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Canadians Moderately Prepared

The average Canadian is moderately prepared for retirement, says Aegon Capital Management’s ‘The Changing Face of Retirement, Canada Country Report 2014.’ It shows Canada scores six out of 10 on the ‘Aegon Retirement Readiness Index’ placing it sixth out of 15 in its global rankings. It says improvement is needed in retirement planning. While 61 per cent of workers have a plan for retirement, only 15 per cent have a written plan. The report also says a flexible transition to retirement will be the new norm. Only 24 per cent of non-retirees envisage their transition to retirement to occur immediately by stopping work altogether. The majority (56 per cent) anticipate that they will continue working in some way, whether part-time or on temporary contracts, after reaching the retirement age. This means employers should incorporate older workers into their corporate plans as the majority. Unfortunately, only one-fifth (21 per cent) claim to have been offered flexible retirement plans that allow them to work past the usual retirement age. And government should support workplace plans, it says. Many Canadian workers who do not have access to workplace retirement plans are not saving enough for retirement. The federal government and the provinces are urged to provide options to make retirement saving easier and more affordable.

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