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The Retirement Savings Gap is Real and Growing - World Economic Forum Survey
Canadians are Worried About Retirement Savings
50% - Will be able to maintain desired standards of living after retirement
41% - Need to feel financially secure before retiring
35% - Currently feel financially unsecure
33% - Feel they won’t run out of money
Canadians are Worried About Retirement Savings
50% - Will be able to maintain desired standards of living after retirement
41% - Need to feel financially secure before retiring
35% - Currently feel financially unsecure
33% - Feel they won’t run out of money
The Retirement Savings Gap is Real and Growing - World Economic Forum Survey
The Road to Retirement is a Lot Longer Than It Used to Be
OUR LIFE EXPECTANCY HAS INCREASED
The average number of years Canadians will be retired: 25+
Dependency ratio of retirees to workers will double by 2060: 2x
The Road to Retirement is a Lot Longer Than It Used to Be
OUR LIFE EXPECTANCY HAS INCREASED
The average number of years Canadians will be retired: 25+
Dependency ratio of retirees to workers will double by 2060: 2x
Canadians face high investment management fees, eroding real rates of return $$
Percent of workforce that will be “freelancers” by 2025: 45%
Average household savings rate (%) in Canada: 5%
ONTARIO FUNDING CHANGES FOR DB PLANS
Promotes longer term view and DB plan sustainability
Recognizes different risk profiles and funding requirements for closed versus open plans
All Canadian plan sponsors to re-evaluate strategies and new options
HOW DO WE MEND THE RETIREMENT SAVINGS GAP?
ONTARIO FUNDING CHANGES FOR DB PLANS
Promotes longer term view and DB plan sustainability
Recognizes different risk profiles and funding requirements for closed versus open plans
All Canadian plan sponsors to re-evaluate strategies and new options
MERCER CANADA RECOMMENDS A 3-PRONGED ACTION PLAN
Employers need to implement smarter retirement savings plans that can optimize asset allocation, minimize volatility, enhance and incent employee contributions and allow for a better sharing of risk between plan members and sponsors.
HOW DO WE MEND THE RETIREMENT SAVINGS GAP?
MERCER CANADA RECOMMENDS A 3-PRONGED ACTION PLAN
MERCER CANADA RECOMMENDS A 3-PRONGED ACTION PLAN
Employers need to implement smarter retirement savings plans that can optimize asset allocation, minimize volatility, enhance and incent employee contributions and allow for a better sharing of risk between plan members and sponsors.
Employers need to implement smarter retirement savings plans that can optimize asset allocation, minimize volatility, enhance and incent employee contributions and allow for a better sharing of risk between plan members and sponsors.
Employees and plan members need to know what a GREAT savings plan looks like. Receiving the right education and guidance to make the best investment decisions is critical to achieving success.
Achieving financial wellness can’t be seen as a chore. Employees and plan members need to see it as a simple and meaningful exercise that has achievable goals, easy to use tools, and incentives to reach those goals.
Mercer Canada has been helping Canadian organizations with their retirement plans for nearly 75 years. Contact us today.
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