Canada’s Retirement Planning: A Three-Legged Stool Approach
Canada’s “three-legged stool” approach to retirement is facing challenges in today’s economic landscape. Without a robust workplace pension, personal savings and government benefits are becoming crucial income sources, as per Teresa Palandra, president of Mercer Canada. With a background in actuarial sciences, Palandra oversees wealth, health, and career practices at Mercer, a global financial consulting firm.
Founded in 1945, Mercer operates in 43 countries with over 20,000 employees. In a recent chat with the Star, Palandra shed light on the importance of diversification in retirement planning and the necessity of balancing short-term financial needs with long-term savings. She emphasized the gap in retirement preparedness among Canadians, urging for increased awareness, education, and planning to bridge the disparity.
As Canadians navigate economic instability and shifting retirement landscapes, saving early and efficiently are key. Palandra advocates for flexible plan designs, employer retirement savings schemes, and a holistic approach to financial literacy. By diversifying investments and focusing on factors within their control, Canadians can secure a stable retirement future amidst uncertainty.