cover image: Assessing the Retirement Income Prospects of Canada’s Future Elderly

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Assessing the Retirement Income Prospects of Canada’s Future Elderly

16 Sep 2016

Two pairs of the studies Retirement Income Adequacy, and commissioned have very similar methodologies: MRL and Jack Mintz of the School of Public Policy at the Wolfson both make use of Statistics Canada’s University of Calgary to oversee the production of LifePaths microsimulation model; and the a number of research projects and papers, including two McKinsey studies. [...] Points What is needed is a look beyond the headline conclusions in the five papers to assess the degree Some of the variation in the headline conclusions of difference among them when they focus on a in the five studies stems from their use of different commonly defined population and to make note of methods, data and assumptions, but much of the any shared conclusions. [...] Each study includes a discussion of Horner and the two McKinsey studies are based on methods and assumptions.3 The two that rely on the analysis of all earnings levels in all age groups LifePaths (MRL and Wolfson) employ more combined; that of MRL is based on the projected 3 For the McKinsey studies, results of the 2012 study, but not of the 2015 study, are broken down by age and income group. [...] This model the McKinsey studies conclude that incomes in generates millions of synthetic individuals and is retirement will be adequate for people in the first designed so that the individuals’ characteristics quintile of the income distribution if net income reflect important social and economic characteristics in the retirement period amounts to 80 percent of of the Canadian population at partic [...] The in the portion of the population in the first quintile McKinsey data do not match as well with Statistics that is on target to maintain its standard of living Canada data in the first and fifth quintiles, likely in retirement as one moves from the oldest to due to the point made in McKinsey (2015) that youngest age group, and there is almost no change the households retained for analysis had i
politics economics economy finance research consumer price index employment income labour prices retirement retirement income savings statistics pension old age security microsimulation pension plan cpi retirees quintile household income in the united states quintiles wage and benefit retired
ISBN
9780888069801
ISSN
08248001
Pages
20
Published in
Ottawa, Ontario

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