More than half of Ontarians without workplace pensions (58%) saved nothing for retirement over the last year, according to a new Healthcare of Ontario Pension Plan poll.
As such, 83% of respondents fear that without better pension coverage Ontario will be headed for a retirement income crisis, where senior poverty is an issue.
The research also found that:
- 62% of Ontarians wonder if they’ll have enough money for retirement; and
- 58% wonder if their retirement savings are secure.
But the question is how much is enough when it comes to retirement savings? Half of Ontarians say they’ll need an average of 63% of their working salary to live on in retirement. As a result, 78% of those surveyed say pension plans offered at work should deliver retirees at least 60% of their pre-retirement income.