More than three quarters of older Canadians fretting about retirement finances: NIA

Is retirement a concern for Canadians – especially those aged 55 to 69 who are approaching or have begun their “golden years?”

New research from the National Institute on Ageing at Toronto’s Ryerson University, reported on by CTV News, suggests that a significant majority of older folks are indeed quite worried.

According to the CTV report, the research found that “77 per cent of Canadians within the 55-69 age demographic are worried about their financial health.” As well, CTV notes, “79 per cent of respondents aged 55 and older revealed that their retirement income – through RRSPs, pension plans and Old Age Security – will not be enough for a comfortable retirement.”

The NIA research found that people were worried about the cost of long-term care in the latter part of their retired life.

While 44 per cent say the plan is to “age at home,” the data suggests that many don’t realize how expensive long-term care at a facility would be.

“Nearly half of respondents aged 45 and older believe that in-home care for themselves or a loved one would cost about $1,100 per month, while 37 per cent think it would cost about $2,000 per month,” CTV reports.

“In reality, it actually costs about $3,000 per month to provide in-home care comparable to a long-term care facility, according to Ontario’s Ministry of Health,” the broadcaster explains.

It’s essential that Canadians know the true costs of long-term care as they plan for the future, says Dr. Bonnie-Jeanne MacDonald of the NIA.

“Canadians retiring today are likely going to face longer and more expensive retirements than their parents – solving this disconnect will need better planning by people and innovation from industry and government,” she tells CTV.

Dr. MacDonald suggests one step we can take early in retirement to help us fund unexpected care costs later is deferring our Canada Pension Plan or Quebec Pension Plan payments until age 70.

Dr. MacDonald spoke to Save with SPP on this topic in detail earlier this year.

“Someone receiving $1,000 per month at age 60 would receive $2,218.75 per month if they wait until age 70 to begin collecting,” the article notes. Another source of income for long-term care costs could be the equity in your home, the article concludes.

Save with SPP has gone through this, with both our parents having had to receive the help of a long-term care facility to battle health issues in their latter years. Fortunately our parents had always been savers, and their retirement income was sufficient to handle these unexpected costs. Will yours?

If there’s a retirement savings program available at your workplace, consider joining it and contributing at the maximum possible level. If your employer doesn’t offer a program, refer the boss to the Saskatchewan Pension Plan. They can help set up a retirement program at businesses large and small. Check out SPP, marking 35 years of delivering retirement security, today!

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U.K. research shows a lack of pension awareness, confusion on how plans work

While it’s great to be encouraging people to join pension plans if they can, and to save for retirement on their own if they can’t, new research from the U.K. suggests we may need to educate people a little better first.

According to Employee Benefits, a recent survey carried out by U.K. HR and payroll services firm MHR found that one in four Britons didn’t have a pension at work – and that “58 per cent of respondents admitted they find it hard to understand how their schemes operate and how to contribute to a pension plan.”

The research prompted MHR’s CFO, Mark Jenkins, to tell Employee Benefits that this figure shows “the stark reality of how unprepared today’s workforces are for their future.”

The article, citing research by Canada Life, suggests there is a gender divide in the U.K. on the issue of retirement confidence, with “two-thirds of men feeling confident they will retire at the age they intend to, compared to around half of women.”

As well, the Canada Life research showed fewer women than men “did not feel they would have any financial worries in retirement, at 45 per cent and 58 per cent respectively,” Employee Benefits reports. “This suggests that targeted pensions communications may be needed to address this gender imbalance,” the article adds.

Finally, the article – citing a third batch of research from Nudge Global – notes that “only 32 per cent of (U.K.) respondents receive” personal finance education (known on this side of the pond as financial literacy). All this research leads the Employee Benefits editor, Kavitha Sivasubramaniam, to conclude that despite the fact that Brits have “auto-enrolment” in workplace pension plans (they are automatically signed up for any pension program, with the right to opt out) “it hasn’t necessarily increased engagement with, or understanding of, pensions among employees.”

She goes on to write that “studies are constantly reaching the same conclusion, highlighting that raising pensions awareness is still most definitely a work in progress.”

One could easily write a book about pension awareness/literacy. So let’s not do that here. Let’s just say this – if you’re not sure whether or not your workplace offers a retirement plan, find out from a co-worker, the boss, your internal website, the HR folks. And if you can, consider signing up to whatever type of plan is being offered.

A pension, and your retirement, is never top of mind until you get within a few years of the actual last day at work/golden watch/retirement party. From that point forward, any workplace-related pension benefit will make life much easier for the future, retired you. It’s easy, especially when you are young, with many other things on your plate, to put off thinking about retirement.

So if there’s a workplace pension that you may be able to join, consider doing so. You really don’t want to regret not joining it 30 or 40 years from now.

And if you don’t have a plan at work, fear not. The Saskatchewan Pension Plan has all the pension infrastructure you need to build your own, do-it-yourself program. They’ve been helping people save for retirement for 35 years – be sure to check them out today!

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Will pandemic debts impact Canadians’ retirement plans?

New research from the Canadian Institute of Actuaries (CIA, and no, not that CIA) suggests that many Canadians worry that debt taken on during the pandemic will delay – or indefinitely postpone – their plans for retirement.

The research, carried out by Ipsos Public Affairs, is covered in a recent story in the Toronto Sun.

The research found that “with Canadians earning less” during the pandemic, “increases in debt followed suit,” the newspaper reports, quoting another media outlet, Blacklock’s Reporter.

“The report reveals 25 per cent of respondents took on additional debt due to the pandemic with higher percentages seen among students and self-employed Canadians, both at 33 per cent. Also exposed were those who rent, 34 per cent,” the article notes.

How much did incomes drop during the pandemic?

According to the Sun story, citing the research, one third of the 1,529 people questioned by Ipsos reported a pandemic-related income drop. A further 69 per cent say “COVID has changed their retirement timelines.”

While the average retirement age, according to Statistics Canada, is 65, the research found that 40 per cent of those surveyed “do not know when they will retire, and a further 14 per cent state they do not expect to ever retire,” the Sun reports. Four per cent of those surveyed said they expect they will have to work beyond age 71, the article adds.

The article points out that the large percentage of “don’t know” answers to when retirement will occur “reflects the fact some Canadians are not engaged in work outside the home.” The largest segment of those polled saying they didn’t know when they would retire are “students (65 per cent), homemakers (69 per cent) and those who are disabled (62 per cent),” the article notes.

The article concludes by indicating that CIA estimates the average Canadian needs $900,000 worth of savings to retire by age 65.

These conclusions are interesting, particularly since other research has found that some Canadians have been saving like crazy during the pandemic, due to having less things they can spend their money on.

The Globe and Mail reports that “Canada’s stockpile of savings earlier this year was $280 billion bigger than before the pandemic,” citing research from RBC Economics.

It’s not known, the article adds, what Canadians plan to do with this cash stockpile. Retirement savings is not mentioned specifically as a destination for this cash, at least in this article.

So, some of us are having to borrow to make ends meet, while others are sitting on a pile of cash.

Those with extra cash should take note of the struggles of those without it. The folks that are pushing retirement into the future are doing so because (we can assume) they are carrying too much debt and thus not putting as much away for retirement as they would like. These folks will have to get back into retirement saving when they can, but understandably they can’t do much at this point.

If you are sitting on cash, consider putting at least some of it away for retirement. This is especially important if you don’t have a retirement savings plan at your place of work. Folks in this situation have to rely on themselves to fund their future retirement income.

Don’t have a plan at work? Consider the Saskatchewan Pension Plan, a “made in Saskatchewan success story” that has been helping people save for retirement for 35 years. SPP can take your hard-earned savings and invest them for you in a low-cast, professional way. Better, when it’s time to finally exit the stressful world of work, SPP can turn your invested savings into a stream of income. Check them out today!

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Retirees and savers take note – inflation appears to be on the rise

An article in Castanet from Kelowna, B.C., warns us all that inflation appears to be making a comeback.

The article begins by noting that inflation is at its “highest level in 18 years,” and that continued high levels of spending by government could drive it even higher.

Inflation, the article explains, “is the general increase in prices and the fall of the purchasing power of a dollar. Put another way, it refers to the cost of putting gas in your car or buying groceries increasing.”

While no one can exactly predict how and when inflation will increase, your retirement plan should be prepared for action, Castanet reports.

Even modest-sounding inflation of three per cent “can cut the purchasing power of your money in half over a 20-year period,” the article notes. This is especially concerning if your income sources are not “indexed,” which means inflation-protected, or if your income sources are not growing, the article adds.

One good thing to be aware of, the article states, is that your government retirement income is inflation protected. So sources of income like the Canada Pension Plan and Old Age Security will be adjusted upwards if inflation is running higher.

If you have a pension plan at work, it may offer inflation protection – find out, and select this option if such a selection is required, Castanet advises.

If you are investing for retirement, the article advises a balanced approach. A portfolio that is completely risk-free – invested in Guaranteed Income Certificates (GICs) – can actually decrease in value in the inflation rate outpaces the GIC interest rate.

“Often, those that want no risk would be far better served by investing in a conservative portfolio that still holds some equity or other alternative investments that will offer a certain amount of inflation protection. These riskier assets can of course lose money as well, so it is imperative that the investor fully understands the plan they are putting in place,” the article explains.

“You may also want to consider investments in sectors that benefit from inflation like real estate and commodities,” Castanet adds.

The article also mentions real-return bonds as a sort of “hedge” against inflation.

Be prepared for inflation, the article concludes, or face “disastrous consequences.” Consider reviewing your plans with an advisor, the article suggests.

Did you know that the Saskatchewan Pension Plan’s Balanced Fund provides an easy way to ensure all your retirement eggs aren’t in one potentially inflation-sensitive basket? The fund is invested in Canadian, U.S. and Non-North American equity, but also bonds, mortgages, real-estate, short-term investments and infrastructure. That diversification has led to an average rate of return of eight per cent throughout the 35-year history of SPP. And while past results don’t guarantee future returns, it’s a pretty nice track record of helping build retirement futures! Check out SPP today!

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Could a trick used in golf and other sports – visualization – work for retirement saving?

If you’re a golfer, you are probably familiar with the concept of visualization. You imagine your drive swinging gently into the middle of the fairway, landing, and rolling forward. The idea is that with that thought in your mind, your brain will deliver that desired swing result.

Could such an idea be helpful for retirement savers?

An article in Marketwatch suggests that yes, maybe it could work.

“Visualization is often used to boost confidence, reduce anxiety and take a few mental practice runs before we try something for real,” writes Jonathan Clements in the Marketwatch article. “Think about high-pressure situations like making a speech or interviewing for a job. By imagining these events in detail beforehand, we’re likely to perform better when it’s time for the actual thing.”

He argues that for savers, “the biggest benefit of visualization is increased motivation.”

“It can help us overcome our hard-wired tendency to favour today and shortchange our future self,” he notes, “while also helping us to get a better handle on what we truly want from our money.” Love the idea of looking after one’s future self!

So how do we get this working?

Clements suggests that you “picture a goal,” such as retirement, “in as much detail as possible.” The focus should not be on “winning” the goal (or even on not winning) but on the steps that need to be taken along the way to success, he writes.

As you fill in the details of how you want to achieve your goal, “the goal will become ever more real, its emotional intensity will grow – and you’ll be more motivated to go after it,” Clements writes. He quotes psychologist Jennice Vilhauer as saying “being able to do something in your head, greatly increases your chances of being able to do it in real life.”

For long-term saving, visualization is a great way to combat the “allure of immediate spending” which has such a powerful hold on most of us, Clements says.

The article concludes with a caveat – be careful what you wish for! Even if your dream is to save for retirement, be prepared for finding out that retirement itself isn’t what you thought it would be like.

This article makes some very good points. Few of us are organized enough or perceptive enough to accurately imagine, in advance, what retirement will be like. You don’t know until you’re there.

But the steps towards saving for retirement are easier to imagine. Join any pension program your employer offers. If there isn’t one to join, you need to develop one of your own.

What a pension plan does is to put away a portion of your pay for your future use, off the top of the cheque and before you have a chance to spend it. That money is then quietly invested, and typically every time you get a raise, you kick a little more into the pension. When it’s time to collect it, you contact the pension plan and learn your options for receiving income from your savings.

If you are a pension do-it-yourselfer, consider the Saskatchewan Pension Plan, marking its 35^th year of operations. They have all the tools to set you on the path of retirement saving, making it an automatic, painless process – and easy to visualize.

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Despite pandemic, retirement savings are still ticking along: report

As the brutal financial impacts of the pandemic washed over us – businesses forced to close, workers laid off, and so on – many observers expected that retirement savings might have to be raided so people could keep afloat.

New research from the U.S. suggests otherwise, reports Yahoo! Finance.

Recent research carried out by the Investment Company Institute found that “most Americans have not taken any withdrawals from their defined contribution (DC) retirement plans,” Yahoo! Finance reports. As well, “the vast majority of U.S. savers have continued to make contributions to their plans through the pandemic,” the article notes.

“Despite the economic challenges over the past year and a half, retirement savers show deep commitment to preserving their retirement nest eggs,” Sarah Holden, ICI senior director of retirement and investor research, states in the article. “The combination of ongoing contributions and few participants taking withdrawals reflects DC plan participants’ long-term mindset and preference to keep this money earmarked for retirement and avoid dipping into it.”

Paradoxically, the pandemic – a period where many thought money would be very tight – has turned out to be a period of higher rates of savings, the article notes.

“Though many households have been faced with financial constraints over the past year and a half, the aggregate personal savings rate has increased since COVID-19 first reared its head in the beginning of 2020,” the article states.

Indeed, here in Canada, the CBC reports that the average Canadian has saved $5,000 during the pandemic, thanks to “the combined impact of reduced spending and collecting more money from government support programs,” the broadcaster reports.

With less to spend on, Canadians attacked their debt loads and were still able to stash away “$5,574 per Canadian on average in 2020, compared to $479 in the previous year,” the CBC notes.

Back in the U.S., the ICI report found that only “1.1 per cent of all DC plan participants stopped contributing to their plans in the first half of 2021,” reports Yahoo! Finance.

It’s good to hear that people generally are leaving their retirement savings alone, despite the strange economy and overall odd spending era the pandemic has brought us. No matter what’s going on today, eventually all of us will reach an age where the income we get from working declines, and the income we need from our savings escalates.

Workplace pensions certainly help with retirement income; if you are in a program at work, be sure to maximize your participation if you can. If you don’t have a workplace pension plan, the Saskatchewan Pension Plan is a voluntary DC plan that professionally invests your savings and can help you turn it into an income stream when you hang up your working hat for the last time. They’ve been doing it for 35 years – check out SPP today!

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Preparing emotionally for retirement may be as important as the financial side

An interesting report from Global News suggests that “preparing emotionally” for retirement may be almost as important as the financial side of things.

In the article, Edmonton retiree Donald Smith tells Global News that he “had trouble the first couple of years (of retirement)… I’m sort of like the racehorse that wants to still keep running.”

He found that he “really didn’t know what to do with himself.”

In the article, Shelly Adam reported similar feelings. After retiring at age 56, she found herself going back to work just two months later on a casual basis. “When everyone else is working what are you going to do?” she asks the broadcaster.

In the end, they both found plenty to do through joining the SouthWest Edmonton Seniors Association, Global reports.

There are regular meetings, including a coffee chat group, the article notes, as well as a book club, choir, arts and crafts, games and cards, and much more.

Both say the social connections they have made through the group are “very important,” Global reports.

University of Calgary psychology professor Candace Konnert tells Global that “emotional planning for retirement often gets overlooked.”

“The focus has been on the financial preparedness and people underestimate, kind of, the social and psychological issues in retirement,” states Konnert in the article.

“We have this term called the ‘sugar rush of retirement.’ That’s that sort of six-month period, sort of post-retirement where you’re just euphoric,” she tells Global.

“You don’t have obligations, your time is unstructured, you can choose to do whatever you want,” she states in the article. “Then after that sometimes people have difficulty coming to terms because they simply don’t have a plan.”

Without a plan, Konnert tells Global, the odds of facing anxiety or depression in retirement can increase. You need a plan on how you are going to spend your time once work is over, she states, and it is “crucial” that your plan includes “being socially engaged with friends or through activities.”

Your plan also needs to be flexible, as your health may change as you age. “Your retirement plan at 66 may not be the same at 76, 86, or even 96,” she tells Global.

Looking at our own circle of 60+ friends, this advice is being heeded. A retired engineer friend has become an avid vegetable gardener, and has taught himself how to carry out his own home renovations; he and his wife are constantly busy. Others are getting back into things they used to do – music, art, golfing, skiing, and more. While it’s true that you will lose some of your old work connections, there’s ample time to make new ones.

All those post-retirement activities will carry a cost, of course, so it’s important to set aside some money today for a fulfilling post-work experience later. For 35 years, the Saskatchewan Pension Plan has been delivering retirement security; perhaps they can do the same for you. Have a look at SPP today!

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One in five over 50 will delay retirement plans: RBC

The pandemic has made many Canadians rethink their retirement agenda, according to new research from RBC, covered in a recent article in Wealth Professional.

According to the article, the study – called the 2021 RBC Myths & Realities Poll – indicated that nearly 20 per cent of Canadians 50 and older have decided to change their retirement date.

There are a number of concerns outlined in the research.

A total of 21 per cent of those with assets of $100,000 or more fear they will outlive their retirement savings. Most of this group, the article continues, “believe they will need $1 million saved for their retirement but more than three quarters are at least $300K short of this.”

It’s worse for those with less savings, the article notes. Those with $50,000 in assets think they will need $533,000 in their savings pots, but are “an eye-watering $473,000 short of this goal,” Wealth Professional reports.

So what are people considering in what the article calls a Retirement Rethink?

• 22 per cent are “thinking more about where they will live in retirement,” with 20 per cent “deciding where they don’t want to live,” typically meaning not in a retirement home, the article states.
• Fifteen per cent are said to be reviewing or updating their wills; 17 per cent are “taking stock of their financial affairs,” and 16 per cent “realizing life is short” and are taking up new activities and hobbies, Wealth Professional notes.

Other actions they are thinking of taking, the article concludes, are to “stay in their own home and live more frugally,” to return to work, to downsize or move home, or ask family members for help.

What do we make of all this?

For starters, the cost of a dream retirement condo, cottage or timeshare has gone up significantly lately. It’s not so easy to sell your city house and pick up a cheaper one somewhere else, as prices are up everywhere. This and the massive cost of long-term care, in the thousands per month in most places, makes one’s existing home have new appeal. After all, it is either paid for or in the process of being paid for, you don’t have to pay moving expenses, realtors and lawyers to stay put, and your costs of living are known and predictable.

The article makes the point that having a financial planner makes sense in terms of establishing your financial goals for retirement. For instance, if you plan to stay home and live frugally, will you really need $1 million? It’s important to try and estimate, in advance, exactly what you will need to live on when you live the workforce.

If you are among those Canadians who worry about running out of money in retirement, be aware that the Saskatchewan Pension Plan offers annuities as an option for SPP retirees. With an annuity (they come in various forms with different options) you forego the risk of running out of money in retirement, as annuities provide you with a lifetime income stream. And you won’t have to put your sand wedge down in mid-swing to worry about investment decisions; with an annuity, there are none. Check out SPP, celebrating its 35th year of delivering retirement security, today!

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Where should you be – retirement savings-wise – at different ages?

Saving for retirement tends to be a solitary process. While we are encouraged to put away what we can for that future post-work life, there’s little information out there on how much is enough, or what targets we should shoot for at various ages.

Writing in Yahoo! News, author Jami Farkas provides a little bit of clarity on those savings benchmarks.

First, Farkas writes, “the best time to start saving for retirement is when you start earning.” So even in your 20s you should be thinking about putting some of your paycheque towards retirement, Farkas continues.

As you age, those savings targets become more concrete, Farkas notes.

“By age 30, you should have saved an amount equal to your annual salary for retirement,” the article advises. “If your salary is $75,000, you should have $75,000 put away.”

The article suggests this goal can be met by putting away 20 per cent of what you earn, and to “live and give on the remaining 80 per cent.” The article, intended for an American audience, says signing up for any workplace retirement program, like a pension plan or here in Canada, a group registered retirement savings plan (RRSP) is another positive step towards your savings goal.

Saving for retirement in your 30s can “even trump paying down debt,” the article notes.

In your 40s, you should have three times your salary stashed away, the article urges.

“If you don’t have a retirement savings strategy as part of your overall financial plan by this point, don’t delay,” Farkas writes.

A common mistake at this point is growing your lifestyle at the expense of your savings, the article explains – moving into a bigger house or apartment, or upgrading your car. Dr. Robert Johnson of Creighton University states in the piece that “what happens is they are unable to improve their financial condition because they spend everything they make. People are wise to effectively invest any money from a raise as if you didn’t receive the raise. That is, continue to live the same lifestyle you led before receiving a raise and invest the difference.”

If, instead, you were to invest some or all of a raise in your future, it would add up, the article notes. A $5,000 raise invested annually at 10 per cent will yield an eye-popping $822,000 in savings after 30 years, the article explains.

By age 50, the article notes, you need five times your salary in savings. With kids usually gone from your home and their education paid for, this is a good age for catch up if you have fallen behind, Farkas writes. And be sure you are investing in a low-fee savings vehicle, the article adds.

At 60, the article concludes, you should have seven to eight times your salary in retirement savings because you are now five years away from retirement. As well, the article warns, you should consider reducing your exposure to riskier investments, such as equities.

The article notes that those approaching retirement in 2007/8 would have seen their equity investments fall by 37 per cent in one year.

Let’s sum all this thinking up. Start saving for retirement as soon as you start making money. Make it automatic. Don’t forget your savings program in the excitement of getting a big raise and making more money. Don’t put all your savings eggs in one basket, particularly if that basket is full of stocks and no bonds or alternative investments.

The article suggests that a great way to get to the finish line in retirement saving is to join up with any retirement plan your employer offers – often, they will match what you contribute. That’s great advice. But if you don’t have access to an employer retirement program, fear not – the Saskatchewan Pension Plan is available for do-it-yourselfers. Through SPP you can save in a low-fee program that has delivered strong investment returns for over 35 years. Check them out today!

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State pension benefits starting later around the world

Here in Canada, the “normal” age at which you can start full government retirement benefits – the Canada Pension Plan (CPP) and Old Age Security (OAS) – is 65.

That date probably reflects the old “mandatory retirement” rules of years ago which decreed that at 65, it was time to go.

But with people now living longer and working until they’re older, an article by Schroders notes that moving beyond age 65 for official pension start dates.

For instance, the article notes, in the U.S., pensions start at 66 and will move to 67 in 2027. Australia is similar, and will move to age 67 in 2023. The Netherlands and several other European country are moving to a “67+” start date with links to life expectancy rates, Schroders tells us.

Schroders explains the shift this way.

“The model common in most developed countries – start work at 18 to 21 and retire at around 60 to 65 – no longer looks viable as governments try to balance pension obligations with stretched public finances,” the article tells us.

Another factor, the article continues, is the increase in life expectancy. There is a growing “demographic imbalance where there are fewer retired persons for every retired person,” we are told. Not only are older folks living longer, but the birth rate is declining, meaning the talent pool to replace retiring workers isn’t growing as it once was, the article states.

“Typically, the fertility rate required to replace an existing population is 2.1 children per woman,” the article notes. “According to the latest data, the average for the 35 countries in the Organisation for Economic Co-operation and Development (OECD) is 1.7. Many countries, including Germany, Japan and Spain sit at 1.5 or lower,” Schroders explains.

So the ratio of the working to the “dependant,” those not working any longer, “has fallen and will keep falling for decades,” the article adds.

Lesley-Ann Morgan, Schroders’ Head of Retirement, calls this situation “a ticking timebomb.” Retirement systems “may not be affordable in some countries unless adjustments are made,” and the easiest way to fix them is to move the retirement age forward.

The takeaway for those of us who are not retired is this – pay attention to what’s going on with the CPP and OAS, and retirement rules in general, because they can change. Most recently, the CPP expanded its benefits for future retirees – good news for younger workers – but the power of demographics may mean other changes that are yet to be enacted.

One way you can help protect yourself against future changes in state pension benefits is by having your own retirement nest egg. A great option is the Saskatchewan Pension Plan, which allows you to stash up to $6,600 a year away for retirement. That money is professionally invested, and at retirement, if you are worried you might live to 104 like your mom, SPP has annuity options that ensure you won’t run out of money no matter how many birthday candles they put on the cake. Check out SPP today.

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