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DB Retiree Spending Boosts Economy

Ontario defined benefit retirees spend approximately $27 billion a year on goods and services, creating employment and boosting the economy, says a Healthcare of Ontario Pension Plan (HOOPP) white paper on retirement adequacy. ‘Retirement Income Crisis: Inevitable or Avoidable? The Economic Reality’ shows they also contribute approximately $3 billion a year in income taxes and a further $3 billion in sales and property taxes. “The white paper shows the importance of retirement security. Certainty about income means people are more willing to spend their money on goods and services,” says Jim Keohane, HOOPP’s president and CEO. The research also shows that most Canadians are very concerned about attaining security in retirement. This is shown by the 79 per cent of Canadians who want pension plans at work that have guarantees around future income and the 65 per cent who feel the economy will suffer if there continues to be a trend towards retirement income inadequacy. Keohane says the focus of pension reform, therefore, needs to be about ensuring solutions are found that provide retirement income adequacy for all Ontarians. It is at HOOPP Report

Courtesy of Benefits and Pensions Monitor website News Alerts 

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