How to solve Canada's slow-moving retirement crisis via financialpost
Nonetheless, Canadian employers continue to steadily transition away from the defined-benefit pension structures that offered comfortable, confident retirements to previous generations. Less than nine per cent of private-sector workers today have access to a DB pension, far from the peak in the late 1970s when approximately half had such plans.
We face a number of formidable challenges today, several of which conspire to drive up living costs . In response, some are giving up, viewing a secure retirement as an unattainable goal. Surveys show many people have curtailed saving , effectively shifting future consumption to today.
Lifetime annuities, offered with a wide variety of options, provide such protection. But the set of trade-offs inherent in their design makes them suitable only to certain situations and preferences, and, as a result, only a small minority of Canadians use them. Imagine for a moment if people only had access to either investment portfolios or secure savings accounts, not both; this lack of choice would create all sorts of inefficient outcomes.
Last year, the Organization for Economic Co-operation and Development updated its pension-program guidelines, recommending that member countries provide their retired populations access to income-for-life options, including “by non-guaranteed arrangements where longevity risk is pooled among participants.”
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