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Study Looks At Retirement Saving

Only 26% of Canadians think they are saving enough to meet their future retirement needs, says a survey from Angus Reid conducted in conjunction with the release of ‘The Third Rail: Confronting our Pension Failures,’ a book co-authored by Jim Leech, president and CEO of the Ontario Teachers' Pension Plan and business reporter Jacquie McNish. Specifically, those surveyed with a household income of less than $50,000 save on average 7% of their income towards retirement, while household incomes of $50,000 to $99,000 save 9%. Of greatest concern, the survey exposed that 15% of Canadians are not making any retirement savings. When it comes to retirement age, the survey results show that most Canadians still hope to retire at age 65; however expectations change as people get older. Those aged 18 to 34 feel they will be able to retire at 63, while among those aged 55+ it's 67.

Courtesy of Benefits and Pensions Monitor website News Alerts

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