How to Save for Retirement in Ontario, Canada?
|
|
- Benedict Douglas
- 3 years ago
- Views:
Transcription
1 1 Canadian Labour Congress Background for Individual Responses Questions from the Ministry of Finance Ontario Consulting with Ontarians on Canada s Retirement Income System How much income do you think you will need in retirement to maintain your standard of living? What portion is this of your current income? : Experts generally agree that families need about 70% of their pre-retirement income in retirement to maintain their previous standard of living. That is because retirees do not have to pay for work related costs and they no longer need to put aside savings for retirement. Low income families need more than 70% of their earnings to meet basic needs and to live above the poverty line after a lifetime of work. Do you belong to an employment pension plan? If so, is it a defined benefit or defined contribution plan? Only 37.5% of Ontario workers belong to an employer pension plan. Only about one half of all private sector pension plans provide a defined benefit one that provides a pre-determined level of pension income, usually based on previous earnings. Defined contribution plans provide a pension income based solely on investment returns, which can vary according to the markets with three stock market meltdowns in the last fifteen years, we can see why defined contribution plans provide less stability for people about to retire. Do you expect your future OAS and CPP benefits, together with your employment pension plan and/or private savings, will provide you wish sufficient income in retirement? CPP as structured today provides only up to a maximum of 25% replacement of pre-retirement wages based on maximum pensionable earnings of $47,200 (2010 level). The average CPP benefit paid to a Canadian pensioner today is just % per month. The maximum CPP benefit is $ per month. The remaining portions of the public pension pillar of our retirement system are Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) that are paid for out of the government s general revenue. Together, they replace up to 15% of the previous earnings for the average worker, with GIS geared to seniors with the lowest incomes. The maximum amount of Old Age Security plus the Guaranteed Income Supplement for a senior with no other source of income is $15,672 per year.
2 2 The proportion of pre-retirement income replaced by the public pillar of our retirement system is much less than in most other advanced industrial countries, and leaves workers without an employer pension plan heavily dependent upon personal savings like high fee mutual funds and other insecure RRSP investment instruments. Are you concerned about your ability to save? Governments have to put in place an adequate system of public pensions so that Canadian has security in their retirement after a lifetime of work. If we had a better CPP that replaces 50% of the maximum pensionable earnings instead of the current 25%, it would be easier to save enough for retirement. Do you make RRSP contributions? Do you utilize the RRSP room available to you? Not many people contribute to RRSPs and hardly anyone makes the maximum allowed contributions. Most who make the maximum contributions are high income earners. The majority of the dollars contributed to RRSPs are from people who earn more than $80,000 per year those who can most afford it. Management fees by the private sector on investment vehicles in Canada are among the highest in the world an analysis of management costs for mutual funds in 20 countries Mutual Fund Fees Around the Word shows Canada ranks dead last. Studies indicate the average Management Expense Ratio (MER) for mutual funds in Canada are 2.8%. What factors may prevent you from taking full advantage of your RRSP room? The key factors behind low contribution rates to RRSPs are stagnant real wages, which have been flat or falling for most working people for the last twenty years. Canadians carry a high level of personal debt, which is now the highest share of income in history. Another factor is that many people have earned very low (if any) returns on RRSP savings over recent years due to excessively high management fees charged by the financial industry on investment products, and the impact of three stock market crashes in fifteen years on the markets and on interest rates. What can be done to help reduce fees charged on investment funds?
3 3 Management fees by the private sector on investment vehicles in Canada are the highest in the world and the impact on returns is huge. Roughly speaking, each percentage point of management fees results in a 20% loss in value over forty years of an investment. A two percent management fee over forty years means 40% of the value of your investment is going into the pockets of the financial industry. Management fees for retail equity mutual funds of the kind which are commonly held in RRSPs average 2.5% to 3% or even higher, compared to the management expenses of one half of one percent for the Canada Pension Plan. Employer pension plans typically have significantly lower costs than RRSPs but only very large plans run in the interests of plan members come close to matching the low management costs of the CPP. A better way to help Ontarians save more for retirement is to expand the Canada Pension Plan and double future benefits. The government should also regulate fees charged by the industry. Do you favour a modest expansion of the CPP? If so, do you prefer an increase to the replacement rate, an increase of the earnings ceiling, or both? The best way to secure the retirement future for all Canadians is to increase future CPP benefits to replace 50% of the maximum pensionable earnings (currently $47,200). Doubling future benefits does not mean doubling premiums. You can achieve a 100% increase in future benefits with only a 60% increase in contributions. The CPP is a secure and sound pension plan there is enough to pay for its defined benefits for at least 75 years -- the farthest forecasting out that actuaries will do. The CPP is a low cost pension plan that provides workers with a defined benefit that is indexed to inflation, and it is fully portable, from job to job, from province to province. The CPP has very low overhead costs. Under current rules, any CPP expansion must be done on a go-forward basis, and must be fully funded (ie. financed through a premium increase, which provides enough revenues to cover the increased costs). What do you believe is a reasonable increase in CPP contributions to secure enhanced benefits? Doubling future CPP benefits from 25% to 50% of pensionable earnings as proposed by the Canadian Labour Congress would require a modest annual premium increase each year for seven years, totaling an additional 6% at the end of the phase-in-period, divided equally between workers and employers.
4 4 Annual increase for a seven year phase-in period under the CLC plan, range from 2 cents an hour to 9 cents an hour depending on income: You earn $47, the annual increase works out to 9 cents an hour You earn $41, the annual increase works out to 8 cents an hour You earn $30, the annual increase works out to 6 cents an hour You earn $20, the annual increase works out to 4 cents an hour You earn $10, the annual increase works out to 2 cents an hour A worker would earn a double pension benefit for each year that they contributed in the new expanded system. The longer they contribute in the expanded system, the more income they will ultimately receive on retirement. Paying 3% more of pensionable earnings is a very modest amount for workers to pay for a much larger CPP benefit which is secure and indexed to inflation. Do you believe a single fund for an expanded CPP is appropriate? Should there be more than one fund? If so, should they be managed by the public or private sectors or both? The CPP Investment Fund is a very large, diversified investment fund that operates at arm s length from the government at very low costs. Its management expenses on average are less than 0.5% - far less than the average management expense ratios of private sector investment vehicles. It is hard to see how this could be improved upon. Do you think you would accumulate less private savings for retirement if the CPP was expanded? If so, would you prefer to save through higher CPP contributions or your own investment choices? Expanding the CPP would likely result in lower contributions to RRSPs by middle income earners, but they have already resisted contributing to RRSPs in recent years due to the turmoil in the stock markets. Low and middle income earners simply don t want to take risks with their hard earned savings any more. Moving retirement savings from high cost RRSP accounts which deliver low returns to a secure, well-managed, low cost public pension plan would benefit the great majority of Canadians. Many higher income Canadians would continue to buy retail investment products, so the impacts on the financial sector would be limited. INNOVATION Suggested points on the numerous questions about pension plan innovation and a role for private sector industry led innovation: The banks, financial and insurance industries should not be relied upon as pension innovators it s a conflict of interest to let industry entities whose primary focus is to make a profit for
5 5 themselves, as pension plan sponsors, which is why it is not allows under Ontario s Pension Benefit Act. We ve seen the promises of the financial services companies for decades that they alone can deliver efficient and valuable pension alternatives. The facts speak for themselves = the average Management Expense Ratio for mutual funds in Canada sits at 2.87% of assets which means the industry pockets, over a 40 year investment period, over half of their investors hard earned savings. Given this poor record of performance, government should not be encouraging or compelling workers to be members of finance-industry created retirement schemes. A far better proposal is expanding the benefits under the Canada Pension Plan that would offer more help to Ontario s workers today to help them save for their retirement.
ENHANCING THE. Canada Pension Plan. canadianlabour.ca
ENHANCING THE Canada Pension Plan canadianlabour.ca What are we asking for? We are asking the federal government to double the Canada Pension Plan (CPP) retirement benefit for Canadians so that it replaces
More informationProvince of Nova Scotia Department of Finance MECHANISMS FOR ENHANCING THE RETIREMENT INCOME SYSTEM IN CANADA
Province of Nova Scotia Department of Finance MECHANISMS FOR ENHANCING THE RETIREMENT INCOME SYSTEM IN CANADA The Government of Nova Scotia is working with other provinces and territories, and the Government
More informationpensions backgrounder #4
pensions backgrounder #4 Private Retirement Savings Part 4 in a Series The full series of pension backgrounders are contained in the National Union s Pensions Manual, Fourth Edition available from the
More informationONTARIO RETIREMENT PENSION PLAN
THE ONTARIO RETIREMENT PENSION PLAN DISCUSSING A MADE-IN-ONTARIO SOLUTION ASSOCIATE MINISTER S MESSAGE Ask a child what they want to be when they grow up and they ll tell you. A doctor. An astronaut.
More informationPublic Consultation Package
Public Consultation Package Request for Comments Retirement Income Adequacy in Canada Yukon Finance March 2010 Whitehorse, Yukon March 2010 Message from the Premier and Minister of Finance The Yukon Government
More informationOntario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage
Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage richard@shillington.ca www.shillington.ca Informetrica Limited Ontario Trends in Occupational Defined Benefit and
More informationCanada Pension Plan Overview Citizens for Public Justice April 2012
Canada Pension Plan Overview Citizens for Public Justice April 2012 Chris Roberts Canadian Labour Congress Three Pillars of Canada s Retirement Income System Basic pension Old Age Security and Guaranteed
More informationTHE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission
THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission February 2016 Tel/Tél: 416.497.4110 Toll-free/Sans frais: 1.800.268.5763 Fax/Téléc: 416.496.6552 Who is Unifor Unifor is a new Canadian
More informationPENSION INNOVATION FOR CANADIANS: THE TARGET BENEFIT PENSION PLAN
PENSION INNOVATION FOR CANADIANS: THE TARGET BENEFIT PENSION PLAN SUBMISSION TO THE DEPARTMENT OF FINANCE, CANADA, FROM THE CONGRESS OF UNION RETIREES OF CANADA, JUNE 23, 2014. The Congress of Union Retirees
More informationSecuring Our Retirement Future
Securing Our Retirement Future Consulting with Ontarians on Canada s Retirement Income System ISBN 978-1-4435-5029-1 (Print) ISBN 978-1-4435-4868-7 (HTML) ISBN 978-1-4435-4869-4 (PDF) Ministry of Finance
More informationStrengthening the Canada Pension Plan: Take it to the public
Strengthening the Canada Pension Plan: Take it to the public by Ken Battle, Sherri Torjman and Michael Mendelson November 2013 Strengthening the Canada Pension Plan: Take it to the public by Ken Battle,
More informationYour Guide to Retirement Income Planning
Your Guide to Retirement Income Planning Your Guide to Retirement Income Planning 3 Your retirement income plan How to create secure income in retirement Your retirement will be as unique as you are. Travel,
More informationPreparing for Retirement. A Guide for Employees. Human Resources
Preparing for Retirement A Guide for Employees 010 Human Resources Contents Introduction... 3 Canada Pension Plan Retirement Benefits... 4 Old Age Security... 6 Employment Insurance Benefits at Retirement...
More informationTHE EMERGING RETIREMENT CRISIS
THE EMERGING RETIREMENT CRISIS PART ONE Ontarians Rank Retirement Income Security as a Top Concern 1 // THE EMERGING RETIREMENT CRISIS: PART ONE Letter from Jim Keohane, HOOPP Dwindling pension coverage
More informationRE: Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System
November 29, 2010 Ministry of Finance Retirement Income Security Submission c/o Communications & Corporate Affairs Branch 3 rd Floor, Frost Building North 95 Grosvenor Street Toronto, ON M7A 1Z1 Sent via
More informationCFUW Ontario Council Response To the. Consultations on the Ontario Retirement Pension Plan
CFUW Ontario Council Response To the Consultations on the Ontario Retirement Pension Plan February 2015 Submitted by Brenda Robertson President, Ontario Council Canadian Federation of University Women
More informationComments on Securing Our Retirement Future: Consulting with Ontarians on Canada s Retirement Income System
November 29, 2010 Ministry of Finance Retirement Income Security Submission c/o Communications & Corporate Affairs Branch 3rd Floor, Frost Building North 95 Grosvenor Street Toronto, ON M7A 1Z1 Re: Comments
More informationTIME FOR ACTION. CPP Expansion: A critical part of the solution. Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014
TIME FOR ACTION CPP Expansion: A critical part of the solution Prepared by the Pensions Committee FEI Canada Policy Forum May 1, 2014 Debate has intensified on how best to help Canadians plan for retirement
More informationCanada Pension Plan and Old Age Security benefit rates effective January 1, 2015
1 of 6 27/02/2015 1:08 PM Home News News Releases Canada Pension Plan and Old Age Security benefit rates effective January 1, 2015 News Release Share this page Canada Pension Plan and Old Age Security
More informationPlanning for Retirement: Are Canadians Saving Enough?
June 2007 Planning for Retirement: Are Canadians Saving Enough? Document 207055 This study was carried out by the Department of Statistics and Actuarial Science at the University of Waterloo, under the
More informationNegative Effects of the Canadian GIS Clawback and Possible Mitigating Alternatives
Negative Effects of the Canadian GIS Clawback and Possible Mitigating Alternatives Diana Chisholm and Rob Brown Department of Statistics and Actuarial Science University of Waterloo Abstract In Canada,
More informationA Deferred Life Annuity Can Give You The Retirement Income You Need
Retirement income LifeAnew A deferred life annuity that s 100% guaranteed for life UNLIKE ANYTHING ELSE on the market Overview of factors influencing retirement WHAT KIND OF RETIREMENT INCOME IS AVAILABLE?
More informationHow Can You Reduce Your Taxes?
RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.
More informationCPP Enhancement: The Debate Takes Centre Stage
Enhancement of the Canada Pension Plan (CPP) is expected to be a major issue in the upcoming federal election. This article provides an overview of likely features of a CPP enhancement proposal along with
More informationWORKING PAPER 5: HOW TO PROVIDE RETIREMENT BENEFITS *
WORKING PAPER 5: HOW TO PROVIDE RETIREMENT BENEFITS * 1. Key challenge & overview People in precarious employment are less likely to have access to benefits, including retirement benefits. Retirement income
More informationPre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant
Pre-retirement workshop March 2014 Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Key Topics What retirement looks like today What does retirement mean to you? Next steps : how to prepare
More informationYour contributory period ends at the earliest of the following:
Canada Pension Plan and Old Age Security A. CPP Overview Canada Pension Plan is a contributory, earnings-related insurance program. This means that you must have contributed to the program in order to
More informationCanada s Retirement Security Crisis. National Union of Public and General Employees (NUPGE) Ottawa, Canada: January 2012
Canada s Retirement Security Crisis National Union of Public and General Employees (NUPGE) Ottawa, Canada: January 2012 MYTH1 Most public sector employees have a gold-plated pension. No, in fact the far
More informationHow To Get A Pension Plan In Canada
RETIREMENT INCOME CRISIS: INEVITABLE OR AVOIDABLE? THE ECONOMIC REALITY A MESSAGE FROM HOOPP PRESIDENT & CEO, JIM KEOHANE March 17, 2014 The following White Paper, entitled Retirement Income Crisis: Inevitable
More informationCreating a Fairer Pension System in Canada: Ideas to Make Canada's Federal Government Employee Pension System Fair for Taxpayers and Employees
Pension Policy Creating a Fairer Pension System in Canada: Ideas to Make Canada's Federal Government Employee Pension System Fair for Taxpayers and Employees By William (Bill) Tufts and Lee Fairbanks KEY
More informationRetirement Income System
ISPB-319-03-01E March 2001 Canada s Retirement Income System Old Age Security Canada Pension Plan Private Pensions and Savings What s in it for you? PRODUCED BY: Human Resources Development Canada Income
More informationTAX-FREE SAVINGS ACCOUNT (TFSA)
TAX-FREE SAVINGS ACCOUNT () A practical addition to your client s savings portfolio Advisor s document Investment THE TAX-FREE SAVINGS ACCOUNT () The Tax-Free Savings Account () is probably the single
More information2012 HOUSEHOLD FINANCIAL PLANNING SURVEY
2012 HOUSEHOLD FINANCIAL PLANNING SURVEY A Summary of Key Findings July 23, 2012 Prepared for: Certified Financial Planner Board of Standards, Inc. and the Consumer Federation of America Prepared by: Princeton
More informationShould I Buy an Income Annuity?
The purchase of any financial product involves a trade off. For example when saving for retirement, you are often faced with making a trade off between how much you want to protect your investments from
More information4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must
YOUR SOURCE FOR RETIREMENT PLANNING AND POSSIBILITIES e > N xt WHAT S AFTER? But first, some things to think about before 4Needs your retirement income should meet ELIMINATE DEBT THE FEWER DEBTS, THE BETTER!
More informationCompany Pension Plans in Canada
Company Pension Plans in Canada This article provides an introduction to company pension plans as well as a discussion of several issues currently facing company pension plans in Canada. Company pension
More information> The Role of Insurance in Wealth Planning
> The Role of Insurance in Wealth Planning Executive retirement solutions A S S A N T E E S T A T E A N D I N S U R A N C E S E R V I C E S I N C. Executive retirement solutions Everyone wants enough retirement
More informationAccessing and Optimizing Pensions and Public Benefits
financial literacy series for older adults Federal Public Benefits for Seniors Accessing and Optimizing Pensions and Public Benefits Ontario edition Both Canada and Ontario have several programs in place
More informationRetirement income. LifeAnew A deferred life annuity that s 100% guaranteed for life
Retirement income LifeAnew A deferred life annuity that s 100% guaranteed for life LifeAnew Maintain your standard of living when you retire If you are between the ages of 40 and 60 and you want to plan
More informationCanadian Retirement System
Canadian Retirement System Instructor: Karen Chen Actuary, PBI Actuarial Consultants John 55 years old Lived in Canada his whole life Worked since age 25 Current employer offers a pension plan With current
More informationRetirement Planning Workshop
Retirement Planning Workshop Agenda What is Retirement Planning? Why Plan for Retirement? 5 Key Risks to secure income Goal Setting Retirement Income Considerations Asset Accumulation Considerations Tom
More informationPension Sustainability
Pension Sustainability Making public sector pensions more secure and affordable gov.pe.ca/pensionplans Minister s message Prince Edward Island s two large public sector pension plans, the Civil Service
More informationExecutive Summary... 1. I. Introduction... 5. II. Saving for our Collective Old Age... 7. III. Macroeconomics of Savings and Investments...
TABLE OF CONTENTS Executive Summary... 1 I. Introduction... 5 II. Saving for our Collective Old Age... 7 III. Macroeconomics of Savings and Investments... 10 IV. Individual Households Incentives to Save...
More informationRetirement Compensation Arrangement
tax efficient retirement planning tool business GUIDELINES Retirement Compensation Arrangement Supplement Retirement Income while providing Tax Deductible contributions RRSPs and Pension Plans provide
More informationQuestionnaire Response: Ontario Nonprofit Network (ONN)
Questionnaire Response: Ontario Nonprofit Network (ONN) 1. If elected, will you ensure that the Ontario Not-for-Profit Corporations Act, 2010 (ONCA), that was passed unanimously by all three political
More informationCorporate Report. Recommendation That Council receive the report Employee Pension and Sick Leave Benefits for information purposes.
CITY or ST. CATHARINE Corporate Report Report from Office of the Chief Administrative Officer, Administration Date of Report: April 28, 2015 Date of Meeting: May 25, 2015 Report Number: CAO-136-2015 File:
More informationRetirement Income Coalition
2005 Pre-Budget Submission STRENGTHENING THE VOLUNTARY PILLAR OF CANADA'S RETIREMENT INCOME SYSTEM SEPTEMBER 2004 TABLE OF CONTENTS Page Introduction 1 Unfinished Business 2 Middle Income Canadians Affected
More informationONTARIO HOME BUILDERS ASSOCIATION SUBMISSION ON THE ONTARIO RETIREMENT PENSION PLAN ---FEBRUARY 2015---
ONTARIO HOME BUILDERS ASSOCIATION SUBMISSION ON THE ONTARIO RETIREMENT PENSION PLAN ---FEBRUARY 2015--- ABOUT OHBA The Ontario Home Builders Association (OHBA) is the voice of the new housing, land development
More informationgetting you ready / retirement planning For members within five years of retiring
getting you ready / retirement planning For members within five years of retiring Contents 2 / Introduction 3 / HOOPP: More for your money 4 / The pension you ll receive 6 / When you can retire 12 / Survivor
More informationJohn Harris MA, MBA, PhD, CGA, FCMA - member of the CIFP Education Committee. - worked in both administrative and teaching positions in higher
Current Trends Financial Planning Issues The Economy The Federal Budget The Canada Job Grant Jobs Without People/People Without Jobs Is this a concern within the Financial Services industry (solving the
More informationShould I Buy an Income Annuity?
Prepared For: Fred & Wilma FLINT Prepared By: Don Maycock The purchase of any financial product involves a trade off. For example when saving for retirement, you are often faced with making a trade off
More informationTO HELP YOU MAKE THE MOST OF YOUR RETIREMENT DAYS
RETIREMENT GUIDE TO HELP YOU MAKE THE MOST OF YOUR RETIREMENT DAYS Whether it s a long-term project or a dream that s about to come true, you likely have no shortage of ideas to fill up this exciting period
More informationThe basics of. financial planning
Group Savings & Retirement Plan for life The basics of financial planning Hello. Are you getting started on the road to retirement? Then finding out more about financial planning might be a good idea,
More informationBEING FINANCIALLY PREPARED FOR RETIREMENT The Scary Facts! $1.00 item in 1972, costs $3.78 today At the average rate of inflation, the price you pay for an item today will be double in 20 years almost
More informationAre Canadian Entrepreneurs Ready For Retirement?
Are Canadian Entrepreneurs Ready For Retirement? Canadians are aging, and Canadian entrepreneurs are aging even faster. The number of self-employed who are nearing retirement (ages 55 to 64) has been rising
More informationMaximizing GIS. A background paper on retirement financial planning for Canadians with very low incomes
Maximizing GIS A background paper on retirement financial planning for Canadians with very low incomes a Contents Contents Purpose of this paper 3 Summary of GIS eligibility criteria and advice for low-income
More informationTax-Free Savings Account (TFSA) now available!
Tax-Free Savings Account (TFSA) now available! Customer-owners have a new way to save money with the Tax-Free Savings Account (TFSA), now available at Metro Credit Union. You can save or invest money without
More informationThe Road to Retirement: Beginning your journey
The Road to Retirement: Beginning your journey CSS Pension Plan Welcome! This Road to Retirement series has been designed to help you understand your pension plan, and save for retirement. [When you see
More informationPreparing for retirement
What s in this fact sheet? This fact sheet explains the basics of retirement planning. For more information, contact the Human Resources Service, Pension Sector: Telephone: (613) 562-5800 ext. 1747 E-mail:
More informatione-brief The Piggy Bank Index: Matching Canadians Saving Rates to Their Retirement Dreams
e-brief March 1, 2010 PENSION PAPERS I N D E P E N D E N T R E A S O N E D R E L E V A N T The Piggy Bank Index: Matching Canadians Saving s to Their Dreams By David A. Dodge, Alexandre Laurin and Colin
More informationYour group tax-free savings account
Your group tax-free savings account What s a TFSA? It s a flexible investment savings plan that allows you to earn tax-free investment income. A tax-free savings account (TFSA) is a new type of savings
More informationNotes - Gruber, Public Finance Chapter 13 - Social Security Social Security started in 1935 in Great Depression. Asset values had fallen drastically,
Notes - Gruber, Public Finance Chapter 13 - Social Security Social Security started in 1935 in Great Depression. Asset values had fallen drastically, many elderly lost their lifetime savings. Workers pay
More informationLCAO Principles on Social Security Adopted November 16, 2010
Barbara B. Kennelly, Chair LCAO Principles on Social Security Adopted November 16, 2010 INTRODUCTION Social Security Protects Nearly All American Workers and Their Families Social Security has been the
More informationMen retiring early: How How are they doing? Dave Gower
Men retiring early: How retiring are they doing? early: How are they doing? Dave Gower During the first half of this century, men generally stayed in the labour force until at least age 65. In the second
More informationBlinded by the Refund : Why TFSAs may beat RRSPs as better retirement savings vehicle for some Canadians by Jamie Golombek
January 2011 Blinded by the Refund : Why TFSAs may beat RRSPs as better retirement savings vehicle for some Canadians by Jamie Golombek With the introduction of Tax Free Savings Accounts (TFSAs) in 2009,
More informationA Conversation With a Canadian Benefits Attorney
A Conversation With a Canadian Benefits Attorney 28 th Annual National CLE Conference Employee Benefits January 5, 2011 (5:30 6:30 p.m.) Elizabeth M. Brown Hicks Morley Hamilton Stewart Storie LLP Overview
More informationEmployees Retirement Plan University of Windsor Pre-Retirement Seminar
Employees Retirement Plan University of Windsor Pre-Retirement Seminar Welcome! April 22, 2014 Presentation Overview Preparing for Retirement Sources of Retirement Income Types of Pension Plans Plan Definitions
More informationIntroducing. Tax-Free Savings Accounts
Introducing Tax-Free Savings Accounts Tax-Free Savings Accounts A new way to save Tax-free savings accounts were introduced by the federal government in the 2008 budget as an incentive for Canadians to
More informationThe Revised Pension Plan of
The Revised Pension Plan of A Guide to the Pension Plan for Queen s Staff and Faculty Prepared by Pension Services, Department of Human Resources Fleming Hall, Stewart-Pollock Wing 78 Fifth Field Company
More informationHow To Get A Pension In Canada
Easy Guide to Retirement Income Options Contents PAGE 1: Your retirement income choices... 2 1. Convert your RSP into an annuity... 2 a. Life Annuity... 2 b. Term Certain Annuity to Age 90... 2 2. Convert
More informationWorking After Age 65
ALTERNATIVE FEDERAL BUDGET 2012 TECHNICAL PAPER Working After Age 65 What is at Stake? Angella MacEwen Highlights The OAS and GIS combined today provide one third of the income of all seniors aged over
More informationOntario Retirement Pension Plan Key Design Questions
Ontario Retirement Pension Plan Key Design Questions Submission to the Associate Minister of Finance Prepared by Canadian Bankers Association February 13, 2015 1 EXPERTISE CANADA BANKS ON LA RÉFÉRENCE
More informationHow is my Pension Calculated?
How is my Pension Calculated? Ensuring you have adequate income when you retire requires careful attention. In non-working years your income will come from different sources, including your Public Service
More informationHow To Maximize Your Retirement Savings From The Western Retirement Plan
Retirement Plan Summary july 2013 » Table of Contents Welcome to Your Retirement Journey...3 Important Note...4 Your Plan at a Glance...5 Your Responsibilities...6 Joining the Plan...7 Regular Full-time
More informationWhen to retire: Age matters!
When to retire: Age matters! The BMO Institute provides insights and strategies around wealth planning and financial decisions to better prepare you for a confident financial future. Contact the BMO Institute
More informationOntario Retirement Pension Plan Proposal MEPCO DISCUSSION PAPER
Ontario Retirement Pension Plan Proposal MEPCO DISCUSSION PAPER JUNE 17, 2015 1 Ontario s Registered Pension Plan Proposal Background: In the 2014 Provincial Budget, the Ontario Government announced that
More informationTHE TAX-FREE SAVINGS ACCOUNT
THE TAX-FREE SAVINGS ACCOUNT The 2008 federal budget introduced the Tax-Free Savings Account (TFSA) for individuals beginning in 2009. The TFSA allows you to set money aside without paying tax on the income
More informationThis strategy gives a person the ability to take advantage of the tax-sheltering ability of a life insurance policy.
Insuring the Future In this Newsletter: Supplementing Retirement Income Who should be looking at this strategy? The Registered Savings Problem John Jordan, CFP CERTIFIED FINANCIAL PLANNER Phone: (519)
More informationThe Canadian Retirement Income Guide 2014 Edition. Maximizing your retirement income while minimizing your taxes
The Canadian Retirement Income Guide 2014 Edition Maximizing your retirement income while minimizing your taxes Introduction When you retire, not only does your daily routine change, but your pay cheque
More informationProcedures of the Québec Pension Plan
FOR YOU AND YOUR CHILDREN: GUARANTEEING THE FUTURE OF THE QUÉBEC PENSION PLAN A Reform of the Québec Pension Plan Working Paper Québec II You can obtain additional copies of this document at the following
More informationTax-Free Savings Account(TFSA) trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company.
Tax-Free Savings Account(TFSA) Registered trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company. Tax-Free Savings Account Canadians need all the help
More informationEarly Retirement Strategies
If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant
More informationThe Facts of Life and Annuities
2 The Facts of Life and Annuities Introduction... 4 7 Key Facts... 5 Life Insurance Ownership Is Widespread, but Inadequate... 6 Most Individual Life Insurance Policies Are Permanent... 8 Why Life Insurance
More informationPROPOSED CHANGES TO THE CANADA PENSION PLAN
PROPOSED CHANGES TO THE CANADA PENSION PLAN Proposed by Federal, Provincial and Territorial Ministers of Finance Ottawa, May 25, 2009 For further information go to the Department of Finance Canada web
More informationModule 5 - Saving HANDOUT 5-7
HANDOUT 5-7 Savings Tools (detailed) 5 Contents High interest savings account This is a type of deposit account. The bank pays you interest. The rate changes with the prime rate set by the bank. This is
More informationAnnuities. Introduction 2. What is an Annuity?... 2. How do they work?... 3. Types of Annuities... 4. Fixed vs. Variable annuities...
An Insider s Guide to Annuities Whatever your picture of retirement, the best way to get there and enjoy it once you ve arrived is with a focused, thoughtful plan. Introduction 2 What is an Annuity?...
More informationIntermediate Savings Goals Prior to Retirement White Paper on Retirement, November 2014 Richard C Marston, Wharton School
Intermediate Savings Goals Prior to Retirement White Paper on Retirement, November 2014 Richard C Marston, Wharton School Saving for retirement is tough for young and old alike. Most of us know how important
More informationThe Prudent Navigator. Financial Planning for Every Stage and Every Age
The Prudent Navigator Financial Planning for Every Stage and Every Age Prepared by: John Kehoe CFP FMA CSWP November 4, 2013 Ontario Civil Service Credit Union Ltd A financial co-operative owned by its
More informationBetter finances, better lives. Five-Year Tax Reduction Plan. February 28, 2000. Department of Finance Canada. Ministère des Finances Canada
Better finances, better lives Five-Year Tax Reduction Plan February 28, 2000 Department of Finance Canada Ministère des Finances Canada Her Majesty the Queen in Right of Canada (2000) All rights reserved
More informationLondon Life participating life insurance
Your guide to London Life participating life insurance Value, strength and choice What you ll learn from this guide This guide, combined with professional advice from your financial security advisor, helps
More informationElderly Immigrants in Canada: Income Sources and Self-Sufficiency SUMMARY
Elderly Immigrants in Canada: Income Sources and Self-Sufficiency SUMMARY Prepared for the 2005 Economic Conference, Ottawa May 10 th, 2005 Colleen Dempsey Strategic Research and Statistics Citizenship
More informationBenefits at Retirement
Benefits at Retirement POST-RETIREMENT BENEFITS Supplemental Health Plan Dental Plan Life Insurance Plan HEALTH PLAN Coverage you have at time of retirement can be continued Cost sharing continues at 50/50
More informationRetireWare Version 2.0 Retirement Planning Software
RetireWare Version 2.0 Retirement Planning Software User Manual: Standard and Monte Carlo Editions Apeiron Software Limited απειρον 2 Table of Contents Welcome to RetireWare Version 2.0 5 1 Introduction
More informationOntario Retirement Pension Plan
in partnership with: Ontario Retirement Pension Plan The impact on Ontario s manufacturers and their 750,000 employees Canadian Manufacturers & Exporters September 2015 Table of Contents Executive Summary
More informationBS2551 Money Banking and Finance. Institutional Investors
BS2551 Money Banking and Finance Institutional Investors Institutional investors pension funds, mutual funds and life insurance companies are the main players in securities markets in both the USA and
More informationSample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/
RETIREMENT PLAN KAREN AND BILL SWIRE PROVINCE OF ONTARIO AS AT JANUARY 1, 2012 PREPARED BY DAVID GOBEIL, CA, CFP NOVEMBER 4, 2011 VERSION DRAFT Sample retirement plan prepared with The Canadian Retirement
More informationPROPOSAL FOR A PROVINCIAL TAX CREDIT TO SUPPORT INVESTMENT IN ONTARIO'S SOCIAL ECONOMY - REGISTRATION OF INVESTMENTS
PROPOSAL FOR A PROVINCIAL TAX CREDIT TO SUPPORT INVESTMENT IN ONTARIO'S SOCIAL ECONOMY - REGISTRATION OF INVESTMENTS A BRIEF TO THE PARTNERSHIP PROJECT FROM THE ONTARIO SOCIAL ECONOMY ROUNDTABLE (OSER)
More informationTAX-EFFICIENT INVESTMENT STRATEGIES FOR EVERY LIFE STAGE: THREE CASE STUDIES
Page 1 of 5 TAX-EFFICIENT INVESTMENT STRATEGIES FOR EVERY LIFE STAGE: THREE CASE STUDIES March 06, 2012 Jordan Dancey has just started his first full-time job. Bill and DeeDee Williams are in their 50s,
More informationHousehold Trends in U.S. Life Insurance Ownership
Household Trends in U.S. Life Insurance Ownership Full Report Cheryl D. Retzloff, LLIF, ACS Markets Research 860-285-7738 cretzloff@limra.com Maximize the Value of LIMRA Research The value of LIMRA research
More information