Saturday, 3 December 2011

New Pooled Registered Pension Plan not the answer

The Federal Government recently announced a new retirement scheme aimed at helping those who are self-employed or not expecting to receive a work pension. It's called the Pooled Registered Pension Plan or PRPP. On the surface it seems like a great idea that will help Canadians prepare for their golden years. But in practice its unrealistic. There is mounting evidence that shows Canadians are not preparing for retirement on their own. Only 1 and 3 Canadians admit to having some sort of retirement plan and the median RRSP for those over 55 is $60,000. Rather than a new acronym about retirement and savings the government needs to look at ways of raising the monthly benefit available to seniors right now. Read more in my blog post on ratesupermarket.ca called: PRPP, A Confusing Acronym about Retirement Savings

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