June 17, 2021 - BNN Bloomberg

Pattie Lovett-Reid: Here's a tip to stave off retirement-savings crisis

It is important to remember that government programs were put into place to supplement your retirement, not fund it.

But there is one way you could create your own pension using the government plans. According to Bonnie-Jeanne MacDonald, the Director of Financial Security Research at the National Institute on Ageing, delaying your CPP/QPP benefits for as long as possible is essentially purchasing an inexpensive, inflation-indexed and very secure pension plan. In other words securing income for life.