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How will you retire if you don't have a pension plan?

A few very lucky people have a golden goose – a Defined Benefit Pension Plan or DBPP. It is a retirement savings tool which they contribute to, along with their employer. When the employee reaches a certain age and number of years of service, they receive a pension from the day they retire until they die. They know years in advance what that amount will be and can plan for their retirement accordingly…then there are the rest of us.


“About 47 per cent of Canadians currently have no employer pension, and even fewer younger workers have employer pensions.” source: CBC


So…if you do not have an employer pension plan what do you do? And even if you DO have an employer Pension Plan (is it Defined Contribution or Defined Benefit – there IS a difference!) – is it enough to support your lifestyle when you have stopped working? The best and easiest thing you can do is educate yourself. Speak to an Advisor and create a plan. Evaluate that plan regularly and adjust accordingly.


So…I don’t have a Pension Plan…what do I do?


3 Easy Steps to Take:

1. Figure out your current budget (how much you spend per year) and how much income you will require in retirement

2. Check out this handy little calculator to see how much you currently have in your savings/investments, how much you are putting away (or can put away), and what amount of income it will provide for you in retirement

3. Speak to a Financial Advisor to set up an investment account and start saving for your future.


Visit getsmarteraboutmoney.ca to read more informative articles like this one: How much you need to save for retirement and reach out to a Financial Advisor today!


Brooklyn Scott is a Financial Advisor/Mutual Funds Representative for Lewis & Jones Group/Desjardins Financial Group/Desjardins Financial Security Investments Inc. in Killarney, Manitoba.

Mutual funds are distributed through Desjardins Financial Security Investments Inc. For insurance products, Desjardins Financial Security Investments Inc. acts as a national insurance brokerage agency.

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