Canadians want flexibility when it comes to retirement income

It doesn't mention if the people were asked if they would be giving up control over their retirement savings in exchange for a fixed dollar return or an inflation matching return (big difference there).

The 67% of all respondents who believe flexibility to deal with contingencies is more important than ensuring a predictable retirement income for life demonstrate a clear grasp of the way life works. Life has a funny way of keeping you on your toes, for example the person who replaces their car and furnace in the same year only to discover they then need a heart operation but will be at the bottom of the waiting list for the provincial covered treatment (Murphy's law would dictate this would be the point where you couldn't get a loan or travel insurance). Having a guaranteed income for the next 20 years is little comfort when you cannot afford treatment to keep you alive for the next 10 months.

My retirement plan is similar to my Grandfather and my Father. Save, invest in tracker funds with low management fees, try to keep working as far into my 80's as possible and keep the freedom 55 fliers and Nortel stock certificates for lighting the fire at the cottage.

My hopes are for a Canada with no pension system, but with an income floor, a modern healthcare system no longer held hostage by a minority of doctors that uses BMI based deductibles and prepared food suppliers helping to offset the cost. Public servants earning 10% below a comparable private sector job to mitigate for the lack of instability in the 'public sector' BUT most importantly, a return to equitable taxation.

The last part might come into conflict though with the aims of the BMO Financial Group and how they take advantage of their use of the $409 billion in assets they are controlling, not to mention TD Bank, CIBC, Scotia Bank, Royal Bank, Rogers, Bell, Shaw, Telus....

How does Tina Di Vito, Head, BMO Retirement Institute (From the report) suggest that Canadians who will be of retirement age AFTER the babyboomers have hit the hospitals and government pension funds prepare? I have yet to see anyone outline a reasoned approach based on the present assets available, the projected incomes and the burgeoning liabilities.

This might be a concern for the babyboomers too if the economic growth migrates to China (without a need for Canada's oil or wheat), the Canadian pension money runs out in 15 years but Canadian life expectancy jumps to mid 90's. (Just playing devils advocate here)

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Suggestion........as Canadians receiving GIS are now able to earn $3500.00 per year without clawback, why not offer all Canadians the first $3500. of RRIF draws tax free? It's not much, but could benefit people with modest retirement savings . Along with TFSA it makes things a little easier in retirement.

We need to look at and consider ALL possible solutions.

I for one, have been trying to figure out retirement options, but the economy has had a way of making it impossibble to save and when you have to use the bit you have saved... well, suffice it to say Early retirement for us will mean around 95, and at this rate we cannot afford to die before then...We use to be what was called middle class...

Im going to suggest some simple rules of thought which worked for my family and will work into the future. Everyone stop living beyond your means!!!! We all want it now and thats never been a sound way to live. Save for your future and hurt a little now to benefit by compound interest later. I dont think its rocket science and Im going to bank on it!! Good luck to those who think they can defer payment for another day. That day is quickly approaching

John, I appreciate what you are saying, however, do you have any idea how many people are struck by situations beyond their control? For instance, a single mother with a young man who is suddenly struck down by a dibiliating stroke at 34? All the best intentions are out the window just to support your loved one who is unable to care for themselves. Above all else, we need to have compassion for Canadians, who for no fault on their part are set back financially in ways you cannot believe.

Kindness is far above financial gain!!

You are correct. Things happen to humans that are not expected because humans all make mistakes. However, I believe the point is "save" your money, to the best of your ability now, for the future. I will add to this comment, never rely on someone else to save the money for you. Also, if you want kindness, please be polite to people without complaining and bickering about your sad life. ie. Stop complaining to "John" as the article does happen to be about retirement. All he seems to be saying is "live within your means." It's a very true statement.

I do like John's novel idea of living within one's means. That said, in 2000 I locked in for 10 years a mixed equity portfolio only to discover when it finally got to end there was NO net growth. Zero, nada, Zilch. Equities are better because they mitigate inflation risk, right? What happens when you have inflation, no equity growth (CEO Pay?) and an increasing tax burden?

The only constant in life, is change and we do live in 'interesting times' BUT! I will offer 20% of my income from now till retirement age to any fully multiparty insured group that can 100% guarantee my worldwide relative standard of living until I die. Any takers?

All very interesting. There are a few simple rules: 1. Try your best to work for a company or gov't that has a Pension Plan.
2. A supplementary Canada Pension Plan would be good as long as it is your choice whether you wanted to stay in it; of course hopefully everyone who doesn't have a conpany pension should..
3. Gov't Pension Plans should be indexed when with inflation.
4. Old Age Security, hopefully, will be indexed with inflation.
5. It is also wise never to spend your servance pay all in one year- high taxes. When you take it out do so slowly over many years as your income goes down.