Last October, Ontario’s pay equity office reported Canadian women received an average of 18 per cent less retirement income than men in 2020, which is three per cent higher than the gap observed in 1976, the earliest year for which data is available. How has progress moved backwards in the past 44 years, even though women are […]
Workplace pension plans alone aren’t providing adequate retirement income for U.S. government employees, according to a new report by the National Institute on Retirement Security and Aon. It found U.S. state and local employees in a typical public defined benefit pension plan need to save roughly four to six per cent of their salary on their […]
Defined contribution pension plan members nearing retirement may need their employers’ help to achieve financial security during an era of low interest rates and increased inflation, according to a new report by the U.S.-based Defined Contribution Institutional Investment Association. It found target-date funds are the dominant investment strategy in most DC plans, used by 80 […]
Two-fifths (40 per cent) of all U.S. private sector employees don’t have an employer-sponsored retirement plan and non-white workers have the least access to these plans, according to a report by T. Rowe Price Group Inc. It found that, while 58 per cent of white employees had access to workplace retirement plans, this percentage decreased […]
An article on the FIRE — financial independence and retiring early — concept was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Is the concept of financial independence and early retirement truly feasible? 2. Expert panel: Can pension administrators deny benefits to plan members who don’t […]
Two-fifths (41 per cent) of U.S. women say they expect to retire at age 70 or older or don’t plan to retire at all, according to a survey by the Harris Poll on behalf of the Transamerica Center for Retirement Studies. Among women who plan to work past age 65 or who don’t plan to retire, […]
More than two-thirds (70 per cent) of millennials say they aren’t saving enough for retirement, while 27 per cent aren’t able to save any money, according to a new survey by Edward Jones Canada. The survey, which polled more than 1,000 employees aged 18 and older, found millennials were most likely to cite debt (21 […]
Six in 10 (60 per cent) U.S. employees say they’re more likely to stay at their current job if their employer offers a retirement savings plan, according to a new survey by Voya Financial Inc. The survey, which polled 1,000 employees, also found respondents are more likely to stay with their employer if they offer physical […]
The FIRE concept — financial independence and retiring early — is gaining traction among younger workers, but as appealing as early retirement may be, it isn’t very realistic given the current economic conditions, according to experts. Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University, notes the population […]
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 […]