Can pension plans keep up with longer lifespans?
Description: Canadians are living longer: a 60 year-old male is expected to live for another 27.3 years while a 60 year-old female is expected to live another 29.4 years. The longer lifespans put tremendous pressure pension on plans.
Source: CBC
Date: August 6, 2013
Video Link: http://www.cbc.ca/player/News/Business/ID/2400127860/
Questions for Discussion:
- Why are longer lifespans problematic for pension plans?
- What options does the government have to avert this problem?
- Can individuals contribute in some manner to avert the problem?
- Given these latest numbers what should be the new retirement age?
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