New Resources Help Canadians Tackle Retirement Preparedness

Ottawa, Ontario--(Newsfile Corp. - February 12, 2025) - More than half of Canadians lack a comprehensive retirement plan, and of those Canadians without a plan only 44% expect to retire comfortably. This puts many at risk of financial insecurity in retirement.

To help Canadians take control of their financial future, the Canadian Institute of Actuaries (CIA) has released a new statement, Helping Canadians Prepare for the Risks of Retirement, and an accompanying fact sheet, Planning for a Secure Retirement. These resources highlight the importance of early and proactive retirement planning while offering practical strategies to help Canadians achieve financial security in their retirement years.

"A secure retirement doesn't happen by chance," says CIA President Conrad Ferguson, FCIA. "Planning ahead and understanding the risks can make all the difference. These CIA resources provide clear, actionable guidance for financial professionals and individuals alike, empowering Canadians to navigate these challenges effectively."

Key takeaways include:

• How to build emergency funds while balancing short-term obligations with long-term goals.
• Strategies to maximize government benefits like the Canada Pension Plan and Old Age Security.
• The role of insurance in protecting against the costs of critical illness, disability and long-term care.
• Developing sustainable retirement income strategies using personal savings, employer-sponsored plans and government programs.

The statement is designed to help financial professionals support their clients, while the fact sheet provides simple steps and key considerations which individuals should be aware of. Both resources are available in English and French on the CIA's website.

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The Canadian Institute of Actuaries (CIA) is the qualifying and governing body of the actuarial profession in Canada. We develop and uphold rigorous standards, share our risk management expertise and advance actuarial science to improve lives in Canada and around the world. Our more than 6,000 members apply their knowledge of math, statistics, data analytics and business in providing services and advice of the highest quality to help Canadian people and organizations face the future with confidence. 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240576

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