Nov
Latest Trends In Retirement Plans
Having a decent income is key to having a good and healthy retirement. Whether you worked a high, middle or low income job, it is important that older adults are not struggling to cover the basic necessities such as food and housing. The province of Ontario will be introducing the Ontario Retirement Pension Plan (ORPP) in 2017 that will help to supplement the Canadian Pension Plan by replacing about 15% of a person’s earnings to a maximum of $90,000 for people who do not have a pension plan provided by their employer. This move will help low- to middle-income families to have access to a better future and a better income plan in retirement. As the province will be rolling that out soon, it is…
Sep
Who is Eligible for an ORPP?
The Government of Ontario’s planned pension plan, which is slated to come into effect in 2017, will increase the retirement incomes for 3 million plus Ontarians. The Ontario Retirement Pension Plan (ORPP) will also, however, exclude millions of workers in the province. Billed as a way to supplement what retirees will already receive under the Canada Pension Plan (CPP) when they reach retirement age, the ORPP is a response to what the provincial government says is a crisis situation where too many cash-strapped Ontarians are forced to accept lower standards of living than they did during their working years. If you’ve been wondering about whether or not the ORPP applies to you, read on for more details. Who Is Covered? You’ve no doubt heard about…
Sep
How do you Start an Ontario Retirement Pension Plan?
While some Ontarians who have workplace pensions and considerable savings stand to do fine upon retirement, many who are not as fortunate could face a lower standard of living when they retire. In response to this reality, Ontario plans to roll out the Ontario Retirement Pension Plan (ORPP) in 2017. According to the provincial government as stated in “The Ontario Retirement Pension Plan: Discussing a Made-In-Ontario Solution,” the ORPP will build a solid and sustainable income system that will help working Ontarians to enjoy a comfortable retirement. It argues that the Canada Pension Plan (CPP), Old Age Security, Guaranteed Income Supplement, workplace pension plans and other tax-assisted personal savings simply aren’t enough for many Ontarians to comfortably live on. Essentially, the ORPP would initially boost…
Jun
5 Benefits to Offering Your Employees Pension Plans
When it comes to your employees, you have certain responsibilities as an employer to provide for them. That doesn’t mean you need to give them an exaggerated salary or luxurious bonuses, but you should help them plan for their future. By offering a pension plan to your employees, you are…
