Planning for Retirement - There is no Substitute
AbstractRetirement planning is often seen as a tool that may assist individuals to successfully accumulate retirement capital. However, the low level of ‘customization’ of the general information on retirement planning may prompt some individuals to oversimplify their approach to retirement savings while discouraging others. Given the already weak propensity of Canadian households to accumulate retirement savings, this paper seeks to accentuate the importance associated with – and the complexity involved in – choosing the mix of savings instruments for accumulating retirement capital. The analysis shows that relying on private retirement savings continues to be of high importance for Canadian households. Some individuals may achieve the best saving outcome through the strategy that often would not be viewed as “saving for retirement”; however, comparing the outcomes of different savings options is challenging. Considering planning for retirement in broader terms than just setting aside a portion of monthly income may be beneficial as the narrow focus may overlook some important strategies of accumulating retirement capital.
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Bibliographic InfoPaper provided by Certified General Accountants Association of Canada in its series Working Papers with number 111105.
Length: 22 pages
Date of creation: Nov 2011
Date of revision:
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Web page: http://www.cga-canada.org
More information through EDIRC
planning for retirement; Canadain retirement income system; savings instruments; funding postion of pension plans; household savings; registered retierment savings plans; tax-free savings accounts; retirement savings; retirement income;
Find related papers by JEL classification:
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
- H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
- H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
This paper has been announced in the following NEP Reports:
- NEP-AGE-2011-11-14 (Economics of Ageing)
- NEP-ALL-2011-11-14 (All new papers)
- NEP-LAB-2011-11-14 (Labour Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- John Ameriks & Andrew Caplin & John Leahy, 2002.
"Wealth Accumulation and the Propensity to Plan,"
NBER Working Papers
8920, National Bureau of Economic Research, Inc.
- Brown, W. Mark & Lafrance, Amelie & Hou, Feng, 2010. "Incomes of Retirement-age and Working-age Canadians: Accounting for Home Ownership," Economic Analysis (EA) Research Paper Series 2010064e, Statistics Canada, Analytical Studies Branch.
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