Nov. 10: BEST FROM THE BLOGOSPHERE

November 10, 2025

Majority of Canadians surveyed fear they will never retire: HOOPP and Abacus survey

A surprising 59 per cent of Canadians “believe they will never be able to retire due to their financial situation,” reports Steven Brennan of Money Canada, citing recent research from the Healthcare of Ontario Pension Plan (HOOPP) and Abacus Data.

As well, the article reports, 66 per cent “of unretired Canadians now expect they will have to continue working after retirement to make ends meet,” and nearly half – 49 per cent – “are worried about outliving their savings.”

“These worries are especially pronounced among renters and homeowners facing mortgage renewals at higher interest rates. For many, homeownership is no longer the clear path to a secure retirement that it once seemed,” the article adds.

Given these concerns, it’s not surprising that the research found favourable views towards workplace pensions, particularly the defined benefit (DB) model which provides a guaranteed lifetime monthly benefit, the article continues.

“Canadians continue to see DB pensions as the most reliable foundation for retirement security. Nearly nine in ten survey respondents (88 per cent) said they would willingly contribute nine per cent of their salary — if matched by their employer — into a DB pension plan in exchange for guaranteed lifetime income in retirement,” the article notes.

“Support for pensions was consistent across age groups: 82 per cent of those aged 18 to 34, 88 per cent of those 35 to 54, and more than 90 per cent of those 55 and older all agreed they would opt in if given the chance,” the Money Canada article tells us.

A “societal benefit” is seen by those surveyed as being possible via improved access to workplace pension programs.

“More than 80 per cent believe it is in the country’s best interest for more people to have access to better retirement savings, and nearly three-quarters say companies could afford to offer workers good pensions if they chose to,” the article explains.

There’s no question that belonging to a pension plan, particularly one where the employer also contributes, is one of the best ways to build retirement savings.

But if you don’t have such a plan, how much should you be saving? The Wealth Awesome blog provides some savings targets, which were originally devised by Fidelity Canada.

By age 30, you should have saved one year’s salary, the blog suggests. By age 40, you should have three years’ salary in your nest egg. At 50, it’s up to six years, and by 60, it’s eight years’ salary, the blog reports.

If you’re saving on your own for retirement, a great partner is the Saskatchewan Pension Plan. With SPP, you decide how much you want to contribute each year – you can start small and ramp up as your income grows. You can also transfer in any amount from any registered retirement savings plans (RRSPs) you may have.

If you are looking for a program that provides guaranteed income, then SPP is the right place. SPP offers a variety of annuity options – all of them provide you with income for life, some provide income options for a surviving spouse or beneficiary. SPP also offers the more flexible Variable Benefit option.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Money Canada, Wealth Awesome

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