A winning ticket? Women rolling the dice on retirement
Considering that women live longer than men and are less likely to receive private-sector retirement benefits, the news is quite alarming.
The report goes on to address several issues that will impact retirement income for female Baby Boomers in the years ahead, including:
- The current average for the Canadian Pension Plan (CPP) and Old Age Security (OAS) benefits is just under $1,000 per month;
- In 2008, only 38% of Canadian workers had access to a registered pension plan;
- Men are twice as likely as women to earn income from employment or private pension plans;
- Personal savings from Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs) and other savings vehicles are absolutely essential for women, yet only one third of those eligible actually contribute.
Edited on 17 August 2017