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.

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. 

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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. 

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

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.