Pension funds and private savings have been hit hard by the economic crisis. Some employers want to cut defined benefit plans that workers have paid into their entire working lives. People who can afford private savings like RRSPs have seen their investments erode with the stock market meltdown.
However, the bigger crisis is that the vast majority of Canadians don’t have either a workplace pension or private savings. Only 38% of workers belong to a pension plan. And many Canadians can barely make ends meet, let alone contribute to RRSPs. One-third of working Canadians
have no retirement savings at all.
What do you think needs to be done to ensure that Canadians will be able to retire and enjoy a decent standard of living?