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Retirement Income Possible Crisis

Canada is headed for a “huge economic crisis” if the provinces and federal government don’t take action now to improve retirement incomes, says Ontario’s premier. Kathleen Wynne says people are not saving enough for retirement and “if we let this go unchecked we’re going to face a huge economic crisis.” Her Liberal government recently announced it would create a provincial retirement income plan if it can’t convince Ottawa and the other provinces to enhance the Canada Pension Plan. “I believe that governments have to ensure a reliable and responsible retirement income system, one that evolves and responds to the practical realities of the times that we’re dealing with,” she told the ACG Capital Connections conference. “So we’re taking the lead in Ontario on that conversation across Canada, to make sure that we’re thinking ahead and making sure that everyone in this province is prepared for retirement.”

Courtesy of Benefits and Pensions Monitor website News Alerts

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