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Canada's looming retirement challenge - Speech or Presentation Example

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Canada's looming retirement challenge

In this particular research, LifePaths has been used to address these concerns. LifePaths is essentially a sophisticated tool for simulation which has been created by Statistics Canada. LifePaths functions by integrating data collected from the experiences related to the socio-economic conditions and project consumption of the Canadians who are yet to approach the age of retirement, both before and after they retire. LifePaths does not only take into account the income generated from the programs of public pension, but it also integrates the income and savings made from the registered retirement savings plans (RRSPs) as well as the registered pension plans (RPPs). In addition to that, LifePaths also pays due consideration to the housing equity that is accumulated, and tracks how it helps in the consumption made in the later years of life. LifePaths particularly derives its importance and value from the fact that it can model the socio-economic and demographic patterns that vary with time over the representative yet diversified population belonging to different ages over the course of time. In the study, the focus of the researchers has been the ability of future retirees to sustain the consumption patterns they have had before retirement once they stop to work. This is achieved by benchmarking every person’s standards of living after he/she retires and comparing them to what they had been before the retirement occurred. While doing so, the researchers take into account the diversity and change that occurs in the individuals’ lifetime with respect to such variables as income, savings, tax payment, employment record, and other family conditions that keep varying from time to time. What is quite important to note is that such a calculation provides the researchers with an insight into the individuals’ preparedness for the conditions that would occur after their retirement both within and across the various income groups. Like many other researches investigating the very subject concluded, this particular research verified that the system for retirement that has conventionally been in place in Canada has been conducive for healthy consumption rates in the period that follows the retirement of individuals. For individuals belonging to the low income zone in particular, the retirement system has offered great support after completion of their services. In the last two decades, people that have reached the age of retirement experienced significant support from the retirement system in Canada. However, it is important to note that in case the present economic and behavioral circumstances in Canada continue to persist over an indefinite period of time, a vast majority of Canadians are susceptible to experience difficulties in sustaining the same consumption after retirement that they enjoy during the period of their working life. Presently, no more than 16 per cent of the total population of retirees happens to be in such circumstances which are likely to result in a considerable minimization of the consumption after the retirement, the number would increase manifolds if the present trends persist indefinitely. As many as 44 per cent of the t ...Show more

Summary

Canada's looming retirement challenge Summary: There has conventionally been a lot of debate regarding the Canada’s pensions. One of the most important questions in the debate about Canada’s pension is if or not, it will be possible for the Canadians to sustain the living standards that they enjoy now as they are in service after their retirement as well taking into consideration their individualistic savings, the benefits of public-pension, and the accruals of benefit in their registered pension plans (RPPs)…
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Canadas looming retirement challenge essay example
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