From joining Saskatchewan\u0027s pension plan to setting up a life insurance policy, there are innovative ways to prepare for retirement
By the end of 2019, 5.5 million Canadians were members of either a defined benefit or defined contribution pension plan, according toBut when you dig into the data, that means only 37 per cent of Canadian workers are covered by a pension plan — leaving the other 63 per cent to save for retirement on their own.
While defined benefit pensions are still the norm in the public sector — which St-Germain concedes is a huge percentage of the Canadian labour force — they’re few and far between outside of government jobs. The challenge most people find with saving for retirement is having to think about it. Brookhouse says with defined benefit pensions, if you have it set up to take the money directly from your paycheque, it’s much easier not to miss it.Advertisement 5“All those pressures of today will almost always supersede the pressures of thinking about tomorrow … until tomorrow,” says Brookhouse.
In 2022, you can put up to $7,000 into the fund, depending on your personal RRSP contribution room. The fund currently has 33,000 members, with about $600 million invested. The historical returns are about eight per cent and annual fees are less than one per cent.Article contentThen, when it’s time to start pulling your pension, how much you’ll get depends on how much you’ve contributed.
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