Canadians say they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, when Canadians estimated they’d need a nest egg of $1.4 million, according to a new survey by BMO Financial Group. The estimate is the largest since the bank first began surveying Canadians about their retirement expectations […]
The French government’s plans to reform the national pension system have been met by widespread protest. Elisabeth Borne, France’s prime minister, unveiled plans to raise the minimum age required to claim benefits from the Caisse Nationale d’Assurance Vieillesse from 62 to 64 by 2030. In addition, the government proposed that claimants will be required to […]
While more than half (58 per cent) of employees within 10 years of retirement are contributing to retirement savings, only about a third (30 per cent) have established a thorough financial plan, according to a new survey by Age Wave and Edward Jones Canada. The survey, which polled more than 1,000 Canadians aged 45 or […]
Paramedics from 40 ambulance services across Quebec are striking to lower the required retirement age for their defined benefit pension plan and for pay equity with their emergency services colleagues. The Fédération des employés du préhospitalier du Québec union — which has nearly 2,500 pre-hospital members, including paramedics — went on strike July 1. Currently, the members’ […]
French president Emmanuel Macron’s efforts to reform his country’s pension system have been set back by the results of divisive national elections. During his campaign for the presidency, which he won in April, Macron highlighted a three-part plan including the creation of a nationally sponsored defined benefit pension system — similar to the system used in […]
Retirees with defined benefit pension plans are less likely to draw down their savings to cover their spending than those with a defined contribution plan, according to a new report by the University of Michigan. It found while most employees born between 1920 and 1940 had access to a DB plan, this percentage dropped dramatically […]
A ruling by the Supreme Court of British Columbia on the B.C. Credit Union Employers’ Pension Plan’s normal retirement date was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. B.C. court upholds pension plan’s decision to increase retirement age 2. Ontario NDP platform includes dental […]
The Supreme Court of British Columbia has upheld the B.C. Credit Union Employers’ Pension Plan’s decision to increase its normal retirement date to age 65 from age 62. The 2016 decision — which was made by trustees to maintain the plan’s financial viability — was being challenged by a group of plan members who alleged […]
Almost two in five (39 per cent) Canadians are confident in their retirement plan, according to a survey conducted by Pollara Strategic Insights for the Bank of Montreal Financial Group. The survey, which polled 1,500 adult Canadians, found while respondents said they need $1.6 million to retire securely, just under half (44 per cent) were […]
A growing number of pre-retirees are planning to delay their retirement past age 65, according to a new survey by Fidelity Investments Inc. The survey, which polled more than 1,900 Canadians, found fewer than 38 per cent of respondents said they’re planning to retire by age 65, compared to about 42 per cent who said […]