Canada has a relatively well-developed financial support for retirees. The Canada Pension Plan (CPP) is one of two guaranteed income sources for seniors. Many Canadians will rely solely on these pensions in the sunset years. In particular, the CPP replaces 25% of the average worker’s earnings but leaves a considerable income gap .
CPP users on the verge of retirement would have to rethink their options or face severe financial constraints. A 65-year-old who will claim the pension today can expect to receive $689.17 per month (as of October 2020), on average. Had you contributed 39 years, it’s possible to […]
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