STUDY: ZOOMERS RETIREMENT SAVINGS 'INADEQUATE'

Feb 16, 2016

By Bob Komsic

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More evidence to suggest as older Canadians approach the traditional retirement age, staying out of poverty will be a challenge.
Senior Insolvency
A just released report from the Broadbent Institute shows half of couples between 55 and 64 have no workplace pension, and of those less than 20% have saved enough for their post-working years.
Institute Executive Director Rick Smith told Zoomer Radio’s Goldhawk Fights Back
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”There was a period in Canada where we had done not a bad job in rolling back poverty in retirement.  But that seems to be slipping now.”
Smith points out the study found trends suggest the percentage of older Canadians living in poverty will increase in the coming years, especially single women who already face a higher than average rate.
”Unless the (federal) government does something very quickly here, we are going to look at a poverty crisis for people heading into retirement, the likes of which this country has never seen.
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