“I’m in a Defined Benefit Pension Plan. What should I do?” – Part 1

Defined Benefit Plan

I passed a Sears store in Arizona this week and it really irked me. Thinking about the thousands of ex- employees and retirees in Canada who were blindsided by the closing of Sears Canada, and the pension benefits lost after so many years of dedicating their lives to their employer. It’s a shame that our legislation in Canada wasn’t strong enough to prevent the losses that are so personal to so many. A quick look at CARP’s website this week (www.carp.ca/advocacy-priorities) reminded us of the need to support their “Put Pensioners First” campaign. Only 20,718 “supporters” have signed up to date, but every Canadian in a private Defined Benefit (“DB pension plan”) should be doing just that. Asking our Provincial governments to include or strengthen pension guarantees and our Federal […]

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I Can’t Wait to Retire

Retirement - pension delay, sticky note on notice board

“If income wasn’t a factor, how important would it be for you to keep working?” As reported in the March issue of Zoomer magazine (everythingzoomer.com), this question was asked to readers as part of their “Zoomer Census”. Perhaps surprisingly, 71% of respondents chose “I can’t wait to retire”, with the remaining 29% selecting “If I slow down, I’ll die”. I say “surprisingly” because the media has been telling us that more and more people are postponing retirement – or should do so – because “work” challenges them mentally.  Could it be that the real reason for postponement is a financial one? Let’s look at the smaller group first, those who fear slowing down. We often hear this comment from business owners or professionals. Our guess is that this group has worked hard […]

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