What steps can you take to avoid running out of money in retirement?

It’s something you think about in the years leading up to retirement – and a concern that sharpens once you are actually retired. Will you run out of savings once you are retired?

Writing for Money.ca Romana King cites research from the 2025 CPP Investments Retirement Survey that found “that 59 per cent of Canadians are afraid of running out of money in retirement.”

While that’s an improvement over the same survey’s 2024 results – where 61 per cent feared running out of money – “the underlying pressures haven’t eased,” King writes. “What’s worse is that for many Canadians, the retirement numbers most aim for keep moving further out of reach.”

King writes that last year, “the average Canadian believed they’d need $1.7 million saved for retirement, according to a 2025 BMO retirement poll.” That’s a jump from the $1.3 million Canadians figured they’d need in 2019, she notes.

The rising retirement savings target indicates a growing level of concern about the rising costs of retirement, King continues.

“These numbers aren’t just anxiety — they reflect a real shift in how Canadians understand what retirement actually costs. At the same time, more than three-quarters of Canadians (76 per cent) say they’re worried they won’t have enough money in retirement due to rising prices, and 63 per cent say inflation has already limited their ability to save,” she points out.

Okay – we worry about running out of money in retirement, and we think we know how much we need to save. But are we actually doing any saving? Let’s read on.

“The most striking figure may come from the Healthcare of Ontario Pension Plan’s (HOOPP) 2025 Canadian Retirement Survey, where 59 per cent of unretired Canadians confessed that they don’t believe they’ll ever be able to retire given their current financial situation. What’s worse is that half of these respondents didn’t set aside any money for retirement in the past year,” King reports.

So what can be done about this? King offers up some ideas.

First, she recommends, start saving – and if you can, start early. “The sooner you begin saving for retirement, the more time you have to build a substantial nest egg. Even if you can only contribute small amounts, at first, remember that consistency matters,” King notes.

Diversification is another smart step to take, she continues.

Government benefits provide “a solid foundation,” but work best “when it’s part of a broader income strategy. Consider layering in additional savings vehicles such as registered retirement savings plans (RRSPs), Tax Free Savings Accounts (TFSAs) and employer pension plans. This mix of income sources gives you more flexibility and more resilience when you retire,” she advises.

Third, have a good idea of what you’ll need to live on in retirement in advance of actually arriving there. “Start by estimating your future expenses. Think about your lifestyle, potential healthcare costs and any big plans you might have for your retirement years, such as travel or hobbies. This will help you set a clear savings target that aligns with your long-term goals,” she notes.

Finally, consider getting some professional savings advice. “A financial adviser can help you assess your savings, recommend investment strategies and build a plan tailored to your needs,” she concludes.

If there isn’t a workplace retirement program available to you, the Saskatchewan Pension Plan is a flexible, reliable and steady retirement savings partner.

With SPP, you decide how much to contribute each year. So you can start small and ramp up savings as your earnings grow. The money you contribute to your SPP account is professionally invested in a large, low-cost pooled fund. When it’s time to retire you will have created another valuable income stream for your future self – one that can come in the form of a lifetime monthly annuity payment, or the more flexible Variable Benefit, among other options.

Check out SPP today!

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Taking a look at Investing Clubs – where ideas about money are pooled

A few years ago we were honoured to attend a meeting of the Ottawa Share Club – a group of investment-savvy individuals who share ideas on investing strategies, tips and tricks.

It was pretty eye-opening, even for a reasonably experienced (small) investor, to see how others make their way around the stock and real estate markets. The meeting was held in a downtown Ottawa venue – we bravely travelled by OC Transpo that evening!

Save with SPP decided to take a look around to see what others are saying about investment clubs.

The Supermoney blog states “investment clubs pool their money to invest collectively, often to learn about investing, reduce costs, and make more significant investment decisions.”

“An investment club is a group of individuals who pool their money to invest collectively in stocks, bonds, or other securities. Unlike a traditional investment fund managed by professionals, investment clubs are typically managed by the members themselves, who make joint decisions on where to invest. These clubs can vary significantly in size and structure, ranging from informal groups of friends to formally registered partnerships with legal obligations,” the blog tells us. 

At the Wealth Awesome blog, noted financial writer Christopher Liew tells us that “whether you are a new investor or more seasoned in your approach, it can help to have a community or group of investors to bounce ideas off of.”

While getting a home run tip – such as the “extremely risky and highly speculative” success of the GameStop stock a few years ago – is perhaps a rare thing, investment clubs can “help you expand your portfolio knowledge,” he writes.

He lists a few of what he feels are the best investment clubs in Canada.

“Personal Finance for Canadians is a group on Reddit where Canadians can discuss anything related to Canadian personal finance. Topics that are usually covered include taxation, goal planning, budgeting, baking, insurance, credit cards, savings, and many more,” Liew writes. There are more than one million followers, he adds.

Another club cited by Liew is “Canadian Dividend Investing, a group on Facebook where members share dividend strategies and approaches. Dividend investing involves focusing on companies that offer investors a good yield through dividends.”

Other examples of groups in Liew’s article include Blossom (a mobile app) Canadian DIY Stock Investing (a Facebook group), the Wealthsimple Trading Community and the Canadian Real Estate Investors Association (Facebook).

“Sharing or discussing ideas in a community or group setting can be very beneficial when it comes to learning about investing and how the market functions,” he concludes. “If you are able to join several groups that cover different investment areas (i.e. stocks and real estate), you may have access to well-rounded opinions on the overall market in Canada.”

Writing for GoBankingRates, Sean Bryant tells readers how they can start their very own investment club.

“One of the biggest reasons people choose to start an investment club is that they want to learn and share ideas with people who share their values. It makes sense to start an investment club with family members because, most of the time, your values are well-aligned. Yes, you may have different opinions, but your values are generally on the same page,” he observes.

Keeping the group fairly small is a logical first step, he suggests.

“Most investment clubs will have at least five people but no more than 15 or 20. You must have enough ideas, but too many can make things more difficult. Each person will be required to make an initial investment, say $500 or $1,000. Then, each month, a lower investment will be required. Most clubs stick with a $50 or $100 monthly investment,” he explains.

The group will need to set investing goals, continues Bryant. While the overall goal is going to be “making money and learning from others,” you also need to establish guidelines. How much risk is the group ready to take on? Are you going, he asks, all in on equities, or are other investments, such as alternatives, in play for your group?

In the days before there were low-cost brokerages, a pooled fund run by an investment club was a way to minimize investment fees. This pooling is less common now that there is a low-fee option for buying securities. But, if you are planning to have the money in a common, pooled account, legal advice for setting up the fund and rules governing it is strongly recommended. Bryant’s article lists U.S. legal steps, so let’s just say go see a lawyer and get their recommendation before setting up anything here.

Pooling is a central concept for the investment team at the Saskatchewan Pension Plan. Member contributions are invested in a large, professionally managed pooled fund with management expenses typically below one per cent per annum. The track record – an average rate of return of eight per cent annually since inception – has been impressive (Rate of Return & Fund Performance | Saskatchewan Pension Plan).

SPP’s investment expertise is available to any Canadian with available registered retirement savings plan room – and if you have existing RRSPs, you can transfer them into your SPP account once you join. SPP will grow your savings and income options when you retire include a lifetime monthly pension, or the more flexible Variable Benefit.

Check out SPP today!

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Is retirement morphing into “rewirement?”

The traditional view of retirement – the gold watch at the end of a long career with one company, followed by travel, golf, and other leisure activities – may be changing, writes Alexandra Horwood for the Financial Post.

“For decades, retirement was seen as a reward for years of hard work. But for many Canadians today, the idea of stopping work at 65 is becoming less common,” she writes.

In fact, she continues, many of us are continuing to work beyond traditional retirement age.

“The share of Canadians aged 65 and older participating in the workforce has nearly doubled over the past few decades, reaching roughly 15 per cent in 2023, according to Statistics Canada’s Labour Force Survey. The trend reflects a clear shift in how Canadians are approaching retirement,” she explains.

So, her article continues, life in retirement may not be so much about separating oneself completely from work, but “how to step away from work without undermining your finances, health or sense of self,” she writes.

Why this change in our view of retirement? Horwood says that in the past, most people sailed into retirement debt-free, enjoying income for life from workplace pensions.

“That script,” she warns, “has become far less predictable.”

“Inflation has reshaped household budgets, and more Canadians are entering retirement with mortgages or other forms of debt. Some have never completed a financial plan for retirement and simply don’t know whether their savings are enough to step away with confidence,” Horwood notes.

Another complication, she notes, is helping out the kids.

“Housing affordability and education costs are prompting many parents to remain in the workforce longer to help adult children with down payments, private school tuition or child care for grandchildren,” she points out.

As well, her article tells us, there are people who – despite having sufficient savings – just don’t feel ready to say goodbye to working.

“For others, the decision to keep working has little to do with money. Work can offer structure, routine and social connection. For professionals whose identities have long been tied to their careers, stepping away can feel disorienting. In that sense, retirement is not only a financial shift, but a change in identity and lifestyle,” Horwood explains.

And here is a key takeaway from her article – maybe there doesn’t have to be a “hard stop” to working.

“If retirement is no longer tied to a fixed age, it also shouldn’t have to be a hard stop. Stepping away from full-time work is often better approached as a gradual transition. Instead of retirement, think of it as `rewirement,’” she writes.

“Rewirement,” she explains, might look like “scaling back responsibilities over time. That might mean consulting, contract work, board service or volunteer roles.”

The extra income can serve, she continues, as a “playcheque” to increase your income in your mid-60s and beyond, helping to pay for “travel, dining out, or discretionary spending.”

However, she warns, continuing to work after retirement can carry some hidden costs.

When you factor in income from the Canada Pension Plan, Old Age Security, and any registered savings you may have, the extra money you earn later in life can bump you into a higher tax bracket, Horwood notes.

You need, in advance of deciding to keep on working, to have a plan that “accounts for taxes, government benefits and required withdrawals. Without planning, additional income can dilute the very advantage it was meant to provide. These are decisions best considered years before retirement begins, not improvised once it is underway,” she tells us.

Retirement, she concludes, “is no longer a finish line… the goal is not to stop working at the `right’ age, but rather to build a life that continues to function, financially and personally, as work begins to change shape.”

Whether you decide to work into your 70s and beyond or not, you’ll still need retirement income. If you have a workplace retirement program of any kind, be sure to sign up and contribute as much as you can.

If you don’t have such a plan – either for yourself, or for the employees of your business – a great solution is the Saskatchewan Pension Plan. SPP is open to either individuals or employers (Pensions Plans for Businesses | Employee Pension Plans).

In either case, contributions made to SPP are professionally invested in our low-cost, pooled fund. That money is grown via prudent investment over time. When it is time to collect your savings as income, your options include the security of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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The sooner you start saving for retirement, the better: Motley Fool

Writing for The Motley Fool, Kailey Hagen notes that the earlier you start your retirement savings efforts, “the more investment earnings you’ll have to rely upon.”

How much you save, she explains, “is an understandably important piece of the puzzle – but not the whole story.”

“When you begin saving for retirement has a huge impact on whether you’ll reach your savings goal on schedule,” she writes. “While many don’t begin saving for retirement until their 30s or later, the earlier you start, the easier it will be to save what you need for retirement. Your earliest savings are often your most valuable because they’re invested the longest. That can yield a significant amount of investment earnings to supplement your personal contributions,” she continues.

Her article contains a table showing how much money would accrue for someone who saved $200 monthly with an average annual return rate of eight per cent.

If someone started putting away $200 a month at age 60, they’d have $14,080 by age 65, the story explains.

Someone doing the same thing but starting at 50 would save $65,165 by the same age, the article adds.

At age 40, the same rate and frequency of savings would result in a total of $175,454 at 65; starting at age 30 you would have $413,560, the article notes.

But the keener who started at 20 would have a whopping $927,613 by their 65^th birthday, Hagen reports.

“The example illustrates the importance of saving for retirement as early as possible,” she continues. “Sometimes, people feel that they’re better off waiting until they’re earning more and can afford to make larger contributions. But this could backfire. The longer you wait to begin saving, the more personal contributions you’ll need to make to reach your goals,” she adds.

“Make regular contributions as soon as you’re able to, even if they’re small. Contributing $25 or $50 every pay period might not seem like much, but it can really add up over time. Then, as your income increases, you can boost your retirement contributions to help you reach your savings target more quickly,” Hagen advises.

Many financial commentators feel that automating your contributions – having money directly transferred, perhaps on pay day, to your savings account – is a “set it and forget it” way of building savings. The argument is that the money is in your retirement piggy bank before you have a chance to spend it.

The Saskatchewan Pension Plan is automation-friendly. SPP allows pre-authorized contributions to be made from your bank account or credit card (PAC-PCC-application.pdf).

Once SPP receives your contributions they are invested in our professionally managed, low-cost pooled fund, where they will grow until it’s time for you to collect them as income. When that happens, your income options will include a lifetime monthly annuity payment or the flexibility of the Variable Benefit.

Check out SPP today!

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Where do we spend all our money?

Everything you hear, see or read about saving for retirement implores you to cut back on spending so you can stash some cash away for your future.

But to do that, we have to be aware of what we are spending our loonies on. To that end, Save with SPP took a look around the Interweb to try and find out what our hard-earned cash is being used to buy.

Let’s give our first words to Statistics Canada, who last spring released a summary of the latest data on Canadian household spending, from 2023.

On average, the article notes, Canadian households spent $76,750 in 2023. That worked out to $24,671 on shelter, $12,046 on food and $12,090 on transportation.

Next, the article continues, Canadians spent $9,404 on “household operations, furnishings and equipment,” $5,231 on recreation, $4,947 on healthcare and personal care, and $8,361 on “other.”

So, based on these numbers, if you were able to save $1 of every $100 spent, you’d contribute $767.50 to long-term retirement savings. Ramping up to $5 of every $100 would net you $3,837.50, and making it a tenner per $100 yields double that, or $7,675.

Stats Canada dives a little deeper on some spending categories.

We spent $1,200 on air travel in 2023, on average, and about the same on package trips. About $400, the article says, per person was spent on restaurant alcohol, and over $3,000 on restaurant meals. Is there an opportunity to cut back, even a bit, there and direct the difference to savings?

The folks at the Fortunly blog takes at how that spending measures up in aggregate.

The blog notes that in 2024, “consumer spending in Canada grew to $1.4 trillion.” We spent, that same year, a collective total of $774.608 million on credit cards, and “personal spending on the food services and drinking subsector grew to $8.1 billion in 2024.”

The blog notes that Canada “ranks 22^nd among the world’s most expensive countries in 2025,” with 65 per cent of Canadians (in 2024) feeling “worse off” because of inflation. Visits to food banks have jumped by “90 per cent since 2019” the blog adds.

On the more positive side, the blog reports, the savings rate among Canadians grew to “7.1 per cent per household” in 2024, and salaries were expected to rise by 3.4 per cent as of last year.

Citing stats from TD Bank and Ipsos, the blog reports that “83 per cent of Canadian citizens have concerning expectations over the impact of inflation on their grocery budgets. The expected rise in food, rent, and gas prices is among their primary concerns.”

“Lower-income individuals and older people tend to be more worried about the costs of groceries and rent,” the blog states, while “younger people are generally more concerned about house prices, which makes sense, as millennials can expect to pay a third more for their homes than older generations.”

If there is a takeaway to all of this, it is that the only way we may be able to figure out how to save money is by knowing where we are already spending it. Tracking your cash flow, reports the Get Smarter About Money blog, “can give you valuable information about your financial habits. It can also show you where you might be able to adjust your spending. Use this tool to compare your money coming in, and money going out, and look for ways you could adjust if needed.”

The site provides a handy calculator to help you get going on cash flow tracking.

And once you know what you’re spending, a budget is fairly easy to create – Get Smarter About Money provides step-by-step instructions on how to get that going.

If you can live on 99 per cent of what you earn, and save the rest, you are on your way to building long-term retirement savings that can augment your income when you’re no longer willing or able to work. Start small and then ramp up when you can.

You can figure out how your Saskatchewan Pension Plan retirement savings are growing by using the plan’s handy Wealth Calculator (Wealth Calculator | Saskatchewan Pension Plan).

SPP is a made-in-Saskatchewan savings plan that’s open to any Canadian with available registered retirement savings plan (RRSP) room. You decide how much to contribute and SPP does the rest, investing your hard-saved dollars in our low-cost, professionally managed pooled fund. At retirement, your income choices include a lifetime monthly annuity payment or the more flexible Variable Benefit

Check out SPP today!

Canadians’ retirement savings goals are “ambitious,” but we aren’t confident we’ll reach them: BMO research

While it appears Canadians are aware of the need to save for retirement, a recent survey carried out by BMO suggests more than a third of us aren’t confident we’ll reach our savings targets.

BMO recently published their findings via a media release.

Canadians, the release begins, now believe they need “$1.7 million to retire comfortably – up from $1.54 million last year.” However, a full 36 per cent of those surveyed “say they are unlikely to reach that target – an increase from 29 per cent last year,” the release notes.

“The findings indicate growing uncertainty about the future as rising costs and economic concerns challenge long-term financial planning goals,” the release adds.

“Setting savings goals is essential, but turning those goals into reality is where the real work begins,” states Terri Szego, Senior Portfolio Manager and Senior Wealth Advisor, BMO Nesbitt Burns, in the release. “We help clients refine their objectives and build clear, actionable plans, using advanced tools to show exactly what it takes to reach their long-term financial goals. Big numbers can feel overwhelming, so we break them down into achievable steps to keep clients confident, motivated, and on track to help them make real financial progress,” Szego states.

Tables in the release show that B.C. residents have the highest retirement savings target, $2.201 million. Next comes Ontario at $1.923 million, Alberta at $1.658 million, Saskatchewan and Manitoba at $1.278 million, Quebec at $1.237 million and Atlantic Canada at $928,000.

When you try and figure out the Canadian retirement savings rate, the release notes, you learn that:

• 28 per cent save less than five per cent of their income
• 38 per cent save five to 10 per cent of their income
• 21 per cent save more than 10 per cent of their income

The survey also looked at how much people are saving for retirement each month. According to the release:

• 10 per cent save less than $100
• 23 per cent save $100 to $499
• 10 per cent save $500 to $999
• 12 per cent save over $1,000

BMO experts suggest you should ramp up retirement savings as your income increases.

“Deciding how much to save for retirement is a personal choice and depends on many factors, but thinking in percentage terms can help with long term planning, so someone in their 20s, contributing 10 per cent a month to an RRSP can be a great start,” states Margaret Leong, Senior Investment Counsellor and Portfolio Manager, BMO Private Wealth, in the release. “As earnings increase throughout an individual’s prime working years, so should their savings, creating an opportunity to take advantage of compound growth and build a more secure retirement. Every extra dollar saved brings people closer to the retirement they envision.”

A solution to not saving enough, the release continues, is to continue working.

“Some Canadians say they plan to never retire and while their reasons to remain employed may vary, according to the survey, of those that are not retired, 14 per cent say they do not plan to stop working. While many of the Boomers surveyed indicate they are already retired, of those that have not retired, a full 27 per cent say they do not plan to stop working. The survey also reveals that 20 per cent of Gen X, 18 per cent of Millennials and 15 per cent of Gen Z say that they do not plan to retire,” the release tells us.

Closing thoughts from the release are to start retirement planning early, be disciplined about budgeting so that savings are treated “as a regular expense,” and that securities can be contributed to a registered retirement savings plan “in kind.” As well, the release concludes, consider seeking professional advice to help your savings efforts.

Among the advantages of the Saskatchewan Pension Plan is that there is no set “contribution rate” that is required – you can decide how much you want to contribute. You can start small and ramp up as your income increases or as circumstances permit.

The heavy lifting of investing those contributions will be managed – professionally, and at a low rate – by SPP, via its pooled fund. When it’s time to retire, your options include the security of a monthly lifetime annuity payment or the flexibility of the Variable Benefit.

Check out SPP today!

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Engaging book delivers financial literacy in clear, enjoyable lessons: The Wealthy Barber (2025)

In this latest update of The Wealthy Barber, author David Chilton has a brother, sister, and their friends – all in their 20s and 30s — learning the ropes of personal finance from the famed Roy Miller, aka The Wealthy Barber.

Despite the surprising twist of everyone in the book being fans of both the Detroit Tigers and Lions, the friends learn key lessons about life and finance in a series of group sessions with Roy.

Roy, the book explains, was forced to drop out of university to look after his mom and siblings, and took over the family barber shop in Sarnia. A lesson he himself learned was to pay attention to successful people, and to learn from them the tricks of living within one’s means while saving for the future. He was happy to pass on his knowledge to a younger generation, including Matt, sister Jess, and friends Kyle and Sourov.

Roy starts off by telling the group “you can do this,” writes Chilton. “There is absolutely nothing we’re going to cover that you’re not capable of fully understanding and implementing successfully. You can start managing your money very well quite soon.”

His first bit of advice, the book continues, is about “the golden rule: invest at least 10 per cent of all you make for long-term growth. If you follow that one simple instruction… someday you’ll be quite well to do.”

Roy also tells the group about “the magic” of compounding, noting that “when your returns build up and earn returns and then all that together earns returns… et cetera, et cetera,” that’s “where the magic happens.”

Saving, he tells the group, is crucial for most of us. “Unless you come from a very wealthy family or marry into one – both excellent strategies by the way – you’re going to have to save money. You’re going to have to spend less than you make. You’re going to have to live within your means,” the book continues.

As well, Roy explains, “the only way to save…(is) to pay yourself first,” the book notes. “The most effective approach is to have the money come right off your paycheque, or directly out of your bank account, before you have a chance to spend it.”

Asked why savings should be invested, rather than being left “under a mattress,” Roy explains to the group that their savings are like a snowball at the top of a hill… “we invest to get it rolling… to harness the power of compounding returns.” Your savings, like the snowball, get larger as they roll along, he notes.

Roy says that even those without any investment knowledge can do well by investing in index funds (such as exchange traded funds). Instead of trying to pick stocks, which Roy likens to finding needles in a haystack, “we’re going to buy the whole haystack. The whole market, or at least, all the big companies.”

He warns the young (future) investors to be careful about fees, as even a seemingly small two per cent charge can eat into the growth of your investments.

A later chapter points out the importance of starting earlier in life on the savings path. There’s a detailed section of the difference between saving in a registered retirement savings plan (where assets grow tax-free and aren’t taxed until withdrawn) and a Tax Free Savings Account (where after-tax money can be saved and withdrawn tax free).

On joining workplace pension plans, Roy says that many such programs offer matching contribution by employers. Roy tells Matt, a teacher, that he has “a tremendous benefit at work that the rest of us here aren’t blessed with — a wonderful pension plan.” A defined benefit pension plan, the book explains, can provide members with pensions that pay out “60 per cent or more of their last working year’s income!”

The book discusses the other workplace pension options out there, such as defined contribution plans and group RRSPs as being easy ways to save automatically for your post-work future, and how programs like the First Home Savings Account and Home Buyers’ Plan can help you buy a home.

Other ideas Roy Miller shares with the group:

• Buying a smaller house means you will have a smaller mortgage that you can pay off more quickly.
• Be careful with credit cards and lines of credit – “debt doesn’t just offset growing assets, it often becomes so expensive to service that future saving is squeezed out.”
• If you are having problems living within your means, find a way to make more money – such as getting a promotion or a second part-time job.

Roy’s final advice to his students “is simply this. Fancy tax shelters, far-out-of-the-money option contracts and meme stocks all make for great conversations at dinner parties. Forced saving, owning the thing that own the things and compounding returns simply make for great dinner parties.”

This is beautifully written, entertaining and engaging book that takes the mystery out of being in charge of your finances.

If you don’t have a workplace pension program to join, then the Saskatchewan Pension Plan may be just what you’ve been looking for. You decide how much to contribute – you can have an amount directly transferred to the plan from your bank account on payday, or make lump sum contributions, or transfers in from other RRSPs you have – and SPP does the heavy lifting for you.

SPP will invest your hard-saved loonies in our professionally managed, low fee pooled fund. When it’s time to retire, your options include the security of a monthly lifetime annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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More Canadians save, but many worry if they’re on target

Retirement savings in Canada offers us a good news, bad news story, writes Jim Wilson for Canadian HR Reporter.

Wilson reports that a recent Edward Jones Canada survey’s results suggest that Canadians “remain confused, anxious, and unprepared for life after work,” despite the fact that more of us are saving and joining workplace pension programs.

Of the 70 per cent of survey respondents who reported “negative emotions” about retirement savings, “40 per cent say they feel confused, 37 per cent are unsure they are maximizing their registered retirement savings plan (RRSP) opportunities, and 36 per cent are worried they are not contributing enough for a financially secure retirement,” Wilson writes.

The survey, he continues, uncovered a gap in knowledge about “retirement mechanics.”

“Fewer than six in 10 (56 per cent) of respondents understand the value of tax deductions and 55 per cent grasp the tax implications of withdrawals. Only 53 per cent feel confident about what happens when an RRSP matures, while 66 per cent say they understand the annual contribution deadline,” the article explains.

“What we’re seeing is a generation that knows they need to save for retirement but lacks the confidence that they’re doing it right,” Edward Jones Canada’s Julie Petrera tells Canadian HR Reporter.

The survey found that more Canadians (41 per cent versus 39 per cent) planned to contribute to RRSPs this year, with 15 per cent intending “to contribute the maximum,” Wilson reports. While nine per cent said they couldn’t afford to contribute, that’s better than the previous year, where 10 per cent said they wouldn’t, the article adds.

Wilson’s article then takes a look at some pension plan participation numbers from the Financial Services Regulatory Authority of Ontario (FSRA).

“In Ontario, workplace pension membership increased by more than 200,000 people in 2025, an average of 549 new members per day compared with 2024, according to data from the Financial Services Regulatory Authority of Ontario (FSRA),” the article reports.

“From those numbers, more than 175,000 people joined defined benefit (DB) plans (up six per cent) and more than 58,000 joined defined contribution (DC) plans (up nine per cent),” Wilson notes.

(In a DB plan, the benefit – or payout – is what’s “defined” by a formula that usually looks at your earnings and years of service in the plan. With DC, what is “defined” is how much money you (and sometimes your employer) contribute; your payout is based on how well the money has been invested when you apply to collect it.)

However, that good news is tempered a bit by the fact that the FSRA research found “that eight in 10 respondents have not fully developed a retirement plan and 66 per cent have not calculated how much money they will need in retirement,” Wilson reports.

“One in two cannot recall the last time they spoke to someone about saving, and 50 per cent of pension members do not read their annual pension statement, based on a survey of 1,000 adult Ontarians conducted in 2024,” he adds.

The article concludes by going over some of the steps HR departments can take to help employees on their retirement journey, particularly in starting the conversation about the retirement program early.

If you don’t offer a workplace pension program for your team, the Saskatchewan Pension Plan may be just what you’ve been looking for to attract and retain top talent.

Employers can choose to offer SPP to their employees – several options are available (Pensions Plans for Businesses | Employee Pension Plans). In all cases, the bulk of the administrative work, such as delivering annual statements and tax slips, is handled directly by SPP.

SPP is also a great “do it yourself” savings program for those among us who don’t have a workplace pension program.

Check out SPP today!

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Investing during times of world turmoil – what strategies are out there?

There’s no question – amid wars around the globe and a tricky trade war here at home – that we are living in unusual times.

What, if anything, should investors be doing during this latest bout of world turmoil? Save with SPP took a look around to see what strategies commentators are suggesting to ride out the storm.

Writing in The Globe and Mail Gordon Pape suggests taking “part profits,” or selling off some of your holdings.

“I don’t like selling in times of adversity. In fact, most financial experts suggest the opposite course: buy when prices are weak. But we’ve enjoyed strong stock markets in recent years, and you may hold securities that have more than doubled in value, even after last week’s pullback. Taking some of that money off the table and holding it in reserve in case the situation further deteriorates isn’t a bad idea,” he suggests, adding that you should first “check out tax consequences” and not “overdo it.”

He suggests we “check out commodities. Wars are bad news for stocks and bonds. But they can lift commodity prices, as we’ve seen with oil and gas.”

Keep an eye out for “special situations,” or companies that are doing well because of the crisis, such as energy stocks (due to impacts on oil shipping). He adds that we should consider holding some gold, as the precious metal can be a hedge against inflation and is considered a “safe haven” investment. He concludes by suggesting we all keep a bit more money in the U.S dollar, as it is “holding up well so far. Part of your cash holdings should be in greenbacks.”

He suggests things “will get better, so keep your cool and take advantage of situations as they arise.”

Writing in the Financial Post, Peter Hodson of 5i Research suggests one strategy is to be contrarian, and “buy the fear.”

“When investors panic we will often start buying. It has proven to be a good strategy, since every market downturn has ended at some point,” he continues. Sectors like energy may do quite well in these times, he adds.

“Oil of course is always a strategic asset during times of war. In the current conflict, the threat of the Strait of Hormuz closing has resulted in a big spike in oil prices. The energy sector was already doing well before this war started but has picked up steam since then,” he writes.

Gold, he concludes, “can be a good place to hide out when worried about global events, financial crises, or wars.”

An article from MoneySense from three years ago makes some still-valid points.

Alan Small writes that there is often “not a lot” investors can do when faced with a time of crisis.

“When markets sell off for reasons that are more temporary than related to economics and performance, it’s important to take emotion out of decision-making and not go into panic mode about your investments,” he writes. “Markets may dip, but they don’t usually collapse. It’s possible your portfolio’s value may drop for a period of time. In the past, after a crisis has ended—and regardless of the outcome—the markets have regained stability, and investment returns have bounced back.”

“My best advice in the face of a world crisis: Stay calm, take a deep breath and focus on the fundamentals,” he advises.

Before adopting any new investment strategy it is a very prudent idea to talk to your financial adviser. If you don’t have a financial adviser, now might be a very good time to get one and leverage their experiences with managing through things like the Tech Wreck, the World Financial Crisis and the COVID-19 Pandemic.

If you’re not experienced with managing money, but want to save for retirement, the Saskatchewan Pension Plan might be a valuable saving partner. SPP is open to any Canadian who has registered retirement savings plan room.

You can contribute any amount you choose to the plan (up to your annual RRSP limit) and can transfer in any amount from other RRSPs you might hold. Once SPP has received your savings dollars, our job is to grow them via investment in our professionally managed, low-cost pooled fund.

At retirement, your job is to receive your grown savings as income, with options including the security of a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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Six ways to augment the modest retirement benefits Canada provides

Writing for Money Canada, Vawn Himmelsbach warns that federal government retirement benefits alone don’t provide much income.

“Canada Pension Plan (CPP) and Old Age Security (OAS) provide an important base for retirement income — but for many Canadians, they won’t provide enough support on their own,” she warns.

It’s apparent, her article continues, that most of us are assuming CPP and OAS will allow us to live adequately post-retirement, since a recent Canada Pension Plan Investment Board survey found “that the majority of adults (73 per cent) expect to or already rely on government benefits to cover their basic retirement income.”

But she continues, CPP and OAS “were never intended to fully replace your earnings while in the workforce but rather supplement it. Most retirees need additional sources of cash flow to maintain their lifestyle — and to protect themselves if one income stream falls short.”

Even if you are getting both, the income they provide (CPP maximum is $1,507.65 and full OAS is $742.31, with most people getting less than the full amount), the amounts “often fall well below what most retirees actually spend on basic expenses each month. Housing, food, transportation and healthcare costs can quickly exceed government benefit payments — especially for those who rent, carry debt or live in higher-cost areas,” she explains.

Himmelsbach then turns to six ways you can add income to that modest CPP/OAS base.

Having a workplace pension is an excellent starting position, she notes.

“If you’re one of the 48 per cent of Canadians that has a workplace pension, it can form a strong foundation to your retirement income,” she writes. However, workplace pensions, she adds, are “becoming less common outside the public sector.”

That brings us to the second category – personal savings.

“For many Canadians, personal savings do most of the heavy lifting in retirement. That usually means drawing income from a Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) or both,” she reports.

RRSPs, she explains, “offer tax-deferral while you’re working, but withdrawals in retirement are taxable. That can make timing and withdrawal strategy especially important, particularly once RRSPs are converted to Registered Retirement Income Funds (RRIFs) and minimum withdrawals begin.”

“TFSAs work differently,” she adds. “Withdrawals are tax-free and don’t affect government benefits like CPP and OAS.”

Another way to save, she writes, is via Guaranteed Investment Certificates (GICs) and High Interest Savings Accounts (HISAs).

“GICs offer a guaranteed return over a fixed period, which can make them useful for planning specific expenses or building short-term income. The trade-off is access: Your money is typically locked in until the GIC’s maturity date, unless you choose a cashable option,” she explains.

“HISAs offer more flexibility. While returns may be lower than long-term investments, they allow retirees to access funds quickly, without worrying about market swings,” she notes.

There’s another category worth considering – dividend-paying investments, she continues.

“Dividend-paying investments can provide a steady income stream on top of potential growth in the long run. For retirees, that regular cash flow can help reduce the need to sell long-term investments to cover everyday expenses,” she reports. “Dividends from eligible Canadian corporations also receive favourable tax treatment through the dividend tax credit when they’re held in a non-registered account, which some retirees might find more appealing over interest income.”

Another way to augment monthly government retirement benefit income is by converting some of your savings to an annuity, Himmelsbach suggests.

“Annuities can provide something many retirees value: certainty. In exchange for a lump sum, an annuity pays out a guaranteed income stream, often for life. That predictability can make budgeting in retirement much easier,” she writes, adding that “some retirees use them to cover essential expenses — like housing, food and utilities — so those costs are always met, regardless of market conditions.”

Her final suggestion is real estate income.

“Becoming a landlord can provide steady rental income, but it also means dealing with maintenance, vacancies, taxes and tenant issues,” she states.

“Owning rental property can also tie up a large amount of capital. Carrying costs, repairs and property taxes don’t stop just because you’re retired. And income isn’t always predictable — especially during economic slowdowns,” she adds.

She concludes this informative piece by underscoring the idea that you will need multiple income streams in retirement.

“The goal isn’t to chase returns, but to assemble a mix of income streams that can support your lifestyle, manage risk and last throughout your sunset years. As with any major financial decision, it’s always in your best interest to consult a financial professional to help you reach your goals,” she states.

Did you know that members of the Saskatchewan Pension Plan can convert some or all of their accounts to a lifetime annuity – an option that carries no cost or monthly fee?

No matter which type of SPP annuity you choose (they are all detailed here in the Pension Guide), you will receive a monthly payment for life. Some options provide benefits for qualifying survivors too – the choice is yours.

See how SPP is helping deliver retirement security for Canadians – check out SPP today!

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