And three out of four don't have a financial plan, polling suggests.
The traditional RRSP wasn't meant for the age of precarious work. But there is an alternative.
And almost half of non-retired Canadians don't have a plan to help them stop working.
And they’re paying big taxes on the money.
Without the forced savings of a mortgage, here's how much you should be putting away.
One in five Canadians have withdrawn money from an RRSP to make ends meet.
And 39 per cent are "overwhelmed" by debt.
Savour the moment: This is the first public pension reform in a generation and will go a long way to improving retirement security for today's workforce, 11 million of whom have no workplace pension plan to help them save. Younger voters, given credit for the Trudeau election win, might not have known it at the time but this is for them!
The Trudeau government's first budget offered hope but little change on increasing the CPP in our lifetime. After extolling the virtues of the Canada Pension Plan, we're told that the finance ministers talked about enhancing the CPP last December and set a goal of making a collective decision before the end of 2016.
When most working Canadians hear "RRSP," they think of their retirement savings. Or maybe even a nice winter home on the shores of sunny Florida. However, a Registered Retirement Savings Plan (RRSP) is more than just a retirement savings plan. It also has an impact on your tax obligation and can save you hard earned dollars come tax time.