Early retirement expectations and the trouble to come

Employers need to provide ongoing financial education for employees or face future lawsuits.
By Jury Kopach
|CHRR, Guide to Pensions & Benefits|Last Updated: 09/04/2003

Canadians are retiring earlier and expecting more from it. There are relatively few Canadians in the workforce today whose answer to the question, “When would you like to retire?” is anything other than “age 55.”

With the predominance of capital accumulation plans in the workplace including defined contribution pension plans, group savings plans, group RRSP plans, stock purchase plans and stock option plans, corporations have provided not only the tools for employees to retire on, but they have also created a mindset — an expectation.

THE PROBLEM