Canadian insurers paid out more than $97 billion in benefits from life and health insurance products in 2020, according to the Canadian Life and Health Insurance Association’s annual fact book. The period, which included the first nine months of the coronavirus pandemic, included $420 million paid out for psychology-related claims to support mental health, up 24 […]
Almost two-thirds (63 per cent) of Canadians cited retirement as a financial goal compared to last quarter (58 per cent), according to a quarterly survey by Ipsos for the Bank of Montreal. The survey, which polled more than 3,000 adults aged 18 and older, found 67 per cent of respondents said they’re continuing to set […]
Income inequality in the U.S. is contributing to the growth of financial insecurity in retirement, exacerbated by a shift from pensions to individual 401(k) savings accounts, according to a new report by the U.S. National Institute On Retirement Security. It found in 2019, white households across three generations — baby boomers, generation X and millennials […]
With many women at risk of outliving their retirement savings, employers can help by educating female employees about their investment options, says Michelle Connell, a chartered financial analyst and owner of Portia Capital Management. Since women are often the primary caregivers, she says they tend to put less money into their retirement accounts than men […]
The Conservative Party is promising to create tax-free savings accounts that provide gig workers with access to the Canada Pension Plan and employment insurance benefits. While out on the federal election campaign trail on Thursday, Conservative Leader Erin O’Toole said the coronavirus pandemic has demonstrated the need for these accounts because gig workers currently can’t pay […]
A fifth (21 per cent) of Canadians who are nearing retirement with more than $100,000 in investable assets said they expect to outlast their savings by 10 years, compared to 16 per cent in 2010, according to a retirement readiness survey by the Royal Bank of Canada. Indeed, the coronavirus pandemic has caused some Canadians […]
After the market rollercoaster ride of 2020, investors’ expectations have shifted considerably, and many are now looking for returns of 10.6 per cent above inflation from their investments in 2021, fuelling speculation that many employees may want to retire early, according to Eckler Ltd.’s latest capital accumulation plan income tracker. Indeed, the report noted rising […]
The Ontario Medical Association is helping its members save for retirement with a new guaranteed lifetime income annuity. Kayte Fredrickson, vice-president of insurance for the OMA, says the annuity was developed in partnership with Brookfield Annuity Co. and Common Wealth Retirement, the OMA’s retirement plan administrator, to specifically meet the retirement needs of the province’s […]
Last year, Benefits Canada hosted its 2020 CAP Member Survey webinar just a few weeks after the World Health Organization declared the global coronavirus pandemic. It was early days and, as uncertain as we all felt, I don’t think anyone expected we’d still be working from home and struggling through the crisis almost a year […]
The past year and a half has been characterized by marked change. The move to remote work, industry layoffs and the desire for more robust support left plan sponsors and consultants rapidly altering the ways they work together. Certain trends, such as virtual care, mental-health support, changing retirement needs and industry consolidation have slowly been […]