SOCI 201 Lecture Notes - Lecture 17: Old Age Security, Pension, Savings Account
26 Mar 2019
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Document Summary
Tier 3 private income: occupational pensions, investments and savings, registered retire savings plans: saving income for retirement. Why tier 3income is not an option for many older canadians: coverage has traditionally been low. 1991 private retirement income accounted for 27% of total income of those aged 65-74 and 10% of those aged 85% and over most do not have automatic inflammation protection. Most workers who belong to private pensions plans do not collect their full pension benefits: what about rrsps, - tend to help people in the highest income brackets. Gender differences: old age security: no, cpp: yes, private investments: yes, private property: yes. The highest difference between men and women is in private pensions and. Primary reason for not retiring is financial necessity because of inadequate pension income. Future of pensions: ration of pensioners to workers (old age dependency ratio) will continue to increase. Increased costs of maintaining public pension plan.
