New report suggests Canadians will need 11 times their final pay to retire comfortably
It’s called the retirement readiness gap—and for some Canadian workers, it can be intimidatingly wide.
A recent report from the financial wellness industry has found that the average Canadian worker will need to accumulate 10.9 times their final pay to maintain the same standard of living after they retire.
It represents an opportunity for reflection by employers on such topics as contribution levels, financial planning resources and capabilities, and the very substance of workplace retirement plans themselves.
If your company’s employees are concerned about their retirement readiness, Link Investment Management can help narrow that gap.
As a disruptive innovator in the financial wellness space, Link Investment Management is uniquely positioned to support your company workforce—with tailored and personalized investment portfolios that remove the worry from retirement investing.
Link’s solutions include our own defined contribution pension plan, the LINK Multi Employer Pension Plan, as well as group RRSPs and group TSFAs—with multiple benefits for both the employee and the plan sponsor.
“Employer-sponsored pension plans generally suffer from low employee engagement. An overwhelming array of choices, a lack of understanding, and low investing confidence are just a few of the reasons,” says Brian McClennon, President and CEO of Link.
“Our approach can simplify the experience and remove the uncertainty. It means employees pay less and save more.”
Benefits of Link’s financial wellness plans include:
- Our own robo-advisor that creates tailor-made investment portfolios based on an employee’s retirement objectives, risk tolerance and timeline.
- A passive investing approach, using low-cost, index-tracking Exchange Traded Funds (ETFs).
- Regular, automated portfolio rebalancing.
- Link’s easy-to-use proprietary digital platform, with 24/7 access and quick online enrolment.
- A lower and completely transparent fee schedule.
Your small to midsize business can also benefit from Link’s plan solutions, by reducing the plan administration burden and fiduciary liability.
“With Link’s disruptive approach to retirement planning,” says Mr. McClennon, “there’s no reason for that retirement readiness gap to be so wide—or so intimidating.”
