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Keeping your retirement plan on track

(NC) It has been another challenging year for Canadians – and Canadian investors. We remain in a period of low returns and the cost of living continues to rise. Many of us may feel we are falling behind on financial goals, particularly when it comes to retirement planning.

Public opinion surveys indicate that many Canadians are concerned that Canada Pension Plan benefits will not be there for them when they retire. But a recent report by an independent agency within the federal government confirmed the plan is on solid footing for the next 75 years, and beyond.

In fact, earlier this year it was named the best-performing pension fund in the world during the past decade, according to Global SWF, an international consulting and research firm that tracks the returns of public pension funds.

This means Canadians can focus on the other key pillars of retirement income: company pension plans and personal savings and investments.

If you have a company pension plan, what level of income will it provide in retirement? Does your company offer a defined-benefit plan, which provides a guaranteed income? Do they offer a defined-contribution plan, in which your employer matches your contribution, but you decide the level of risk?

When it comes to generating retirement income through personal savings, there are two main vehicles: a registered retirement savings plan, which defers taxes until after the funds are withdrawn, or a tax-free savings account in which after-tax dollars can be invested and grown tax-free.

Overall, a combination of sources makes up your retirement plan. Your government pension doesn’t need your attention, but it’s up to you as an individual to decide whether you want to make investment decisions on your own, or work with an advisor.

Find more information about your pension at

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