Ontario headed for retirement income crisis: Survey

No pension savings for 58 per cent of workers
|payroll-reporter.com|Last Updated: 11/24/2015

More than one-half of Ontarians without workplace pension plans saved nothing for retirement in the past year, according to a survey released by the Healthcare of Ontario Pension Plan (HOOPP),

And more than 83 per cent fear that without better pension coverage, Ontario is headed for a retirement income crisis.

Ontarians were "very concerned" or "somewhat concerned" about these  retirement planning topics:

• 58 per cent without pensions at work saved nothing for retirement in the last year.
• 85 per cent worry that without good workplace pensions, Ontarians will face senior poverty.
• 62 per cent wonder if they will have enough money for retirement.
• 58 per cent ask if their retirement savings are secure.

Ontarians believe they will need an average of 63 per cent of their working salary to live on in retirement, found the survey.

Seventy-eight per cent of those surveyed felt that pension plans offered at work should deliver retirees at least 60 per cent of their pre-retirement income.

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