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- 1. Financial Well-Being in Retirement ArchivedArticles and reports: 11-626-X2012014Geography: CanadaDescription:
This article in the Economic Insights series reports on the most recent statistical developments relating to the financial well-being of retirees. This summary is based on selected research done at Statistics Canada on the contribution of income, consumption, and financial wealth to the well-being of older Canadians.
Release date: 2012-08-29 - 2. A Note on Pension Coverage and Earnings Replacement Rates of Retired Men: A Closer Look at Distributions ArchivedArticles and reports: 11F0019M2010326Geography: CanadaDescription:
In spite of the importance of registered pension plans (RPPs) in discussions of Canada's retirement income system, very few Canadian studies have examined the financial outcomes experienced by RPP members and RPP non-members. Using data from the Longitudinal Administrative Database (LAD), this paper compares the distributions of earnings replacement rates achieved by retired men who were or were not members of a registered pension plan (RPP) in 1991 and/or 1992. The distributions of earnings replacement rates of men who were not RPP members are far more dispersed than those of men who were RPP members. And while the average earnings replacement rates of the two groups are generally comparable, the median earnings replacement rates of RPP non-members are lower than those of RPP members as a result of asymmetry in the distributions.
Release date: 2010-07-19 - 3. Shifting pensions ArchivedArticles and reports: 75-001-X200910513230Geography: CanadaDescription:
In 2006, 37% of the employed Canadian population was covered by a registered pension plan. Defined benefit plans have historically covered the majority of plan participants. Defined contribution plans have recently become more prominent. This article examines the increased prevalence of such plans in Canada between 1991 and 2006 and the factors influencing this trend.
Release date: 2009-06-19 - 4. Pensions and retirement savings of families ArchivedArticles and reports: 75-001-X200711113197Geography: CanadaDescription:
Prime-aged couples experienced a moderate decline in RPP coverage over the last two decades, as the substantial growth in wives labour market participation and the slight increase in their RPP coverage only partially offset a substantial decline in husbands coverage. On average, retirement savings of families rose over the last two decades, but the distribution became more unequal. To a large extent, the uneven growth in retirement savings mirrors the sharp increase in family earnings inequality since the early 1980s.
Release date: 2007-12-19 - 5. Young pensioners ArchivedArticles and reports: 75-001-X200710213181Geography: CanadaDescription:
Since they entered the scene, baby boomers have been shaping social and economic structures. Now on the cusp of retirement, they may once again force change on the labour market. Many aspire and can afford to retire relatively young, raising concerns about labour supply and public pension programs. But increasing longevity in good health may persuade some to extend their working life. Trends in pension uptake between ages 50 and 60 and post-pension employment during the 1990s and the first part of this decade offer some clues as to the direction baby boomers may take.
Release date: 2007-03-20 - 6. Preparing for retirement ArchivedArticles and reports: 11-008-X20050028452Geography: CanadaDescription:
Settling into retirement involves changes in many aspects of a person's life. Certainly financial adjustments are involved as employment income is replaced by retirement income and spending patterns are altered. People often find they have to make psychological and social adjustments as well. In light of these substantial transformations in lifestyle, retirement counsellors are increasingly encouraging older workers to prepare just as carefully for the non-financial as the financial challenges of retirement. This article draws on the 2002 General Social Survey (GSS) to examine four specific non-financial preparations made prior to leaving the labour force by Canadians who had retired in the previous 10 years (1992 to 2002).
Release date: 2005-09-13 - 7. Using RRSPs before retirement ArchivedArticles and reports: 75-001-X200411213132Geography: CanadaDescription:
RRSPs are not always used as a source of income in retirement. This article examines premature RRSP withdrawals between 1993 and 2001, and whether major life events such as marital separation, death of a spouse or job loss affect this behaviour.
Release date: 2004-12-15 - 8. Retaining older workers ArchivedArticles and reports: 75-001-X200411013129Geography: CanadaDescription:
As a large number of people near the traditional retirement age, what are the social and economic consequences of a mass exit from the labour force? Would older workers remain on the job if mandatory retirement policies were eliminated or if, for example, incentives such as part-time work or more vacation leave were offered?
Release date: 2004-10-26 - 9. Men 55 and older: work or retire? ArchivedArticles and reports: 75-001-X20021126392Geography: CanadaDescription:
This paper examines the characteristics of men 55 and over who are no longer active in the labour market, and the "voluntary" or "involuntary" reasons for inactivity.
Release date: 2002-12-18 - 10. Foreign-born vs Native-born Canadians: A Comparison of Their Inter-provincial Labour Mobility ArchivedArticles and reports: 11F0019M1998114Geography: CanadaDescription:
This paper investigates the inter-provincial labour mobility behaviour of immigrants relative to that of native-born Canadians. Foreign-born Canadians differ a great deal from their domestically-born counterparts. The foreign-born population is geographically concentrated in a few provinces and a few big cities. As a whole, they are older, better educated, more likely to be married, and more likely to have dependent children and bigger households. They are less active in participating in full-time education and training. They fare relatively better in the labour market. As a result, a higher proportion of them receive social security benefits that are directly tied to the presence of dependent children or age such as family allowance benefits and pension income, but a lower proportion receive benefits that are related to labour market performance such as employment insurance benefits and social assistance benefits.
As a whole, immigrants are relatively less mobile inter-provincially. This is true both nationally and across almost every province. Among those who move to other provinces, destinations for foreign-born migrants are highly geographically concentrated. Most of them make their new homes in Alberta, Ontario and British Columbia. A significantly lower proportion of them relocate to other provinces for economic considerations but a much higher proportion move to go to school or after retirement. Earnings return to their inter-provincial migration is significantly more substantial. This is the result of both wage increase and more hours of work after migration.
Multi-variate regression results show that there are no statistically significant structural differences in the determinants of inter-provincial migration decisions between comparable foreign- and native-born Canadians. The probability of moving to other provinces, for immigrants as well as for domestically-born Canadians, is higher if earnings potentials elsewhere are relatively higher, lower if it is relatively harder to find employment elsewhere, higher among better educated workers, lower among French-speaking Canadians, lower among union members, and decreases with age, family size and job tenure. None of the proxies for government's labour market interventions significantly affect the decision to move inter-provincially. The lower mobility rates among the foreign-born are fully attributable to distributional and compositional differences between the immigrant and non-immigrant populations.
These findings have a direct policy implication on immigration selection. To encourage population and labour force growth in economically less prosperous provinces, it appears appropriate and effective to amend the current immigration selection and approval system, considering intended destinations as an additional factor and awarding additional points to applicants who choose designated provinces.
Release date: 1998-09-23
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Analysis (14)
Analysis (14) (0 to 10 of 14 results)
- 1. Financial Well-Being in Retirement ArchivedArticles and reports: 11-626-X2012014Geography: CanadaDescription:
This article in the Economic Insights series reports on the most recent statistical developments relating to the financial well-being of retirees. This summary is based on selected research done at Statistics Canada on the contribution of income, consumption, and financial wealth to the well-being of older Canadians.
Release date: 2012-08-29 - 2. A Note on Pension Coverage and Earnings Replacement Rates of Retired Men: A Closer Look at Distributions ArchivedArticles and reports: 11F0019M2010326Geography: CanadaDescription:
In spite of the importance of registered pension plans (RPPs) in discussions of Canada's retirement income system, very few Canadian studies have examined the financial outcomes experienced by RPP members and RPP non-members. Using data from the Longitudinal Administrative Database (LAD), this paper compares the distributions of earnings replacement rates achieved by retired men who were or were not members of a registered pension plan (RPP) in 1991 and/or 1992. The distributions of earnings replacement rates of men who were not RPP members are far more dispersed than those of men who were RPP members. And while the average earnings replacement rates of the two groups are generally comparable, the median earnings replacement rates of RPP non-members are lower than those of RPP members as a result of asymmetry in the distributions.
Release date: 2010-07-19 - 3. Shifting pensions ArchivedArticles and reports: 75-001-X200910513230Geography: CanadaDescription:
In 2006, 37% of the employed Canadian population was covered by a registered pension plan. Defined benefit plans have historically covered the majority of plan participants. Defined contribution plans have recently become more prominent. This article examines the increased prevalence of such plans in Canada between 1991 and 2006 and the factors influencing this trend.
Release date: 2009-06-19 - 4. Pensions and retirement savings of families ArchivedArticles and reports: 75-001-X200711113197Geography: CanadaDescription:
Prime-aged couples experienced a moderate decline in RPP coverage over the last two decades, as the substantial growth in wives labour market participation and the slight increase in their RPP coverage only partially offset a substantial decline in husbands coverage. On average, retirement savings of families rose over the last two decades, but the distribution became more unequal. To a large extent, the uneven growth in retirement savings mirrors the sharp increase in family earnings inequality since the early 1980s.
Release date: 2007-12-19 - 5. Young pensioners ArchivedArticles and reports: 75-001-X200710213181Geography: CanadaDescription:
Since they entered the scene, baby boomers have been shaping social and economic structures. Now on the cusp of retirement, they may once again force change on the labour market. Many aspire and can afford to retire relatively young, raising concerns about labour supply and public pension programs. But increasing longevity in good health may persuade some to extend their working life. Trends in pension uptake between ages 50 and 60 and post-pension employment during the 1990s and the first part of this decade offer some clues as to the direction baby boomers may take.
Release date: 2007-03-20 - 6. Preparing for retirement ArchivedArticles and reports: 11-008-X20050028452Geography: CanadaDescription:
Settling into retirement involves changes in many aspects of a person's life. Certainly financial adjustments are involved as employment income is replaced by retirement income and spending patterns are altered. People often find they have to make psychological and social adjustments as well. In light of these substantial transformations in lifestyle, retirement counsellors are increasingly encouraging older workers to prepare just as carefully for the non-financial as the financial challenges of retirement. This article draws on the 2002 General Social Survey (GSS) to examine four specific non-financial preparations made prior to leaving the labour force by Canadians who had retired in the previous 10 years (1992 to 2002).
Release date: 2005-09-13 - 7. Using RRSPs before retirement ArchivedArticles and reports: 75-001-X200411213132Geography: CanadaDescription:
RRSPs are not always used as a source of income in retirement. This article examines premature RRSP withdrawals between 1993 and 2001, and whether major life events such as marital separation, death of a spouse or job loss affect this behaviour.
Release date: 2004-12-15 - 8. Retaining older workers ArchivedArticles and reports: 75-001-X200411013129Geography: CanadaDescription:
As a large number of people near the traditional retirement age, what are the social and economic consequences of a mass exit from the labour force? Would older workers remain on the job if mandatory retirement policies were eliminated or if, for example, incentives such as part-time work or more vacation leave were offered?
Release date: 2004-10-26 - 9. Men 55 and older: work or retire? ArchivedArticles and reports: 75-001-X20021126392Geography: CanadaDescription:
This paper examines the characteristics of men 55 and over who are no longer active in the labour market, and the "voluntary" or "involuntary" reasons for inactivity.
Release date: 2002-12-18 - 10. Foreign-born vs Native-born Canadians: A Comparison of Their Inter-provincial Labour Mobility ArchivedArticles and reports: 11F0019M1998114Geography: CanadaDescription:
This paper investigates the inter-provincial labour mobility behaviour of immigrants relative to that of native-born Canadians. Foreign-born Canadians differ a great deal from their domestically-born counterparts. The foreign-born population is geographically concentrated in a few provinces and a few big cities. As a whole, they are older, better educated, more likely to be married, and more likely to have dependent children and bigger households. They are less active in participating in full-time education and training. They fare relatively better in the labour market. As a result, a higher proportion of them receive social security benefits that are directly tied to the presence of dependent children or age such as family allowance benefits and pension income, but a lower proportion receive benefits that are related to labour market performance such as employment insurance benefits and social assistance benefits.
As a whole, immigrants are relatively less mobile inter-provincially. This is true both nationally and across almost every province. Among those who move to other provinces, destinations for foreign-born migrants are highly geographically concentrated. Most of them make their new homes in Alberta, Ontario and British Columbia. A significantly lower proportion of them relocate to other provinces for economic considerations but a much higher proportion move to go to school or after retirement. Earnings return to their inter-provincial migration is significantly more substantial. This is the result of both wage increase and more hours of work after migration.
Multi-variate regression results show that there are no statistically significant structural differences in the determinants of inter-provincial migration decisions between comparable foreign- and native-born Canadians. The probability of moving to other provinces, for immigrants as well as for domestically-born Canadians, is higher if earnings potentials elsewhere are relatively higher, lower if it is relatively harder to find employment elsewhere, higher among better educated workers, lower among French-speaking Canadians, lower among union members, and decreases with age, family size and job tenure. None of the proxies for government's labour market interventions significantly affect the decision to move inter-provincially. The lower mobility rates among the foreign-born are fully attributable to distributional and compositional differences between the immigrant and non-immigrant populations.
These findings have a direct policy implication on immigration selection. To encourage population and labour force growth in economically less prosperous provinces, it appears appropriate and effective to amend the current immigration selection and approval system, considering intended destinations as an additional factor and awarding additional points to applicants who choose designated provinces.
Release date: 1998-09-23
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