CPP? Maybe. ORPP? For sure: Mayers + MORE Dec 3rd

What many people want is a bigger and better CPP. What we’re going to get in the next year is Ontario’s provincial retirement plan.

What’s the financial state of Canadian women in their 40s?
Chatelaine asked 1,000 Canadian women between the ages of 35 and 45 to share how secure they feel about themselves as part of their This is 40(ish) project. They asked them if they’re satisfied with where they are in their careers, how prepared they are for retirement and what they would do with a windfall of cash (among many, many other things).
The results? It turns out that more than half (52%) of women consider themselves “in a fairly good position” to retire, while only 9% feel that they are well-prepared for their golden years. Another 34% say that they plan to work forever. Retirement may not feel imminent to most women in their 40s, but by the end of this pivotal decade, it certainly will.
For most people, the 40s is when pay checks climb and debt tumbles, creating some welcome financial breathing room. However, there are plenty of big ticket savings items that women in their 40s must deal with: saving for their kids’ education and paying down their mortgage…

If you are at or close to the age where you are planning to retire, you may be concerned about whether you will be able to generate enough income to give you the lifestyle you want. Being aware of the 5 key risks to your retirement income and making sure that you are protecting yourself will go a long way toward helping you to have the type of retirement that you want.

Risks to your Retirement Income
1. Canadians are living longer, healthier lives in retirement.
Being able to enjoy longer healthier life after work is a good thing, but it means that it’s reasonable to expect that one or both members of a couple who are aged 65 will live to age 90. If you are thinking of early retirement as an option for you, it means that you will need to have a way to fund 25-30 years of income after you stop working.
2. Inflation eats away at your purchasing power.
Inflation is a major threat to retirement plans. While it is not likely that we will see inflation rates increase to 1970s levels, a relatively modest annual rate of even 2 percent over a 25-year retirement period can erode a retiree’s purchasing power by 40 percent…

This week, Chatelaine released the results of an exclusive survey of 1,000 Canadian women between the ages of 35 and 45. For This is 40(ish), they asked respondents to tell them what it’s like to be smack-dab in the middle of their lives and to share their thoughts on everything from their career aspirations to their bodies to their finances. “By this point, you’ve most likely made some serious commitments,” write the authors, “perhaps to a partner, to a home, to raising children or to a certain career. You may be taking care of your parents. You probably have an RRSP.” It’s true, your 40s are a powerful decade in which women can sock away more wealth than ever.
It turns out, more than half (52%) of the women Chatelaine surveyed feel they have a good handle on their finances and feel prepared for retirement. Here at MoneySense, that couldn’t make us happier. But since we love talking about finances, and adding to our vast collection of money wisdom, we thought we’d chip in with our own treasury of the best money insights from powerful women…