Retirement planning
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- Articles and reports: 11F0019M2017391Description:
This paper assesses the extent to which education affects how Canadians save and accumulate wealth for retirement. The paper makes three contributions. First, a descriptive analysis is presented of differences in savings and home values across individuals based on their levels of educational attainment. To this end, new datasets that link survey respondents from the 1991 and 2006 censuses of Canada to their administrative tax records are used. These data provide a unique opportunity to jointly observe education, savings, home values, and a plethora of other factors of relevance. Second, the causal effect of high school completion on savings rates in tax-preferred accounts is estimated, exploiting compulsory schooling reforms in the identification. Third, building on a recent study by Messacar (2015), education is also found to affect how individuals re-optimize their savings rates in response to an automatic change in pension wealth accumulation. The implications of this study’s findings for the “nudge paradigm” in behavioural economics are discussed.
Release date: 2017-03-27 - 2. Financial literacy and retirement planning ArchivedArticles and reports: 75-006-X201600114360Description:
Using data from the 2014 Canadian Financial Capability Survey (CFCS), this article examines the extent to which individuals in the labour force are preparing for retirement and provides another perspective on the relationship between financial literacy and retirement planning.
Release date: 2016-03-23 - Articles and reports: 11-622-M2013029Geography: CanadaDescription:
Population aging and the recent global financial crisis underscore the importance of the discussions of the adequacy of retirement preparation in Canada and the soundness of the Canadian retirement income system. The focus of this study is to examine whether the accumulated private savings of Canadian households is adequate for their retirement, given their expected entitlement to public and private pension when they retire.
Release date: 2013-06-14 - Articles and reports: 11-008-X201100111431Geography: CanadaDescription:
Over the last two decades, the bankruptcy rate in Canada has been trending upwards, regardless of changing economic conditions; the age of people filing for bankruptcy has also been rising. Using the 2007 General Social Survey, this article identifies pre-retirees aged 45 to 64 who have experienced a bankruptcy and examines how they are preparing for retirement.
Release date: 2011-04-21 - Articles and reports: 75-001-X201010613251Geography: CanadaDescription:
This study examines associations between health factors and early exits from the labour market. Using all available cycles of the National Population Health Survey, the likelihood of workers age 40 to 52 in 1994/1995 stopping work in the subsequent 12 years is examined controlling for sociodemographic factors.
Release date: 2010-09-21 - Articles and reports: 11-624-M2010026Geography: CanadaDescription:
The Canadian Financial Capability Survey (CFCS), released by Statistics Canada in December 2009, was designed to collect information about Canadians' knowledge, abilities, and behaviours concerning financial decision-making. In addition to information on approaches to money management and financial planning, the CFCS collected information on issues relevant to current discussions about Canada's retirement income system. For example, retired respondents were asked about their financial standard of living in retirement and whether their retirement income is sufficient to comfortably cover their bills and financial commitments. Working-age Canadians were asked about their financial preparations for retirement. This research note provides highlights on retirement issues using the CFCS.
Release date: 2010-06-08 - 7. 2007 General Social Survey report: The retirement plans and expectations of older workers ArchivedArticles and reports: 11-008-X200800210666Geography: CanadaDescription:
After many years of public discussion about Canada's aging population, the leading edge of the baby boom generation is now on the cusp of retirement. Focusing on Canadians aged 45 to 59, this article examines the age at which individuals intend to retire, the certainty of their plans, and their expectations regarding their retirement income. Evidence from the 2007 General Social Survey is used to show how retirement plans and expectations are related to demographic, employment and financial characteristics.
Release date: 2008-09-09 - Articles and reports: 11-008-X200800210667Geography: CanadaDescription:
Do Canadians have the information they need to plan for retirement? Drawing on data from the 2007 General Social survey, this article examines the "informational resources" of Canadians aged 45 to 59. While most individuals receive financial advice, understand the basic structure of their pension, and say they understand Canada's public retirement income programs, significant proportions do not. The characteristics associated with differences in this regard are examined.
Release date: 2008-09-09 - 9. 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 - Articles and reports: 11F0019M2004223Geography: CanadaDescription:
This study examines retirement issues for older working Canadians: income, pension coverage, home ownership status, immigration status, marital status and self-assessed health. It uses data from the 2002 General Social Survey.
Release date: 2004-06-29
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Analysis (14)
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- Articles and reports: 11F0019M2017391Description:
This paper assesses the extent to which education affects how Canadians save and accumulate wealth for retirement. The paper makes three contributions. First, a descriptive analysis is presented of differences in savings and home values across individuals based on their levels of educational attainment. To this end, new datasets that link survey respondents from the 1991 and 2006 censuses of Canada to their administrative tax records are used. These data provide a unique opportunity to jointly observe education, savings, home values, and a plethora of other factors of relevance. Second, the causal effect of high school completion on savings rates in tax-preferred accounts is estimated, exploiting compulsory schooling reforms in the identification. Third, building on a recent study by Messacar (2015), education is also found to affect how individuals re-optimize their savings rates in response to an automatic change in pension wealth accumulation. The implications of this study’s findings for the “nudge paradigm” in behavioural economics are discussed.
Release date: 2017-03-27 - 2. Financial literacy and retirement planning ArchivedArticles and reports: 75-006-X201600114360Description:
Using data from the 2014 Canadian Financial Capability Survey (CFCS), this article examines the extent to which individuals in the labour force are preparing for retirement and provides another perspective on the relationship between financial literacy and retirement planning.
Release date: 2016-03-23 - Articles and reports: 11-622-M2013029Geography: CanadaDescription:
Population aging and the recent global financial crisis underscore the importance of the discussions of the adequacy of retirement preparation in Canada and the soundness of the Canadian retirement income system. The focus of this study is to examine whether the accumulated private savings of Canadian households is adequate for their retirement, given their expected entitlement to public and private pension when they retire.
Release date: 2013-06-14 - Articles and reports: 11-008-X201100111431Geography: CanadaDescription:
Over the last two decades, the bankruptcy rate in Canada has been trending upwards, regardless of changing economic conditions; the age of people filing for bankruptcy has also been rising. Using the 2007 General Social Survey, this article identifies pre-retirees aged 45 to 64 who have experienced a bankruptcy and examines how they are preparing for retirement.
Release date: 2011-04-21 - Articles and reports: 75-001-X201010613251Geography: CanadaDescription:
This study examines associations between health factors and early exits from the labour market. Using all available cycles of the National Population Health Survey, the likelihood of workers age 40 to 52 in 1994/1995 stopping work in the subsequent 12 years is examined controlling for sociodemographic factors.
Release date: 2010-09-21 - Articles and reports: 11-624-M2010026Geography: CanadaDescription:
The Canadian Financial Capability Survey (CFCS), released by Statistics Canada in December 2009, was designed to collect information about Canadians' knowledge, abilities, and behaviours concerning financial decision-making. In addition to information on approaches to money management and financial planning, the CFCS collected information on issues relevant to current discussions about Canada's retirement income system. For example, retired respondents were asked about their financial standard of living in retirement and whether their retirement income is sufficient to comfortably cover their bills and financial commitments. Working-age Canadians were asked about their financial preparations for retirement. This research note provides highlights on retirement issues using the CFCS.
Release date: 2010-06-08 - 7. 2007 General Social Survey report: The retirement plans and expectations of older workers ArchivedArticles and reports: 11-008-X200800210666Geography: CanadaDescription:
After many years of public discussion about Canada's aging population, the leading edge of the baby boom generation is now on the cusp of retirement. Focusing on Canadians aged 45 to 59, this article examines the age at which individuals intend to retire, the certainty of their plans, and their expectations regarding their retirement income. Evidence from the 2007 General Social Survey is used to show how retirement plans and expectations are related to demographic, employment and financial characteristics.
Release date: 2008-09-09 - Articles and reports: 11-008-X200800210667Geography: CanadaDescription:
Do Canadians have the information they need to plan for retirement? Drawing on data from the 2007 General Social survey, this article examines the "informational resources" of Canadians aged 45 to 59. While most individuals receive financial advice, understand the basic structure of their pension, and say they understand Canada's public retirement income programs, significant proportions do not. The characteristics associated with differences in this regard are examined.
Release date: 2008-09-09 - 9. 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 - Articles and reports: 11F0019M2004223Geography: CanadaDescription:
This study examines retirement issues for older working Canadians: income, pension coverage, home ownership status, immigration status, marital status and self-assessed health. It uses data from the 2002 General Social Survey.
Release date: 2004-06-29
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