Link’s financial wellness plans can help employees save more, retire better

The acronyms have been around for decades—CPP since 1965, and OAS since 1952. But how much longer will they be around? Most Canadians are pessimistic.

According to a survey from recent years, two in three Canadians either aren’t sure—or flatly don’t believe—that the Canada Pension Plan will be around when they retire.

Ditto for the Old Age Security program. Given the large number of baby boomers heading into retirement, it’s estimated that OAS costs will triple by 2030 if Canada’s retirement age remains at 65.

At the very least, it seems “inevitable” that Canada will raise the nation’s retirement age in the near future—maybe to 67, perchance to 70, perhaps even beyond.

‘New old” would remain in workforce

Proponents of these potential changes feel they would help keep government pensions like the CPP and OAS sustainable for future generations.

For the present, though, any such changes would require the “new old” to remain in the workforce—some of them (those who haven’t saved) out of pure necessity.

And for those of us who aren’t ready to retire in the next few years? The answer is obvious.

Save now. For yourself. Because there may not be a CPP or an OAS left for you.

Link Investment Management’s workplace financial wellness solutions are an excellent place to begin.

Link: Fortifying retirement goals

If the CPP and OAS were to disappear, many of us would be forced to suddenly sit up and take notice. Younger generations would need to start saving more, earlier, and an employer that helps them reach those new retirement objectives is held in very high regard.

Conversely, small to midsize businesses with a plan that eases employee worries about retirement savings would be able to attract top younger talent.

Link’s innovative digital platform and financial wellness solutions—including the LINK Multi Employer Pension Plan, group RRSPs and group TFSAs—provide immediate benefits for employers and long-lasting benefits for employees.

More comfort, fewer headaches

Employees worrying about retirement often lack the interest, confidence or knowledge to make investment decisions. Link’s digital platform offers:

  • fast and easy onboarding;
  • a comprehensive proprietary questionnaire that determines risk tolerance, objectives and time horizon; and
  • management of individualized portfolios that ensure appropriate investment and asset allocation.

Employers, meanwhile, benefit immediately from Link’s lower administration overhead and fees. They are also relieved of the administrative burden, with Link assuming responsibility for compliance—with pension and tax legislation, as well as industry best practices.

In short? With Link in your corner, your retirement plans won’t be DOA without CPP and OAS.