Want A Higher Income Late In Life? ALDAs May Help

Longer lifespans mean planning now for later-in-life cash flow. Traditionally, employer-sponsored pension plans provided a solid income base. Today, fewer than 40% of Canadians have one. While public sector pension coverage is over 90%, the number drops to around 23% of workers in the private sector. The latter tend to be Defined Contribution (DC) plans versus the more secure and valuable Defined Benefit (DB) plans. In 2023, nearly 14% of seniors 65+ had an after-tax income of less than half...