As an indispensable resource, Designed for Savings supports data driven plan design, with human insights. And we’re committed to providing this information on a regular basis; analyzing data in new ways.
We hope the report provides you with actionable insight to better support you and your plan members.
The decumulation phase, or when retirement savings are turned into income, is essential for understanding how prepared savers are for their needs in the present and the future. The report delves into how these savings will be accessed in retirement.
Source: Financial Planning Standards Council, Projection Assumption Guidelines assuming age 65 reached (based on the 2014 Canadian Pensioners’ Mortality Table published by the Canadian Institute of Actuaries).
Diagram depicting retirement age and sex at birth. A 65 year old man has a 50% chance of living to 89 and a 25% chance of living to 94. A 65 year old woman has a 50% chance of living 91 and 25% chance of living to 95. A 65 year old couple has a 50% chance one person lives to 94 and a 25% chance one person lives to 98.
Despite employment and market uncertainty brought on by the pandemic, our findings show robust resiliency of contribution rates.
Illustrative icons. 23% of plan members made withdrawals during the pandemic. 5.5% of plan members made an interfund transfer during the pandemic. 13% of plan members made changes to their contribution levels during the pandemic.
Designed for Savings 2017