Much of the media coverage on the Canadian retirement income problem is
missing the mark. According to commentary from Segal Consulting's
Canadian Business Leader Cameron McNeill, "The Canada Pension
Plan and the accompanying Old Age Security program actually give
excellent pay replacement for low paid workers. Other issues such as
social injustices, minimum wage inadequacy, corporate offshoring of jobs
or a focus on shareholder returns at the expense of the worker are
issues of income adequacy."
Mr. McNeill continued, "Registered Retirement Savings Plan contributions
could help alleviate the retirement income adequacy problem.
Unfortunately, some people just don't have any money left after meeting
life's needs to make meaningful contributions. And if interest rates go
up, taking mortgage and credit card payments with them, contributions
will not get larger any time soon."
To ead his entire commentary, click
a member of The Segal Group, is a leading employee benefits, human
resources, actuarial and investment consulting firm in Canada. The Segal
Group is headquartered in New York and has nearly 1,000 employees
throughout North America. Clients include state and local governments
and joint boards of trustees administering multi-employer pension and
health and welfare plans. In 2014, The Segal Group is celebrating the 75th
anniversary of its founding by Martin E. Segal (http://www.segalco.com/about-us/#anniversary).
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