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Planning for Retirement - There is no Substitute

  • Elena Simonova


    (Certified General Accountants Association of Canada)

  • Rock Lefebvre


    (Certified General Accountants Association of Canada)

  • Kevin Girdharry


    (Certified General Accountants Association of Canada)

Registered author(s):

    Retirement 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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    File Function: First version, 2011
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    Paper provided by Certified General Accountants Association of Canada in its series Working Papers with number 111105.

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    Length: 22 pages
    Date of creation: Nov 2011
    Date of revision:
    Handle: RePEc:cga:wpaper:111105
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    1. John Ameriks & Andrew Caplin & John Leahy, 2002. "Wealth Accumulation and the Propensity to Plan," NBER Working Papers 8920, National Bureau of Economic Research, Inc.
    2. 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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