Minister of State Wong promotes new retirement income calculator during Financial Literacy Month

VANCOUVER, Nov. 13, 2014 /CNW/ - The Honourable Alice Wong, Minister of State for Seniors, officially launched today the newly redesigned Canadian Retirement Income Calculator (CRIC). The CRIC is an online tool that provides Canadians with retirement income information, including information on the Old Age Security (OAS) pension and Canada Pension Plan (CPP) retirement benefits.

This retirement planning tool, available on the Service Canada website, has been substantially improved. It is now easier to use and provides retirement income estimates in a matter of minutes using dynamic text, dropdowns and graphics that show users how small changes in savings and financial behaviour can impact results.

Minister of State Wong made the announcement during Financial Literacy Month, which takes place annually during the month of November and is led by the Financial Consumer Agency of Canada.

The Government of Canada remains committed to strengthening the financial literacy of Canadians. Most recently the Government released the report Strengthening Seniors' Financial Literacy, the first phase of a comprehensive national strategy for financial literacy.

Quick Facts

• The modernized Canadian Retirement Income Calculator works well on tablets and smart phones.
• Financial Literacy Month in November aims to promote the importance of financial planning and financial literacy of Canadians.
• Economic Action Plan 2013 committed to implementing a financial literacy strategy that specifically responds to seniors' needs.

Quotes

"The Government of Canada is dedicated to helping Canadians plan early for their retirement and take advantage of the various programs and benefits available to them. I would like to take the opportunity during Financial Literacy Month to draw your attention to the new Canadian Retirement Income Calculator, which is a wonderful tool that will help you make informed decisions."
– The Honourable Alice Wong, Minister of State (Seniors)

"Financial literacy is an increasingly important issue for Canadians of all ages, particularly when planning for retirement. When Canadians have the skills they need to make solid financial choices about their retirement, our entire economy benefits."
– The Honourable Kevin Sorenson, Minister of State (Finance)

"The Canadian Retirement Income Calculator is an excellent tool that will help Canadians prepare for one of life's most significant events—retirement. It will therefore support our national efforts to provide Canadians with the knowledge, skills and confidence they need to strengthen their financial literacy."
– Jane Rooney, Financial Literacy Leader

Associated Links
Canadian Retirement Income Calculator
Financial Literacy Strategy for Seniors
Financial Literacy Month
Seniors.gc.ca

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Backgrounder

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The Canadian Retirement Income Calculator (CRIC) is a retirement planning tool that has been available on the Service Canada website since 2002.

It is a helpful tool for Canadians who want to estimate their retirement income as they plan for their retirement.

The new CRIC:

• is now Java-based, which allows it to function effectively on tablets and smart phones;
• is easier to use and provides retirement income estimates in a matter of minutes;
• takes into account recent changes to public pensions, including Old Age Security (OAS) and Canada Public Pension (CPP); and
• provides estimates for each step of the retirement planning process, using dynamic text, dropdowns and graphics that show users how small changes in savings and financial behaviour can impact results.

SOURCE: Employment and Social Development Canada

Earl Maynard, Office of the Minister of State (Seniors), 613-716-5422; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [email protected], Follow us on Twitter