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Majority Relying On CPP

A majority of Canadians are relying on the Canada Pension Plan, many of them heavily, to get through retirement, says a Bank of Montreal survey. It found that 89 per cent said they would have to rely on the CPP or the Quebec Pension Plan when they stopped working. Nearly a third (31 per cent) will count ‘heavily’ on the government pension plan. Meanwhile, 88 per cent of respondents will use personal savings like RRSPs or tax-free savings accounts to help fund retirement, while 59 per cent said they would likely take a part-time job. Other options include the 49 per cent of respondents who planned on selling their homes or property for some cash. Less than half (40 per cent) were counting on an inheritance, while 34 per cent hoped to win a lottery.

Courtesy of Benefits and Pensions Monitor website News Alerts

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