STUDY: OLDER ZOOMERS SPEND LESS, LOWER PRIVATE PENSION CONTRIBUTIONS

Jun 16, 2016

By Bob Komsic

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Automatically increasing workplace pension contributions in tandem with the cost of living’s not necessary, because the C.D. Howe Institute says Canadian retirees spend less after they reach 70.
Cdn retirees
The just released report also argues tying up extra funds is not an efficient use of scarce financial resources.
The study says lowering contributions – such as defined-benefit vehicles – would put more in the pockets of families raising children and paying down mortgages.
The report’s release comes just days before Canada’s finance ministers huddle in Vancouver to debate Canada Pension Plan reform.
Ottawa’s pledged to work with the provinces and territories to enhance the CPP, arguing expanding it will ensure more Canadians have a secure retirement.
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