The Office of the Chief Actuary published a Canada Pension Plan (CPP) Mortality Study last week that included a few interesting points:
- There is a correlation between longevity and pension amount – the higher the CPP pension amount, the higher the beneficiary’s life expectancy. At age 60, male beneficiaries with a maximum pension are expected to live there years longer, and female beneficiaries 2 years longer, than beneficiaries with a lower pension.
- Canadians are expected to receive benefits from the CPP for a longer time period as we all live longer. By 2050, male beneficiaries are expected to receive retirement benefit for an additional 3.3 years for males, and 2.3 years for females, compared to the same study in 2005.
- Actuaries believe the CPP will be properly funded for the next 75 years.
Just a few interesting facts I thought I’d pass along. To read the full report, click here.
1 Comment
Hi Greg,
Interesting stuff! Who knew that actuarial science could be a predictor of longevity! I'm not one to rely solely on the CPP as a self-employed person. So does that also mean the more retirement funds we save in our own RRSP's, the longer we'll live? If so, there's a pretty good incentive to save!
I look forward to your next post.
Cheers,
Sarah
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