FMLY 1010 Chapter Notes - Chapter 15: Registered Retirement Savings Plan, Retirement Age, Baby Boomers

• School: University of Manitoba
• Department: Family Social Sciences
• Course: FMLY 1010
• Professor: Christine A.Schippers

Document Summary

Retirement age dropped to 61 in 2000, rose to 62 in 2010 and continues to rise. Ba(cid:271)(cid:455) (cid:271)oo(cid:373)ers who are i(cid:374) their (cid:1009)(cid:1004)s e(cid:454)pe(cid:272)t to retire at age (cid:1010)(cid:1007), half sa(cid:455) the(cid:455)"ll (cid:272)o(cid:374)ti(cid:374)ue worki(cid:374)g at least-part time in retirement. If a person expects to retire at a certain age, he will be strongly inclined to, regardless of other factors. Poor health provides strong push towards early retirement (lowers age by 1-3 years) Earlier retirement if anticipate receiving pension support in addition to cpp benefits, or if have personal savings. Working-class adults retire earlier than middle/upper-class, usually due to ill helth and social norms. Adults in higher ses groups have both better health and better pensions (plus more interesting jobs) *lead to later retirement. 12% of canadian seniors are employed (twice as many men as women) More non-unionized/self-employed people expect to work past age 65. Self-employed adults who enjoy work tend to retire later.