Employers can leverage choice and financial education to help close the retirement gap among the Black, Indigenous and people of colour community, says Janice Holman, a principal at Eckler Ltd. A 2021 study by the Canadian Centre for Policy Alternatives, which analyzed data from the 2016 census, found racialized seniors were most reliant on public […]
Private sector pension plans could realize higher rates of return and produce lifetime income if they followed a model similar to their public sector counterparts, said Keith Ambachtsheer, executive in residence at the University of Toronto’s Rotman School of Management and a senior fellow at the National Institute on Ageing at Toronto Metropolitan University, during a […]
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 […]
A third (33 per cent) of Americans nearing retirement say they’re already drawing down their social security benefits, according to a survey by Allspring Global Investments. The survey, which polled more than 1,500 near-retirees and more than 1,200 retirees, found one in four retirees said they retired early due to job loss or a health […]
Just 35 per cent of Canadians aged 50 and older report they’re in a position to financially afford to retire, while a slightly larger percentage (37 per cent) say they aren’t and 25 per cent say it’s unclear, according to a new survey by the National Institute on Ageing and the Environics Institute for Survey Research. […]
Nearly two-thirds (62 per cent) of Canadian pre-retirees say the rising cost of living is preventing them from retiring when they’d like to, up from 56 per cent in 2021, according to a new survey by Fidelity Canada. The survey, which polled more than 1,900 Canadians aged 45 and older, found 55 per cent said […]
Nearly three-quarters (71 per cent) of Canadians say saving for retirement is a challenge amid rising inflation, an increase of six percentage points over 2021, according to a new survey by BDO Canada. The survey, which polled more than 2,000 Canadian adults, found 43 per cent said they’ve also cut their savings for retirement. As a […]
In the midst of historically high inflation and ahead of a possible recession, it’s important for employers to offer benefits like financial counselling and flexible spending accounts to support employees’ financial and mental well-being. Mercer Canada predicts a 40 per cent chance of heading into a recession, according to feedback from investment managers and relevant data. […]
Eight in 10 (81 per cent) U.S. employees with an employer-sponsored retirement savings plan say they’re concerned about inflation impacting their retirement, according to a survey by BlackRock Inc. It found nearly two-thirds (64 per cent) of respondents with a workplace retirement savings plan are worried about their nest egg lasting throughout their lifetime, a […]
The Defined Contribution Institutional Investment Association is calling on the U.S. government to develop flexible emergency savings solutions for employees. The Washington, D.C.-based organization is among 38 signatories calling for the creation of a national financial inclusion strategy. The strategy should reflect several key principles, including automatic enrolment in workplace emergency savings plans that are […]