Canadians are struggling to save for retirement, with many planning to push back the next phase of their life amid inflation and higher interest rates, according to a new survey from the Healthcare of Ontario Pension Plan.
Inflation has been slowly cooling in recent months, but at 4.4 per cent in April year over year it’s still more than double the central bank’s target rate of two per cent. The Bank of Canada last week raised its overnight rate to 4.75 per cent after several straight months of holding it steady, citing the risk of sticky inflation.
More than half of those surveyed aged 55 to 64 said if inflation keeps rising, they will have to push back their intended retirement date. Also, despite rising costs, almost 70 per cent of people surveyed said they would take lower pay in exchange for a better pension. Meanwhile, 78 per cent said they believe all employers should be required to contribute in some way towards pensions for workers.
I started my retirement planning at age 17. The plan was to be able to retire to the lakeside and a workshop somewhere between 55 and 60.
Fucked up large scale economic “management”, scammy financial advise, and a random financial setback pretty much made all that planning and effort a waste of time and money.
Here we are, 66 years old, crossing our fingers as we take a stab at being retired. We are lakeside and there is a shop, but only because we tossed everything aside a decade ago and used what was left of our retirement savings to buy a 1968 mobile home on a leased lot and found local employment. The workshop is an old park bathroom and shower that I got in exchange for figuring out how to move it to make room for a new one.
I’m sure that retirement planning is little more than a scam. Someone made money on all those investments, but it sure wasn’t us! I’m actually glad I never had a company pension plan because it means there was nothing else for some shark to steal by declaring bankruptcy.