|By PR Newswire||
|February 19, 2014 06:15 AM EST||
One third say CPP will be their primary source of retirement income, but seven-in-ten don't know the maximum amount
WINNIPEG, Feb. 19, 2014 /CNW/ - Canadians nearing retirement (aged 55-64) are confident they have enough money to live the retirement lifestyle they desire but many do not know how much retirement income they will need nor how much their company and/or government pensions will provide.
Sixty-nine per cent of Canadians approaching retirement age were unaware of what the maximum monthly payout from government is for Canadian Pension Plan (CPP) or Quebec Pension Plan (QPP) and Old Age Security (OAS), yet more than eight-in-ten of this age group say they plan to use this as a source of retirement income, and more than one third anticipate this will be their primary source, according to new research from Investors Group.
A recent survey from Investors Group examining Canadians' knowledge of their pension plans and their retirement income revealed that while Canadians appear optimistic about their retirement lifestyle, few have a firm handle on what their cost of living will be and what their pensions will offer.
Sources of retirement income
Sixty per cent of Canadians say they plan to use an employer pension as a source of income and 37 per cent say this will be their primary source.
However, of those who say they have workplace pensions and plan to rely on it as their primary source of income, more than half (55 per cent) did not know the monthly benefit they can expect.
"Planning for retirement at an early age will help Canadians to really understand what will be required to maintain your desired lifestyle and where savings and investments are needed to fill the pension gaps," said Dave Ablett, Director, Tax and Estate Planning, at Investors Group.
Cost of living and what to expect
Seven-in-10 say that they will have enough to pay the cost of living in retirement, yet when asked what they anticipate their monthly cost of living to be, 42 per cent of unretired Canadians did not know. The research revealed that as Canadians approach the age of retirement, a significant number are still not aware of what it will take to support their lifestyle with 39 per cent of Canadians aged 55-64 were still unclear on what to expect.
"As you near the age of retirement, it is even more important to understand what your cost of living will be and to consider how that amount may fluctuate throughout your retirement years," said Investors Group's Ablett. "A financial advisor can help identify and plan for retirement needs to avoid an inadequate retirement income."
Nearly three-quarters (72 per cent) of unretired Canadians are confident they will be able to maintain their current lifestyle in retirement. This number jumps to 91 per cent among Canadians working with a financial advisor.
While 39 per cent of Canadians say that confidence in their own money management has gone up over the last 10 years, 58 per cent say their confidence in younger generations' ability to save adequately for retirement has gone down.
In addition, (66 per cent) of Canadians are less confident in governments' ability to continue to provide an acceptable level of pension and retirement benefits.
"While the survey indicates that Canadians are approaching retirement with confidence, it also identifies the need for Canadians to gain a better understanding of what their ideal financial future looks like so they can build a plan to get there," said Dave Ablett of Investors Group.
About the Survey Methodology
Data was collected using computer assisted telephone interviewing (CATI) via the Harris/Decima teleVox omnibus. Overall, 1,010 completes were collected nationally between January 23 and January 27, 2014. The sample consists of 80% landline and 20% cell phone respondents, with quotas by gender (50/50 split) and by region. The data is weighted in tabulation to replicate actual population distribution by age and gender within region according to the 2011 Census data. This survey is considered accurate to a margin of plus or minus 3.1 per cent, 19 times out of 20. The margin of error for subgroups is higher.
About Investors Group
Investors Group, founded in 1926, is a national leader in delivering personalized financial solutions to Canadians through a network of over 4,600 Consultants located throughout Canada. In addition to an exclusive family of mutual funds and other investment vehicles, Investors Group offers a wide range of insurance, securities, mortgage and other financial services. Investors Group is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's premier financial services companies with over $132 billion in total assets under management as of January 31, 2014.
SOURCE Investors Group Inc.
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, al...
Oct. 8, 2015 08:15 PM EDT Reads: 134
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Oct. 8, 2015 08:00 PM EDT
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
Oct. 8, 2015 08:00 PM EDT Reads: 226
Manufacturing has widely adopted standardized and automated processes to create designs, build them, and maintain them through their life cycle. However, many modern manufacturing systems go beyond mechanized workflows to introduce empowered workers, flexible collaboration, and rapid iteration. Such behaviors also characterize open source software development and are at the heart of DevOps culture, processes, and tooling.
Oct. 8, 2015 08:00 PM EDT Reads: 1,075
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
Oct. 8, 2015 08:00 PM EDT Reads: 159
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Oct. 8, 2015 07:30 PM EDT Reads: 250
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Oct. 8, 2015 07:30 PM EDT Reads: 170
The APN DevOps Competency highlights APN Partners who demonstrate deep capabilities delivering continuous integration, continuous delivery, and configuration management. They help customers transform their business to be more efficient and agile by leveraging the AWS platform and DevOps principles.
Oct. 8, 2015 07:30 PM EDT Reads: 215
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete en...
Oct. 8, 2015 07:15 PM EDT Reads: 256
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at @DevOpsSummit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Oct. 8, 2015 07:15 PM EDT Reads: 192
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
Oct. 8, 2015 07:15 PM EDT Reads: 230
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult - let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and li...
Oct. 8, 2015 07:00 PM EDT Reads: 181
Between the compelling mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how busine...
Oct. 8, 2015 06:45 PM EDT Reads: 255
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes.
Oct. 8, 2015 06:45 PM EDT Reads: 202