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When I think about retirement, I believe I will need to rely on a combination of government programs and my own savings. Programs such as the Canada Pension Plan (CPP) and Old Age Security (OAS) can provide some financial support, but I do not think they would be enough on their own to maintain the same lifestyle I would want in retirement. Because of this, I think it is important to save money through options such as RRSPs and TFSAs throughout my working years.

I do worry about retirement because the cost of living continues to increase, and it can be difficult for many people to save enough money. Housing costs, inflation, and unexpected expenses may make retirement more challenging for future generations.

From what I know about retirement security in Canada, most people receive income from several sources. These can include CPP, OAS, workplace pensions, RRSPs, TFSAs, and personal savings. RRSPs allow people to save for retirement while receiving tax benefits, while TFSAs allow investments and savings to grow tax-free. Having multiple sources of retirement income can help provide greater financial security and reduce financial stress during retirement.

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I really like this question, because it made me stop and think about how much I really think about my future, but more specifically, my financial future. The answer is, I don't really think about it as often as I should. So, when I read this week's backpacking question, it made me ponder for a bit on who in my life I can rely on for financial support during my retirement. My answer currently, as a 21-year-old, would be my family, especially my parents. Both my parents have been saving for retirement and often talk about it with my siblings and I. My dad even made a money-wise PowerPoint for my family of 6, sitting us all down in the living room, classroom style, and explaining to us how to be smart with our money, what to do with our first paychecks, saving, etc., so when it comes to retirement advice and money management, my dad and mom would be my first go-to's.

Regarding what I know about sources for retirement income, it would not be a lot. As I would still consider myself young, retirement security in Canada is definitely not something that is at the forefront of my mind. However, from the examples presented in the question, I have some rough knowledge of pensions, which I believe is a "check" you receive after you retire, which was being taken out of your paycheck when you were actively working. As I get older and start working, retirement security is definitely a topic that I would do more research on and try to get a better grasp of.

Ezinwa Nwakoby

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I feel like I can rely on myself for financial support when it comes to my retirement. At this point in my life I am in my twenties and not married. I am particular and skilled when it comes to saving and investing my money as I want to make sure I can take care of myself and that I can achieve a level of financial freedom so I do not have to worry about scraping by when I am retired. I am willing to work full time and be in school now to hopefully put myself in a good position for my future. I am a part of my works pension plan and have been a part of available pensions plans at previous jobs. I know that I will have access to these funds at 65. I currently use my TFSA and understand the contribution limits per year which I follow. I also have a FHSA (First Home Savings Account) which I utilize as well and understand the contribution limits. I have become more educated over the recent years in regard to investments and plan to prioritize this in the coming years to hopefully make money off my investments as well,.

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Although I do not often think about retirement I think the people I’ll be able to depend on include my family and myself. I think I will be able to depend on my family because our dynamic has always been that we help our own. As well as I plan on saving and ensuring that I have enough in my bank account to take care of myself when I am older. At this point in time I am not worried about retirement, I have not started my career yet and am more focused on my current finances. I am also more focused on my schooling than my future finances after retirement. Due to retirement not being on my priority list I currently do not know anything about retirement security in Canada. I have heard my grandparents talk about it but never really paid attention as I felt it did not apply to me as of yet.

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When I think about retirement, I worry about whether I will have enough financial security in the future. I would not want to rely on the government alone because that would not be enough to live comfortably. I would rely on my savings and investments through RRSP and TFSAs.

In Canada, retirement income can come from a few different sources such as CPP, Old age security, workplace pensions RRSPs TFSAs, personal savings accounts and dividends from stocks. People in my generation worry a lot about retirement because of the rising cost of living and many employers no longer provide strong pension plans. That is why personal financial planning is very important.

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When I think of my retirement, I’d like to think that I’ll be able to rely on myself and the contributions that I’ve made to my future. The idea of having to rely on someone else for financial security doesn’t sit well with my view of what my future retirement life will look like. My intention is to have a career that will have me making contributions to an organized pension plan which will be in addition to savings that I will accumulate through investments over my working life.

I’m hopeful that retirement will be a good stage of my life, although it does seem very far away at this point. I know a little bit about the Canadian Pension Plan as I see the deductions come off my pay checks. Both of my parents have pensions through their jobs and I understand about retirement age and being able to retire with or without penalty. My parents have RRSPs and TFSAs but I don’t really know the difference or benefits of one versus the other. As I’ve been saving for school, we’ve accessed RESPs so at some point I’ll need to educate myself about the other options.

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I am uncertain who I will be able to rely on during my retirement. I think it is something I will have to build up myself. If I do eventually have a long-term partner, I would hope we would plan for retirement together. I don’t think I will be able to rely on my parents (i.e., inheritance) due to the age gaps between my parents and me. Regardless, inheritance is not a retirement strategy. I am not confident that the government will be as generous with retirement support when I reach retirement age. I think they will lower the amount individuals receive due to Canada’s aging population. I often struggle when I think about planning for the future. I do not know where it is best to allocate my savings. Currently, I have a TFSA, and my plan is to not open an RRSP until I max out my TFSA. The combination of the current economy, being a university student, and not being able to work during the school year makes it difficult to contribute to my TFSA. Since I am planning on doing a postgraduate program, I will be in school for another four years after my undergraduate. Once I finish school, I hope to work a job with a pension so that I can start having a separate account for retirement. Overall, retirement and even a step such as buying a house seem unattainable at this point in time. I hope I do not always feel this way, but I am definitely anxious, and I know a lot of my peers feel the same way.

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A type of bureaucracy I have seen is the new employee onboarding process. There are many layers, and in my experience, one layer consisted of a series of trainings and approvals I had to go through before I was allowed to carry out my work tasks independently.

For instance, I was required to finish certain trainings, follow designated steps, and get my supervisor's approval to complete certain work tasks. This demonstrates Weber's concept of bureaucracy. There are formal procedures to complete and an institutional hierarchy that governs the tasks that must be done to carry out an employee's work-related responsibilities.

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As a university student that is focused on graduating and succeeding in the field of mental health, retirement is not something I think about, since I'm so focused on building my future. With that being said, retirement should in fact be something that I, a 22 year old female, should be thinking about since it's so crucial to keep financial security in mind. From this week's content, I’ve noticed that neoliberals are expected to take on the full responsibility for their own financial security instead of relying on other resources such as the government. By planning for retirement, you are not only making a personal choice for your future but also benefits the economic systems that function in our society.

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I don't think about retirement that often since my concerns about other matters are much bigger to me than that at the moment, such as finding a career job, moving out and etc. But it is still a very important stage to think about. At least for the remaining years of my education, I know I can depend on my parent financially but the moment I begin my career job I would actually love to provide for myself. I am hoping to work hard enough along down along the road to save enough for my own retirement plans. If I were to get any assistance at all it would most likely be my partner at the very least. I am aware about DB plans, which is basically a monthly income set for yourself for the rest of your life. I am also aware of the CPP, which is typically one of the things many people would pay for from their paychecks in Ontario at the very least.

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To be honest, retirement is not something I think about very often because I am still young and focused on other goals right now, such as finishing university and building my career. That being said, I feel fortunate because my parents have always been smart with money and have taught me about investing, saving, and planning for retirement from a young age. Because of this, I think I have a positive mindset when it comes to financial security and retirement planning. I am studying to become a teacher, which is a profession known for having a strong pension plan. My fiance is also a Toronto police officer, which is another career that offers a good pension. Knowing that both of our careers provide retirement benefits gives me some peace of mind when I think about the future.

I know that many Canadians rely on sources of retirement income such as the Canada Pension Plan (CPP) and Old Age Security (OAS). Personally, I would not want to rely solely on government programs or pensions. I think having your own personal savings and investments is extremely important because it provides greater financial independence and security. At the same time, I recognize that programs like CPP and OAS can be a valuable source of support and can help supplement retirement income. Overall, I believe the best approach is to take responsibility for your own financial future while also benefiting from the retirement programs that are available.

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Week 8 Backpack Activity- Visshnee Thirikaran

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Week 8 Backpack Activity- Visshnee Thirikaran

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When I think about retirement, I feel like I will mostly have to rely on my own savings along with government programs such as CPP and OAS. Growing up, I saw family members work hard to support themselves, which taught me the importance of being financially prepared. I do worry about retirement sometimes because everything seems to be getting more expensive, and it can be difficult to save enough money while managing current expenses. From what I know about retirement security in Canada, people can receive income from government pensions, workplace pension plans, RRSPs, TFSAs, and personal savings. I think it is important to start saving early because these sources of income can help provide financial stability and peace of mind during retirement.

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Being a university student at this moment, I don’t give retirement much thought. However, as for financial support during retirement, I believe I would have to rely mostly on myself and my savings from my years of working or a government pension plan like the Canada Pension Plan (CPP). As of right now, I’m not exactly worried about retirement because it is so far into my future. However, if asked about and having to think about it, I would say yes, I am slightly worried about retirement because of how expensive everything is getting like housing, gas, and food. In that sense, yes I am worried about retirement because if prices continue to rise, no amount of work will allow me to have a rather comfortable retirement. I know that retirement security is a combination of pensions and personal savings. As for sources of retirement income, there are the savings which accumulate interest over time which adds very little to your savings account. Pensions, like the CPP, are accumulated during your working years through yourself and your employer. I also know there are other pension plans that have an eligibility criteria in order to get funding from the government.

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Right now, I feel like I could mostly rely on government programs like the Canada Pension Plan (CPP) and Old Age Security (OAS) for financial support during retirement. I also think personal savings will be important because government pensions alone might not be enough to fully cover all living expenses. I do not really expect to rely on my family for financial support in retirement, since everyone will likely have their own financial responsibilities.

I am a bit worried about retirement because the cost of living in Canada is high, and it seems like people need to plan early in order to be financially stable later in life. I also know that retirement security depends a lot on how much someone can save during their working years.

From what I understand, retirement income in Canada can come from different sources. CPP is based on your earnings while working, and OAS is available to most seniors, depending on residency. People also use RRSPs (Registered Retirement Savings Plans) to save money before taxes and withdraw it later in retirement. TFSAs (Tax-Free Savings Accounts) are also helpful because you can save and withdraw money without paying tax on the growth. Overall, I think retirement security depends on combining government benefits with personal savings and, if available, workplace pensions. -phanny iragena

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I don’t feel confident relying on the government for financial support during retirement. I worry that programs like pensions may not be as strong or even available by the time I need them. Because of this, I prefer to depend more on what I can build myself rather than trusting government support. I’ve heard arguments that the Carney Administration is using Canadian pensions like a “national piggy bank” to attract investment, which makes me worry that Canadians could receive less support down the road. Because of this, I see government programs as uncertain and prefer to rely more on my own savings and workplace pension for retirement security. I have a good pension through work and a small TFSA, but I’ve chosen not to invest in RRSPs for similar reasons.

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For now, I think I would most likely depend on the combination of government support and my own savings. In Canada, we do have the Canada Pension Plan (CPP) and the Old Age Security (OAS), the two major programs designated to provide Canadians with a minimum level of income when they retire. Although I realize the value of such programs, I acknowledge that generally, they are only meant to cover basic needs, such as contributing part of the rent or the food money.

That being the reason, I understand that most Canadians need to have some savings, investments or even employer’s pensions to lead a comfortable life after retirement. I don’t really see myself depending on family for money during my old days. In my opinion, I am not supposed to depending on others since I should aim to be financially independent when I’m old.

Although I recognize that depending on family or others can be the case for individuals who could not save well or had very low-paying occupations and life struggles. I am definitely kind of worried about retirement since all the prices are so high in the present, especially with the current housing prices, cost of groceries and other essential items. I truly don’t want things get even harder later.

Also, it seems that jobs today generally offer less generous workplace pensions compared to those of our elders, so a lot more weight is placed on the individual to save more and prepare for their own retirement through registered accounts such as RRSPs and TFSAs. Unfortunately, not every individual has the opportunity or ability to contribute much to these accounts especially with today’s economic climate. Overall, while there are institutions in Canada that are geared toward retirement security, I wouldn't exactly say it is guaranteed.

Instead, it very much depends on an individual's earning capacity and discipline to save and invest throughout their life and that the best thing one can do is to start planning early.

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An example of bureaucracy that I have personally experienced is the healthcare system in Ontario, particularly the nursing registration process overseen by the College of Nurses of Ontario (CNO). Max Weber defined bureaucracy as an organization that operates according to formal rules, established procedures, and a clear hierarchy. I navigated one component of the bureaucracy that was related to credential verification and registration process. Before I could obtain my license, I was obligated to submit specific documents, meet educational requirements, provide proof of identity, and complete all necessary steps to receive approval. This process followed established rules and protocols that applied to all applicants. Although it was time-consuming, the systematic method ensured that every nurse met the same professional standards before being allowed to practice.

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When contemplating retirement, I anticipate that I will primarily depend on my personal savings, workplace pension, and government retirement benefits. As a nurse, I am focused on establishing financial stability through my job and proactive planning. I also wish for my family to offer emotional support; however, I do not intend to rely on my children for financial assistance during retirement. I have some concerns regarding retirement due to the increasing cost of living in Canada, which makes it challenging to save sufficient funds while balancing family obligations and daily expenses. This underscores the necessity of early planning and making well-informed financial choices. Based on my understanding, retirement income in Canada can originate from various sources. The government offers benefits such as the Canada Pension Plan (CPP) and Old Age Security (OAS). Numerous employers provide workplace pension schemes as well. Individuals can accumulate retirement savings through Registered Retirement Savings Plans (RRSPs), which offer tax benefits, and Tax-Free Savings Accounts (TFSAs), where investment growth and withdrawals are exempt from taxes. Additionally, personal savings and investments can contribute to supplementary income during retirement. In summary, I believe that achieving retirement security necessitates a blend of government benefits, personal savings, and meticulous financial planning throughout one’s career.

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I often think about my future and especially about retirement in my 50s, but honestly a fear exists within me, which always thinks, 'Will I be able to achieve what I have planned for my future, or what if I fail?' I feel like I only want to rely on my personal savings and government benefits. I know for sure that I will always have the support of my family, but I want to be independent and never rely on someone in life. I have worked for one of the financial institutions, so I know a little about CPP (Canada Pension Plan), OAS (Old Age Security), GIS (Guaranteed Income Supplement), and workplace pensions depending on different employers. Independent savings include RRSP (Registered Retirement Savings Plan), TFSA (Tax-Free Savings Account) and other long-term investments. I hope to become a police officer in the future and be proud of myself. I wanted to achieve my ideal self at least once in my lifetime.

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Thinking about retirement, I know I'll mainly depend on my savings and government help like the Canada Pension Plan (CPP) and Old Age Security (OAS). These do provide some income but probably won't keep your lifestyle the same as when you were working. So, it's really important to save and invest on your own.

I'm a bit worried about the high costs, inflation, and unsure how the economy will fare. Plus, since people are living longer, we might need our money to last way into our golden years. This means starting to plan and save early on can go a long way in keeping you financially comfy down the line.

In Canada, folks usually get income from a few places in retirement. First, there's CPP and OAS. Second, if lucky, workers might have a company pension. Last, there’s what you save up for yourself. For that, two big saving options are RRSPs and TFSAs. With RRSPs, you can deduct contributions from your taxes, and it's all geared towards retirement savings. TFSAs, on the other hand, let your cash grow tax-free and no worries when you take it out. Most people use a mix of these savings options to prepare for life after work.

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When I think about retirement, I feel that I will mostly have to rely on myself through personal savings, along with whatever government benefits are available. While I know that programs such as the CPP and OAS provide some income for retirees, I do not think they are enough on their own to maintain the same standard of living that many people are used to during their working years.

I am constantly worried about retirement (and just making it to my 30s to be completely honest) because the cost of living continues to rise, and how difficult it can be for young adults to save enough money while also paying for housing, education, everyday expenses, etc... As someone who is still young, retirement feels far away, but I recognize that the choices I make now can have a significant impact on my financial security later in life.

In terms of retirement security in Canada, I know that there are several sources of retirement income. The CPP provides benefits based on a person's earnings and contributions throughout their working life, while OAS provides benefits to eligible seniors. Many people also save through RRSPs, which offer tax advantages for retirement savings, and TFSAs, which allow investments to grow without being taxed when withdrawn. Some workers may also have workplace pension plans through their employers, although these are becoming less common in some areas.

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Who I feel like I can rely mostly on is through government pensions and my own savings during retirement. While I don’t know much about government pensions, I know that there are a few out there that can be helpful to older individuals and that I can set money aside in a Registered Retirement Savings Plan and receive tax benefits. Right now I’m not to worried about retirement, more so worried about if after university I can be able to find a job in my wanted field and that will pay the bills. But for retirement security in Canada I know little to nothing. Other than RRSP I’ve never been taught nor informed much about other sources that can be for your retirement income.

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I think I will mostly rely on government pensions and my own savings during retirement. Programs like the Canada Pension Plan (CPP) and Old Age Security (OAS) can provide some income, but I know they may not be enough on their own. I hope to save money in a TFSA or RRSP in the future to help support myself.

I do worry a little about retirement because the cost of living keeps increasing, and it can be hard to save enough money. That is why I think it is important to start planning and saving early. From what I know about retirement security in Canada, people can receive money from different sources, such as CPP, OAS, workplace pensions, RRSPs, TFSAs, and personal savings. Having more than one source of income can help make retirement more secure.

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As a 20-year-old university who is currently employed, retirement is not something I think about every day, but it is something that concerns me a little bit. I hope to work as a DNA analyst in the future, and I am not sure whether my career will include a workplace pension, so I feel that I will need to rely on a combination of my own savings and government programs. I do not expect to rely on my family for financial support during retirement because i would like to be financially independent.

From what I know about retirement security in Canada, retirement income usually comes from a mix of sources after you stop working. The Canadian Pension Plan (CPP) provides a monthly payment based on how much you contributed during your working years, and Old Age Security (OAS) is a government pension based more on age and residency. Many people rely on workplace pensions if their job offers one, which can provide a steady income after retirement. In addition to this, personal savings through RRSPs and TFSA’s can be important because they provide extra financial support and flexibility. Overall, it seems like most people need serval incomes sources in retirement rather than relying on just one.  - Jayda Tripp-MacDonald

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I feel as though I can rely on a combination of myself, and the government for when I retire in terms of financial support. I feel as though a level of dependence on myself is smart for both myself at a young age and at an old age. Learning about investing and saving money at a young age is a valuable skill and can help manage money in the short term, as well as allow me to save and retire comfortably. I feel I can also rely on the government to an extent by having an RRSP which is a government program for a retirement savings account. I’m not particularly worried about retirement not just because I feel I will be prepared but because it's so far in the future that it's not something I need to think about or worry about particularly. When it comes to retirement I know there is the canadian pension plan which you are taxed on which is what you will receive when you retire if your company does not have a retirement plan as a part of your benefits. I also know you can open an RRSP or convert your RESP into an RRSP as well. These plans are government made for those who either need a plan for retirement or wish to plan for it by themselves.

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As of now, I’m not ready to retire because I don’t have much work experience in roles with full benefits and a pension. I would need to work to pay for expenses. When I do land a good-paying job with benefits and a pension plan, I would be using the Canada Pension Plan. I would also invest in some stocks to help have some extra money. Right now, I am worried a little bit about retiring because of the job market right now and the lack of livable wages with the jobs.  I haven’t heard about Retirement security.

I have heard about the RRSPS, but I don’t know much about them. The only thing I know about RRSPS is that some jobs offer them in a benefit package.

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I believe that if I plan on retiring in the future, it is up to me to support myself to get to that point. Currently my goal is to work in the police force so I would be able to get some sort of pension after retirement. However, if whatever job I have going forward does not provide a pension or any type of plan, I would not expect anyone else to assist me after retirement. I do not believe that that should be the burden of anyone but myself if I choose to stop working. If I do end up retiring, I will do that knowing I have saved or created some sort of way for myself to be financially stable post career. Overall, I am not worried because I know that I will do what I need to do to be financially stable, if that is from a pension, saving money, or just working for as long as I can.

I do not know a lot about pensions, retirement income, and the other associated things. I am aware of programs and things that you can be a part of that put some of your money into a personal pension for retirement as I have been offered these plans previously. Other than that, I know that some jobs (I believe typically government positions) offer pensions, and then some people just are good at saving.

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I feel as though I will try my best not to rely on anyone. I do not subscribe to the idea that our children should be obligated in taking care of us once we are retired in any way (despite a possible moral obligation). I do not have kids, but I plan to and I plan not to burden them with my well-being as my parents never burdened me with theirs. I want them helping me to be optional the same way my parents made it for me. I feel as though I can only truly trust myself and how I set myself up for retirement.

While I am not exactly sure what retirement is like in Canada, I am focused on always eliminating any debt that I accumulate ASAP (OSAP for example). If I can manage this, I won't need to rely on anybody.

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I don’t have kids, but plan to in the future, and I think I will be able to rely on them for financial and physical support when I’m older, if I haven’t earned enough in my lifetime to retire comfortably. I also trust that the government will support me if I need it, even if it’s in a very basic way. I imagine that in 40 years they will have an even better system for supporting retired people than they have now. I don’t have great reasons for thinking this; I just know Canada places a strong emphasis on social programs, and is concerned with helping those who need it.

I don’t know anything about retirement in Canada, and I’m not worried about it because my sole focus is on starting a career as a teacher. Once I have that, I’ll start thinking about retirement. Things are just too uncertain in my life to even meaningfully think about this kind of thing. I don’t know anything about pensions, or any kinds of specialized accounts, but I will learn about them as soon as I have actual money to put into them. Hopefully that’s soon.

--Graham

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I think I will rely mainly on government pensions and my employment pension for financial support in retirement. However, I am worried about retirement because of the current economic downturn, inflation, and the high cost of living. Hence, the thought of retirement does not feel secure because even if I work for many years, my income may not be as much as I would hope when I retire.

I do not know much about retirement security in Canada, apart from a general knowledge about public pensions such as the Canada Pension Plan (CPP) and Old Age Security (OAS), and that many people also use workplace pensions, savings, RRSPs, and TFSAs for extra income. From what I know, a retiree lives a better life if they have more than one source of income because government benefits alone may not be enough to cover financial expenses.

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When I retire I think I'll be able to heavily rely on the government and also my pension. my goal is to work as a Toronto police officer and their retirement pension is very good. Their pension plan is widely considered to be one of the best and most secure pension plans in Canada, so I am not worried about retirement. My friend has also been helping me with financial budgeting and investing as well so he'll be there in future to help me. I know the Toronto police heavily relies on OMERS aka the OntarioMunicipal Employees Retirement System which is widely successful. so overall i'm not worried about retirement and I think ill be set.

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I feel like I can rely on the government during retirement, with the programs they have in place for retired people. The CPP and the OAS are great programs that I will be using when I retire. I am worried about retirement as I do not know what the economy is going to look like then and how expensive things are going to be and how much money the government will give me.  I know a lot about RRSPs and pensions when retiring as my dad just retired a year ago and we had to figure out all of the money he is going to get and when based on his life spendings. I also know about savings and TFSAs, savings is money that you have saved for your retirement, and a TFSA is a tax free savings account which allows investment earnings and withdrawals to be tax free.

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Gabriella Pershad - Employment and Retirement in a Neoliberal Economy

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Gabriella Pershad - Employment and Retirement in a Neoliberal Economy

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As a third-year nursing student, I anticipate that in retirement, I will probably rely on a mix of government pensions, employer pension plans, and my own resources. Since businesses frequently offer pension benefits to nurses, I'm hoping that these benefits will offer a reliable source of income in the future. After I start working full-time, I also want to contribute to my personal savings through programs like TFSAs and RRSPs.

Given the rising expense of living and the unpredictability of the economy, I am a little concerned about retirement. At this point in my life, retirement seems far off, but I am aware that saving early may have a big impact. Retirement planning is crucial even if it can be difficult for students to manage tuition and other costs while concentrating on long-term financial objectives.

According to what I understand, retirement security in Canada is derived from a variety of sources. Old Age Security (OAS) supports qualified seniors, whereas the Canada Pension Plan (CPP) pays out income based on payments made throughout a person's working years. Employer-sponsored pension plans are another option available to many nurses, and they may be used to augment government benefits. Additionally, Canadians may save on their own through TFSAs, which enable tax-free investment growth, and RRSPs, which offer tax benefits for retirement savings. Having many retirement income streams is crucial, in my opinion, as depending just on one source could not offer sufficient financial stability in retirement.

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At this point in my life, I think I will mostly rely on my own savings and retirement plans for financial support when I retire. While government programs may provide some income, I understand that they are usually not enough on their own to maintain the same standard of living. Because of this, I believe it is important to save and plan ahead throughout my working years.

I am somewhat concerned about retirement because the cost of living continues to increase, and it can be difficult to predict what the economy will be like in the future. However, learning about retirement planning helps me feel more prepared.

In Canada, retirement income can come from several sources. These include government programs such as the Canada Pension Plan (CPP) and Old Age Security (OAS), workplace pension plans, personal savings, Registered Retirement Savings Plans (RRSPs), and Tax-Free Savings Accounts (TFSAs). RRSPs allow people to save money for retirement while receiving tax benefits, and TFSAs allow savings and investments to grow without being taxed. Having multiple sources of retirement income can help provide greater financial security in retirement.

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I feel that I will rely on government pensions and my own savings for my retirement.  My understanding is that Canada has a solid pension plan and this understanding is based on what I have heard others like my mother or grandparents say over the years.  However, I also know that a government pension will only cover the basics and if I want to have extras I will need to save for my retirement once I start working full time.  I will not rely on my family to support me in retirement as my relatives do not have much money and none to spare for me.

My knowledge about retirement security in Canada is fairly limited as I have not researched it much and it isn’t a subject that I learned about in school.  My understanding is based more on what I have been told by others.  I have been told that putting money into RRSPs will give me a tax break up front and I will not have to pay taxes on the money until I withdraw it later.  I have also been told that I should “max” out my RRSP in order to have enough money when I retire.  I have heard of TFSAs, but I am not sure what the benefit of saving money through a TFSA would be.

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I have not given much thought about retirement as the thought of getting old honestly is scary to me.

From personal experience, my dad pays for my grandmothers retirement home and expenses as she cannot.

I would hope after post-secondary education is over, I can find a fulfilling career with benefits and a pension plan so I can save money to be able to support myself. If not myself, I would hope for either government support or support from my family.

I have no idea about the information, processes, or expenses in relation to retirement income, pensions, or any savings accounts like TFSAs. I was never taught about that in high school nor university.

Taya N

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Honestly, I never really think about retirement as I fear getting old, but also how the world is going, I have no clue what I’m doing now. However, when the time comes, I’d rely on my own personal savings and government pentons. As much as the government pension plans (CPP/OAS) would help I know it wont cover fully and personally I need to always be doing something as I cannot sit still for the life of me.

Personal savings will help more as even with OSAP now the paper work is a lot, it takes a while to update and what not, so having my own savings would be a better fit plus if I had grandchildren, I can provide for them as well, but with only the governments help it’ll be more of a hassle. Also if any medical thing where to happen (God forbid) relying on any other help might delay time, or something else can occur.

What I’d like to do after university, is to hopefully get into a career and then open a retirement savings account, then add to it slowly so in case of emergencies or just when the old age time comes I can be ready and wont have to burden anyone.

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I see retirement security in Canada as partially government supported, but mostly something people have to plan for themselves.

When I retire I will probably rely on a combination of government programs like CPP (Canada Pension Plan) and OAS (Old Age Security). I get that these programs provide a basic income, but they aren’t supposed to replace all someone’s income from a job, so they probably wouldn’t be enough on their own.

And that’s why I think personal savings are going to be so important. I know that in Canada people often use RRSPs, or Registered Retirement Savings Plans, to save money and reduce taxes, and TFSAs, or Tax-Free Savings Accounts, to grow their savings tax-free. As a student, I don’t have a lot saved for retirement at this stage of my life, but I can see how important it is to get started early, even if it’s just a little bit.

I think, to be honest, I would also rely somewhat on future employment benefits or a workplace pension too if I can get myself into a stable career. But I’m not comfortable depending on family for retirement income. It’s more like a fallback than something you should plan on.

Yes, I think about retirement security and I do get a little worried because things like housing costs, inflation and job instability make it hard to see being able to save enough long term. Today it seems people have to be more proactive than previous generations in planning for their retirement.

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I’ve been lucky enough that my family has taken the time to teach me about retirement plans from a young age. My mother supported me in opening a TFSA account on my 18th birthday, which has allowed me to start saving for retirement. Additionally, my parents have generally taught me to aim not to rely on government pensions, explaining that my main support should come from my TFSA account. This is what I have been preparing for. However, even with my TFSA account and future government pensions, I believe I will still need to rely on my partner and possibly my parents’ inheritance for a comfortable retirement.

Luckily, my partner works in finance and has all the required knowledge to create a plan for our preferred retirement, as well as manage stocks and investments to help us achieve our goals. Because of this, I am not necessarily worried about retirement, although increased inflation rates do cause some uncertainty.

My situation is a great example of the increased individual financial responsibility inherent to the neoliberal economy.

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I think I would mainly rely on a combination of government pensions and my own personal savings for financial support during retirement. Programs in Canada such as the Canada Pension Plan (CPP) and Old Age Security (OAS) provide some income for retirees, but I know they are usually not enough on their own to fully cover living expenses. Because of this, it is important to also have personal savings or workplace pensions. Family can sometimes provide support as well, but I would not want to depend completely on relatives because financial situations can change over time.

I do feel somewhat worried about retirement because the cost of living, housing, and healthcare continue to increase. Many younger people are concerned that it will become harder to save enough money for the future, especially with student debt and expensive housing markets. There is also uncertainty about whether government programs will provide enough support for future generations.

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I think I would mainly rely on my own savings and government retirement programs for financial support during retirement. I would not want to depend fully on my family because they would have their own financial responsibilities. Government programmes like the Canada Pension Plan can help provide some income, but they may not be enough to fully cover my living expenses. I am kinda worries about retirement because the cost of living ib Canada continues to rise and ir can be difficult to save enough money for the future. Many people may not save early enough which can then make retirement more stressful also.

In Canada, I think the retirement plan usually comes from a few different sources and this then can allow people to save money for retirement while reducing income. Saving through the options that they provide can help more financial security later in life.

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I feel that, especially in the strong neoliberal capitalist economy that we live in, I won’t be able to rely on anyone for financial support when I retire. Honestly, I don’t even think of retirement as it is becoming a harder and harder thing to attain, even though it is ideally meant to be a part of everyone’s life. I have seen plenty of people today, well into their sixties, who are still working, not out of want, but necessity. I don’t know a whole lot about retirement security in Canada, but I have heard that the federal pension plan that many seniors are eligible for does not provide them with a sustainable amount of money. The idea of retirement seems even more bleak as many governments are trying to increase the retirement age to be beyond 65. In my opinion, our neoliberal economy fails everyone but the very richest in our society, especially failing the most vulnerable, such as the elderly. - Madeleine Fargo

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Rely on for Financial Support: I feel as though I would be financially smart once I get a full time job and put money into a retirement savings account, and at that time rely on myself as well as the government support during my time of retirement. I do not want to depend on family, and grow up relying on their support because I think that financial independence is important, especially because anything could happen to any one of my family members that could lead to a financial crisis and I need to be prepared for that.

Worrisome: As a teenager right now in this day and age I am somewhat worried about retirement because the cost of living continues to increase, essential necessities like housing, groceries and gas are skyrocketing in prices and “40 is the new 20”. I always see all over social media posts that say how people cannot afford townhouses until the age of 35, and people aren't able to afford kids until 40 which comes with its own risks. So yes, I would say that I am somewhat worried, because how will I ever be able to afford these life necessities without working with a stable income?.

Knowledge about Retirement Security in Canada: I am not too familiar with this type of knowledge because this is not taught in school anymore. I find that my parents are always telling me the useful classes that were offered when they were in high school, and how they learned to sew, and do taxes, and other useful knowledge for living, but not when I was in high school. I know that there are different sources of retirement income, including government programs like CPP and OAS. I also know that people can save money through RRSPs and TFSAs. RRSPs help people save for retirement and provide tax benefits, and TFSAs allow people to save and invest money without paying taxes on growth. I think the biggest lesson I can teach myself, and my kids someday, is that retirement security is up to you, and takes a lot of planning ahead and consistent saving to be successful.

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No one. As someone who has older parents who have invested money and made retirement plans using government systems, it is not worth it. Our government is very focused on getting as much tax money as possible, so the money I watched my parents work for and save has now been taxed, and it seems not even worth investing in. Instead, I have started saving in GICs, which will make me money over time, just by sitting there, and when I take it out, it won't be taxed. This allows me not to worry about my retirement as I can add more money to it each year. Retirement income is a worry for me, because I know the economy will continue to worsen and everything will become more expensive. I hope to find a job that provides a pension plan one day, but it still worries me that it won't cover everything. An intersecting issue I particularly might face is not working my way up in my future job because I am a woman, and therefore not being able to have a big enough pension.