The average 45-year-old Canadian employee earning $60,000 per year will need to accumulate $1.4 million in retirement savings by age 65 if they want to retire comfortably, according to a new report by Aon. It found since 2019, the average employee requires an additional $100,000 in private retirement savings, partly due to a one per […]
More than a third (36 per cent) of Canadians aged 18 to 25 have already begun planning and saving for retirement, according to a survey by online real estate investment marketplace Fundscraper Capital Inc. “It’s well documented that generation Z and younger millennials have had it much harder than previous generations when it comes to career […]
An article on British Columbia’s paramedics and their need for enhanced mental-health benefits was the most read story over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. B.C. paramedics seeking enhanced mental-health benefits 2. Canadian pension plans overcoming legislation, governance challenges: webinar 3. Ontario’s DB pension plans should take steps […]
A third (34 per cent) of U.S. retirees who took a lump sum from their defined contribution pension plan in retirement depleted that sum within an average of five years, according to a new survey by MetLife Inc. “There can be significant drawbacks for retirees when taking a lump sum,” said Melissa Moore, senior vice-president […]
Nearly two years into the coronavirus pandemic and the uncertainties brought on by the Omicron variant, markets held up in the last three months of 2021 with capital accumulation plan member outcomes continuing to improve. According to Eckler Ltd.’s latest CAP income tracker, a typical male plan member retiring at age 65 at the end of […]
Representatives from a few of Canada’s most progressive pension plans weighed in on topics ranging from plan design to the various challenges posed by legislation and governance during a webinar hosted by the Association of Canadian Pension Management last week. Orla Cousineau, executive director of pensions at the University of British Columbia, said the province’s […]
While Canadians continue to use registered retirement savings plans for retirement planning, knowledge about RRSPs has declined over the past five years, according to a new survey by BMO Global Asset Management. It found 56 per cent of respondents know how much they can contribute to the account, a six per cent decrease since 2016. […]
Higher investment fees in capital accumulation plans can potentially set an individual’s retirement date back by four years, according to Mercer’s latest retirement readiness barometer. The analysis found a person paying the median retail fee (1.9 per cent) would be retirement ready at age 70. On the other hand, someone paying the median fee available […]
A retirement community operator is allowing employees to access their pay at any time as part of a wider financial wellness strategy. In May, Seasons Retirement Communities is incorporating a new app into its payroll system, which allows employees to receive up to 50 per cent of their daily pay instantly. Jessica Poling, senior director […]
More than a third (38 per cent) of U.S. employees increased their 401(k) contributions by an average of three per cent in 2021, according to a new survey by Fidelity Investments Inc. By the end of 2021, 83 per cent of workers with a 401(k) received a contribution from their employer, with the average employer […]