU Pension Trust made a change to a definition in its plan text that will have meaningful implications for plan members with disabled children who need to continue to rely on their parents into adulthood. The organization expanded the definition of a child eligible for survivor benefits to include […]

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Mandatory RRIF drawdowns negatively impacting retirement savings: report

bwolfe — Tue, 18 Apr 2023 13:00:44 +0000

The rules governing registered retirement income funds and similar retirement vehicles are stuck in the past and need revamping or removal, according to a new report by the C.D. Howe Institute. With the current rules, the purchasing power of minimum RRIF withdrawals could fall to half their initial value by the time a retiree reaches […]

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A look at China’s private pension pilot project

Jennifer Paterson — Fri, 17 Mar 2023 12:54:14 +0000

Traditionally, Chinese workers have relied on two pillars of income in retirement — the basic state pension and employer-sponsored plans open to employees in certain sectors. However, in late 2022, the Chinese government poured some concrete into the mould of a third pillar, unveiling the details of a previously announced private pension scheme. Under the […]

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Sounding Board: Shifting from retirement planning to longevity planning

bwolfe — Tue, 25 Oct 2022 13:00:20 +0000

In conversations with pre-retirees, retirees and industry professionals, there’s a growing recognition that retiring is often the easy part — it’s figuring out what they’re going to do with the rest of their lives that’s difficult. As a new retirement emerges, the retirement industry must shift from traditional retirement planning, which focuses exclusively on how […]

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Comfortable retirement out of reach for many employees: report

bwolfe — Wed, 11 May 2022 19:00:30 +0000

While Canadians nearing retirement age have seen a doubling in the median value of both their assets and net worth since 1999, the prospect of a comfortable retirement remains out of reach for many employees, according to a new report by the C.D. Howe Institute. It found a quarter of Canadians aged 45 to 64 […]

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Longevity pessimism poses risks to retirement planning: survey

bwolfe — Thu, 05 May 2022 13:00:06 +0000

By underestimating life expectancy, employees risk running out of money in retirement, according to a new survey by analytics firm Club Vita. The survey, which polled 3,000 respondents in Canada, the U.K. and the U.S., found on average, people underestimated their life expectancy by 4.7 years. Women underestimated their longevity by an average of 6.1 […]

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Canadians taking CPP at 60 losing $100,000+ in retirement income: study

mschmit — Fri, 11 Dec 2020 11:30:40 +0000

The average Canadian taking Canada/Quebec Pension Plan benefits at age 60 instead of waiting until 70 can expect to lose more than $100,000 of secure lifetime income, according to a new research paper by Ryerson University’s National Institute on Ageing and the FP Canada Research Foundation. The paper found a $1,000-monthly benefit in today’s dollars at […]

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Corby, Hiram Walker entering $176M group annuity buy-in

mschmit — Mon, 07 Dec 2020 11:00:13 +0000

Corby Spirit and Wine Ltd. and Hiram Walker & Sons Ltd. are de-risking with a $176-million group annuity buy-in amidst volatile markets caused by the coronavirus pandemic. The deal covers 750 retirees and beneficiaries and there will be no change for plan members, who will continue to be paid from the plan as before the […]

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Older workers key to rebuilding G20 economies: report

mschmit — Fri, 16 Oct 2020 05:02:52 +0000

Across the G20 nations, older workers are increasingly vital to a post-pandemic recovery, according to a new report by ageing policy think tank International Longevity Centre U.K. Every third dollar is earned by someone aged 50 or older and nearly one in three workers (29 per cent of the G20 workforce) were over the age of 50 […]

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