Making Retirement Planning a Priority

ANDREW FUNG, FSRA’s Acting Executive Vice President, Pensions

For young families and those just starting in their careers, the thought of retirement is the furthest thing from their minds. The hustle and bustle of daily life is the priority: getting the kids to hockey or dance class, preparing dinner or taking the dog to the vet.

When you factor in today’s cost of living, higher grocery bills, mortgage or rent payments and the cost of gas, it’s no wonder that saving for retirement is a distant after-thought or no thought.

A new poll commissioned by the Financial Services Regulatory Authority of Ontario (FSRA) found that 81 percent of people are now more concerned about paying for basic necessities like groceries than saving for retirement. The poll also found 44 percent feel the high cost of living is hindering them from starting to save for retirement.

Having raised a family myself, I fully understand the financial pressure young people are under today. But I encourage everyone to take a moment and think about the quality of life they want after they stop working. It’s important. Saving is the key, and setting aside even a few dollars now can leave you better off in the future.

February 15th is Pension Awareness Day in Ontario. It’s a time to learn more about the value of a workplace pension and understand the importance of saving early and what you can do if you are a pension plan member to stay connected with your plan.

People often don’t give it much thought until later in life, but retirement is one of the biggest expenses you will ever have, and the more time you have to prepare, the better off you will be.

If your employer offers a pension plan, learn about the benefits you’re entitled to. If you don’t have access to a workplace pension, ask about other retirement savings options. In good or difficult economic times, starting to save early is the best way to help you reach your financial goals and secure a more promising future.

For more information about Pension Awareness Day, please visit FSRA’s website www.fsrao.ca.