Are You Counting On CPP For Retirement?
A majority of Canadians recently polled say they are relying on the Canada Pension Plan, many of them heavily, to get through retirement. The Bank of Montreal survey found that 89 per cent ... said they would have to rely on the CPP when they stopped working. Nearly a third ... 31 percent ... said they will count heavily on the government pension plan. Meanwhile, 88 per cent of respondents said they would use personal savings like RRSP's or tax free savings accounts to help fund retirment, while 59 per cent said they would likely take a part-time job.
The best plan is to have a diversified retirement nest egg, which can include CPP, an RRSP, a TFSA, as well as other forms of investments. Start early it is your future.
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