Pension plans are getting harder to come by

As Ottawa talks about letting some workers retire earlier, others are finding it harder to get pension plans. The federal government wants to pass a law this fall so frontline workers like border officers and firefighters can retire after 25 years without losing any pension benefits — similar to what military and RCMP officers already get. But while government workers are guaranteed pensions, many others aren't so lucky. In 2021, only 38% of paid workers had a pension plan, leaving 62% to save for retirement on their own. The percentage of workers with pensions has been shrinking — not because there is a decrease in people who are registered for pensions, but because there has been an increase in the number of paid workers, according to Statistics Canada. Experts suggest taking charge of your retirement savings by investing in RRSPs and TFSAs. They also stress the importance of life insurance, especially if you don’t have a pension. Some life insurance plans even let you access the money you’ve saved through options like a line of credit against the death benefit, giving you flexibility as you plan for the future.