From: brewnoser2@gmail.com   
      
       
   . . .  Because she knows that those retiring in Ontario won't be able to make   
   it on OAS and CPP alone.  Every other province should take note and follow   
   suit . . .   
   _______________________________   
   CBC News Posted: Feb 16, 2016   
      
   Seniors increasingly likely to retire in poverty, study says   
      
   Trend begins with younger people less likely to save for retirement, as   
   employers decrease pension plans   
      
      
   Calgary millennials admit they aren't storing enough cash away for their   
   retirement years -- and more seniors are at risk of retiring in poverty.   
      
   While a new study from the Broadbent Institute focused on those approaching   
   retirement between the ages of 55 and 64 financial experts say it highlights a   
   trend -- young people who aren't planning for the future.   
      
   For many, retirement is at the back of their minds.   
      
   Engaged couple Jay Moch and Gail Medley are both millennials.   
      
   "There's other things to think about.  We've got a wedding to pay for and a   
   mortgage so you kind of are thinking about paying all of that off before you   
   think about retirement, which is probably stupid in the long run," said Medley.   
      
   Her fiancé says he feels like there is still plenty of time.   
      
   "I think our generation is probably a lot less prepared than the generations   
   before.  I look at my grandparents and my parents and they're set," said Moch.   
      
      
   *Dig out of debt*   
      
   Daniel Harrison dug himself out of a debt burden when he was 20-years-old; an   
   experience that helped launch his career with planning firm Financial   
   Strategies.   
      
   He specializes in helping other millennials manage their money and says most   
   of his clients aren't properly educated about retirement.   
      
   "People are left to just kind of to figure it out for themselves," said   
   Harrison.   
      
   He says people put off saving or paying down debt until they are closer to   
   retirement "that's when they start to realize then it's too late to really do   
   anything."   
      
   In order to improve his personal finances --  he consulted banks and switched   
   his focus from earning more to controlling his spending -- and says he's in   
   better shape for the future.   
      
      
   *Report findings*   
      
   Researchers with the Broadbent institute found that only 15 - 20 per cent of   
   middle-income Canadians who are retiring without an employer pension have   
   saved enough to retire comfortably.   
      
   About 47 per cent of Canadians don't have a pension from their employer and   
   that number drops among younger workers.   
      
   That means the number of seniors who slip into poverty will worsen in the   
   decades ahead as more seniors are becoming dependent on government programs   
   like Canada Pension Plan and Old Age Security, the report says.   
      
   Angela Luck, a bankruptcy specialist with Grant Thornton Ltd., says there's a   
   generational gap when it comes to managing debt and saving.   
      
   "Seniors carry a lot more guilt and a lot more stress, as a contrast the   
   younger people don't carry that same sense," she said.   
      
   The report's author is urging federal government to move quickly on CPP reform   
   and to think about enhancing the GIS benefit for both singles and couples   
   entering retirement to reduce their chances of slipping into poverty.   
   ___________________________   
      
      
       Retirement? Few Canadians without an employer pension plan have enough   
   money, study says   
       Detached house construction plunges 37% as Calgary market shifts toward   
   multi-family   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)