Retirement Lost: Pension bankruptcies and sour investments create a harsh reality for Canadian retirees
Globe and Mail series examines the impact of today's economy on
retirement plans
TORONTO, Oct. 16 /CNW/ - Today's current economic conditions have created a harsh reality for many of today's retired Canadians and for the future retirement plans of others. This Saturday, The Globe and Mail launches "Retirement Lost", examining the implications the economic downturn has had on Canadian retirees, the fate and future of pension plans, and questioning a need for change.
One-quarter of Canadian workers have pension plans, and for Canadians relying on their pensions, low investment returns, or worse, pension bankruptcy means retirement may not happen as planned, or at all. As businesses face the nightmare of economic failure, The Globe and Mail provides insight into the many Canadians whose dreams of retirement are shattered, through a week-long multi-media series, Retirement Lost.
"The past year has been centred around the plight of today's economy and the direct impact on working Canadians. Retirement Lost will reveal the financial and emotional challenges retiring Canadians face as they suffer through failed investments, under funded pensions and corporate bankruptcies," said Elena Cherney, Editor, Report on Business. "The series sheds a light on this time of instability and uncertainty for retirees."
Led by reporters from the Report on Business, the special series will run daily from Saturday October 17 to October 24 in the Report on Business section of The Globe and Mail and online at www.globeandmail.com/retirement, featuring personal stories and analysis, an in-depth timeline and breakdown of the pension crisis, expert commentary and a look at those most vulnerable.
Also online and part of the series:
- Online discussion with retirement expert Malcolm Hamilton
- Planning and protecting your retirement
- Are you ready for retirement? Interactive investment calculator and
online scenarios to evaluate your retirement plans
- Visit globeandmail.com/retirement and share your retirement plans
The Globe and Mail, Canada's national newspaper, is a division of CTVglobemedia, a dynamic multimedia company, which also owns CTV Inc., Canada's number-one private broadcaster.
For further information: or to arrange an interview with Jacquie McNish or Janet McFarland, please contact Jennifer Hills, (416) 999-7118, jhills@environicspr.com
Friday, October 16, 2009
I expect the Globe will completely ignore the $35 billion in retirement losses caused by their "courageous" Jim Flaherty
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5 comments:
As we can all imagine , the main focus of this series will probably be the big company based pension plans that have & will come a crashing down around the shoulders of the workers.
These workers represent about 22-26% of all future pensioners.
We all know their story--we all know their reliance upon these pension dollars--we all know the unfairness imposed upon them by the markets & the economy.
So what about the rest of us , the other 74-78% who represent the majority.
We have been torn asunder by the markets as well.
We have also been the victims of wild mood swings by Jim Flaherty & his cohorts as our incomes were tossed under a bus when he killed the income trust market.
I can accept market swings as they affect all equally.
But when the gov`t interferes in these markets unnecessarily & for false reasons (as has been proven) , then people have beed saddled with burdens outside the realms of these same normal market swings.
In this particular case , outside forces made up of players such as Power Corp & Manulife asserted their maximum force on the gov`t for it`s own gain.
Their gain was our pain as we lost a large piece of our savings adding unnecessarily to the decline of our monthly income.
Let`s hope that the Globe will see fit to include the trust debacle in it`s topic list.
Methinks I should not hold my breath.
Dr Mike Popovich
Jackie McNish makes it sound like it all began with the recession when in fact out RRSP's were devalued by Tubby and Stubby 3 years prior ...short memories when it's not your money being ripped off. Now that they themselves are impacted the issue coms front and centre.
Self serving main stream press.
Polyian
Yup, you can bet your ass Income Trusts will be ignored. Also, when the Globe goes down you won't see me crying for them after they loose their jobs and pensions. Sorry, but it will look good on them after all they did to screw Income Trust investors. I hope the government does NOT come to their rescue. Ah, but I am not bitter!
If the Globe was really serious about addressing this problem they would have begun their series on October 31. The fact that they are not shows they will be ignoring the Harper Income Trust betrayal and that their so called business writers and experts don’t have clue one about the pension income debacle we are all facing. I’ll wait until the end of the series before I really slam them, just in case they decide to surprise us. But I doubt it.
What these people cannot seem to grasp is that in this low yield and low interest rate environment, your pension plan principal cannot earn enough income to sustain the benefit holder. Especially when Government keeps on thinking up new taxes to impose on us. (HST here in BC for example) So just in case any of the Globe’’s writers are reading this blog, do the simple math on $1 million invested at 5% for an income yielding $50,000 before taxes. Come out to Vancouver Island and see if you can live on $50,000 a year.
One fact the Globe did get right in today’s article was the gap between the Government retiree and those of us who worked in the private sector relying on RRSP’s. In our gated community the Government types have no idea where their pension money comes from, but boy, do they have it good. No worries for them while the rest of us sweat out the balance of 2009 and then 2010, when the high yield income trusts disappear and we are left wondering where our income is going to come from.
The bottom line for all levels of Government is that they are now going to reap what they have sowed with their whored out policies benefiting a select greedy who sit atop the financial ladder and pull the policy strings.
Hey Richard
Imagine what it will be like for the near 80% of Canadians without any measurable savings.
Even a great yield of 8% on zero is still zero.
Dr Mike
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