It's never too soon to think about retirement

On this Pension Awareness Day, FSRA encourages you to plan for the kind of life you want after work  

TORONTO, Feb. 20, 2025 /CNW/ - A recent poll commissioned by Ontario's financial services regulator (FSRA) found that Ontarians agree that saving for retirement is a higher priority compared to saving for a vacation or new car. However, 76 per cent have not developed a plan to ensure they have enough money when they retire and 66 per cent haven't even calculated how much money they'll need to retire.

That's why FSRA is marking today's 3^rd annual Pension Awareness Day by strongly urging Ontarians to take the time to start planning for life after they stop working.

"Life is busy, and retirement planning is often low on the priority list," said Andrew Fung, FSRA's EVP, Pensions. "But the reality is, retirement may be the most expensive event of your life, so it's critically important to start early and build the future you want. I encourage everyone to invest in yourself by starting small and thinking big. That's what Pension Awareness Day is all about—highlighting the importance of early retirement planning, including the value of a workplace pension."

Contributing to a workplace pension plan is one of the best ways to grow your hard-earned money so you can achieve your retirement goals. FSRA's poll found that retirees say the top three benefits of a workplace pension are: employers contributing to the pension plan (81%), providing peace of mind about your future (75%) and allowing you to save regularly (71%).

To kickstart your retirement planning, follow these four simple steps:

• Find out if your workplace offers a pension plan. If you're a member, review your annual pension statement to understand your benefits. FSRA's Consumer Office research study found that only 1 in 2 pension plan members read their annual workplace pension statement.  
• Explore retirement savings options. If no workplace pension is available, see if other retirement options are offered.
• Maximize employer matching. Take advantage of any contributions your employer matches to grow your retirement savings.
• Prioritize pensions in job searches. Consider workplace pension plans alongside salary, benefits, and vacation when evaluating job offers. Forty-two per cent of Ontarians say they would consider taking a job with a pension but lower pay or salary.

FSRA's poll also found that:

• Less than half (46%) can recall the last time they spoke to someone about saving for retirement.
• The top three things that respondents want to do in retirement are: spend time with family / friends (77%), travel (72%) and exercise / stay active (72%).
• 61% admit they know more about their favorite TV show than their pension plan.
• 61% of retirees say that the ideal time to start retirement planning is in your 20s.

The online poll was conducted by Forum Research between December 6 – December 16, 2024, with a sample size of 1,000 Ontario residents 18 years or older.

Learn more about Pension Awareness Day.

FSRA continues to work on behalf of all stakeholders, including pension plan beneficiaries, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

For media inquiries:
Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario