There’s lots to think about – and to pay for – when considering the cost of dying

When we talk about saving for retirement, we tend to talk about things like covering our expenses after we’ve stopped working – housing costs, food, transportation, travel, maybe healthcare later in life.

But there’s another expense – the cost of dying – that’s out there, and while we won’t be around to pay the bill, it should be factored into our planning, experts say.

Writing in The Toronto Star, Andy Takagi notes that “as Canadians struggle with the cost of living, the cost of dying has quietly catapulted, becoming increasingly unaffordable for low-income Canadians.”

“The average cost of a burial in Canada can range from $5,000 to $10,000, according to Sun Life, and even cheaper alternatives like cremation can still average between $2,000 and $5,000,” he writes. In Toronto, one of the most expensive cities in the country, the cost of a single burial plot with an upright marker at the Mount Pleasant Cemetery runs “between $27,760,50 and $34,825.”

Why are costs going up?

According to Jeff Weafer of the Funeral Services Association of Canada, “staff costs, facility costs, and the costs of goods needed for ceremonies have increased, just like everything else, with inflation,” the Star reports.

He and his association would like to see the federal benefit – which has been set at a flat rate of $2,500 since 2019 – increased. Prior to 1998 the death benefit was higher, around $3,580, the article notes.

The CBC says the rising cost of burials has prompted many to opt for cremation rather than traditional full-body burial.

“Over the past two decades, cremation has become the norm in Canada,” the broadcaster reports.

“According to the Cremation Association of North America, which uses data from provincial vital statistics departments, the cremation rate in Canada has risen from 48 per cent in 2000 to 72 per cent in 2018. And the association expects the rate will keep increasing over the next few years,” the CBC adds.

As an example, at St. Michael’s Cemetery in Edmonton, Alta., an area for cremation plots was opened in the 1980s. While rarely used in those days, today they are in high demand, the CBC notes.

The broadcaster reports that a cremation costs between $2,000 and $5,000, significantly lower than a burial, which was going for $5,000 to $10,000 at the time the article was written in 2020.

At the LowestRates blog, the authors suggest that the cost of dying needs to be talked about in the here and now.

“The topic is taboo to most, but talking about it is important. If we don’t, how will we prepare for a loved one’s passing? Or our own? Because we should prepare when possible. We should know what arrangements have to be made and what those arrangements will cost. Better to deal with funeral expenses and the decisions that come with death sooner rather than later, right,” asks the blog.

As with any purchase, the blog continues, there are lots of costs to consider and lots of options. It’s not unlike buying a car, the blog adds. Things to factor in include getting a death certificate, transfer services, a shroud, casket or urn, body preparation, formal ceremony costs, burial plots or niches, and the cost of burial or cremation services.

And of course, who pays?

“Either you, your insurance company, or those who survive you, like your spouse/partner, children, or parents, will be responsible for covering your funeral expenses in Canada,” the blog explains.

“If you plan with a life insurance policy, the death benefit paid out by your insurance provider can help cover your funeral and after-death costs. Just pay your premium now, and you can spare your family the stress of handling those funeral bills later,” the blog continues.

The other option, the blog adds, is to “plan and pay for your after-death arrangements in advance of your death. So, right now.”

Unfortunately, this writer is at the age when many family members have been passing away. Some pre-paid, others paid via their estates. In all cases, the funeral home was very supportive. We can also add that there is a raft of other things you need to do when a family member passes, including cancelling their Canada Pension Plan/Old Age Security payments, their provincial health card, applying for a death certificate, and more. The folks at the home guided us through that complex maze; an accountant and our lawyer helped us with the intricacies of being an executor for an estate.

So for sure, the experts are right – you need to have this unwelcome conversation at some point while you can.

The Saskatchewan Pension Plan is open to all Canadians who have registered retirement savings plan (RRSP) room. You can make contributions up to your limit, and can also transfer in cash from other RRSPs in any amount. That way your retirement savings can grow in a consolidated, low-cost, professionally run pooled fund. At retirement, you can receive an annuity payment on the first of every month for as long as you live, or look at the more flexible Variable Benefit option.

Check out SPP today!

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Having a will is something that we seem to know is very important, yet don’t seem to find the time or money to get rolling on.

According to the CBC, citing research from 2017, “more than half of Canadians don’t have a last will and testament,” with 18 per cent saying they can’t afford one, and five per cent feeling they don’t have time to make one.

Another reason given by some, the article continues, is that they don’t think they have “enough assets to make the process worthwhile.”

But, points out the Savvy New Canadians blog, having a will is very important.

“Thinking of your own mortality can be scary, but death is an inevitable part of life and being prepared is one of the best ways to bring you and your loved ones some financial peace of mind,” the blog advises.

The blog offers five key reasons why we should get a will done:

• A will “protects your financial assets and investments.”
• It “ensures your relationships are recognized,” meaning it sets out who you want to inherit your money and possessions, instead of leaving it up to the government to figure out.
• It “guarantees a plan” for any minor children.
• While there is no estate tax in Canada, having a will can help minimize “estate administration taxes,” such as your final income tax returns and, in some cases, a probate fee.
• It lets you leave “legacy gifts” to charities or non-profit organizations.

Writing for Waterloo News, published by the University of Waterloo, estate planning lawyer Keith Masterman talks about the problems that can crop up when someone dies without a will.

“If you die without a will, you are said to die intestate. The ramification can be dire. You do not choose your beneficiaries; your estate will be distributed according to a government scheme. The scheme is set out in provincial legislation and what your loved one will receive depend on the province where you reside,” he warns.

As an example, he notes that “in all provinces, a surviving spouse will inherit at least a portion of an intestate estate,” but what they get depend on what province they live in.

“British Columbia, Alberta, Saskatchewan, Nova Scotia, Quebec, Nunavut and The Northwest Territories all recognize a common-law partner as a spouse. In the other provinces—Manitoba, Ontario, PEI, Newfoundland and Labrador and the Yukon—only a married survivor is recognized as a spouse,” he writes.

This can be complicated for those of us who marry, separate, and then live common-law with a new partner, he explains. Depending on where the individuals involved live, the common-law partner might be disinherited if their partner dies without a will, notes Masterman.

While most think getting a will is prohibitively expensive, the CBC article suggests that it doesn’t always have to be.

“These days, we have more and arguably easier options than ever before when it comes to will preparation: will and estate lawyers, businesses that offer fixed prices on lawyer-provided services, will kits, will-preparation sites and even DIY legal forms that are available for free online,” the CBC suggests.

So, what’s involved in doing up a will?

According to Canadian Living, you need to have an executor in mind, someone who “carries out the directives in the will, making sure whatever you decided upon happens.” It’s typical, the magazine reports, for “a trusted friend or relative” to be chosen as executor, or a lawyer.

You also need to appoint people who can act on your behalf if, in the future, illness or injury prevents you from making decisions. One such “power of attorney” should be appointed/named to look after your finances, and another for your health. The article says it is typical for two different people to be picked for these roles.

If you have young kids under 18, Canadian Living notes that a will can be used to “name a guardian” for your kids. Without this guardianship being set out in a will, it would be up to the courts to decide where your kids will live.

As for divvying up your estate, “if you don’t have a will, the government will decide who gets what,” the article advises. “In most cases, the surviving spouse inherits the first $200,000 of an estate and the rest would be split between living parents and children,” the article adds.

Other advice from Canadian Living includes the fact that “only an original will” is valid – not a photocopy, and that once you do your will, you should update it after “any major live event, such as divorce, death, birth, or change to your economic status.”

While getting a will done can by a lawyer can costs hundreds of dollars, and up to $1,000 if you have a complicated situation, Canadian Living concludes that “whatever the cost, it’s worth it. You don’t want a judge deciding your estate’s fate.”

Just as having a will is important, so too is saving for retirement. Not many of us have a retirement savings program at work. If you’re saving on your own for retirement and have some registered retirement savings plan room, why not kick the tires on the Saskatchewan Pension Plan?

SPP can be a do-it-yourself retirement savings for you. You decide how much to contribute, and SPP does the rest – investing your contributions in a professionally managed, low-cost pooled fund. And when it’s time to retire, you can choose such options as a lifetime monthly SPP annuity payment, or the Variable Benefit, where you decide how much to take out, and when! Check out SPP today!

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Childcare workers in Nova Scotia get pensions, wage hikes

Licensed childcare workers in Nova Scotia are about to receive not only pay raises, but pensions and benefits, reports Global News.

The Nova Scotia Minister of Early Childhood Development called the move “a milestone in the professionalization” of the sector, Global reports.

“We understand that having a strong, stable early-learning … system means implementing programs and benefits that support the recruitment, retention and recognition of staff,” Minister Becky Druhan tells Global.

In Nova Scotia, the total cost of the wage/pension/benefits package is estimated to be $111 million, with the province providing $75.7 million and Ottawa providing the rest, the article notes.

Wage increases of “$3.14 to $4.24 per hour” will begin in April, and follow wage increases rolled out in 2022. The goal, reports Global, is “making working in childcare a more attractive option for those considering a career.”

The wage increases, reports the CBC, will help employees with their share of contributions to their new pension plan, operated by the Colleges of Applied Arts and Technology Pension Plan (CAAT).  The benefits plan is operated by “the non-profit Health Association of Nova Scotia,” the CBC article notes.

“Once they’re enrolled, (early childhood educators) will contribute five per cent of their pay to each plan. Full-time child-care workers will see between $66 and $124 deducted for the new health benefits each paycheque, and another $80 to $100 for the pension plan,” the CBC reports.

CAAT’s DBplus pension plan is open to any Canadian employer. Save with SPP spoke with CAAT’s Derek Dobson on the progress of the new plan a couple of years ago.

Offering pensions and benefits to employees has long been viewed as a great way to attract and retain employees.

Did you know that the Saskatchewan Pension Plan’s voluntary defined contribution pension plan is not just for individuals, but can be offered as a company pension plan by Canadian employers?

With SPP, there are multiple options for employers who want to offer a pension plan for their team.

Employers can set up a “start up” pension plan, where a one-time employer contribution is made to individual employee SPP plans. Alternatively, you can set up a “employer match plan” where any contributions made by employees receive a matching employer contribution. There’s the “basic pension plan” option, where the employer offers the plan, and the employees contribute (no employer match), and the “performance pension plan,” an incentive-based retirement program.

Full details can be found here. Find out how SPP can help your employees save for retirement, with a flexible array of plan designs! Check out SPP today.

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There are two kinds of saving – the kind where you put away a little money before you spend it, and the kind when you spend a little less (and thus, create a few extra bucks to save).

Groceries remain expensive here in the fall of 2023, so Save with SPP took a look around the Interweb to find out if people have any suggestions on how we all can save at the checkout.

According to the Narcity blog, the art of “couponing” is one way to go about it.

Narcity spoke to “well-known couponer” Kathleen Cassidy for her top tips. She tells the blog that it is important to “shop the flyers,” and find out “what is on sale this week… what is a great stock-up price.”

If there’s a great deal on something like sausages, then “buy a couple of packs… throw them in the freezer. The next time they’re not on sale, you’re prepared for that.”

Shop with a list, she advises. “I feel like a lot of Canadians just kind of blindly go into the grocery store every week,” she tells Narcity. “Especially if you go when hungry, you’re just throwing stuff into your cart.”

Other tips include price matching – if you know an item is on sale elsewhere, the store you’re shopping at will no doubt match it, the article explains. Finally, the article advises grocery shoppers to take advantage of any loyalty programs or points offered by the grocer.

The CBC offers up a few more ideas.

“Reconsider beef,” the broadcaster advises. Currently, beef “has seen some of the biggest price increases in the grocery store.” Chicken and pork cost less these days, so consider switching some meals to these other sources of protein, the article suggests.

The article says that some fresh items have had little price impact from inflation – you can get good prices on grapes, cantaloupes, avocadoes and potatoes, and in fact all of these items have dropped in price of late, the article adds.

By comparison, canned goods are up “by double digits” in the last year, the CBC notes.

On the salad side, while lettuce is up in price, “cabbage remains a bargain,” and cucumbers are not going up either. Consider “switching up” your salads by adding cukes and tomatoes, which also have not shot up in cost.

Bulk shopping is always a way to cut costs, reports The Daily Hive. Toiletries, and “pantry items” such as “pasta, canned products, granola bars and cereal” can be bought in bulk and store well, the article notes.

Meat, milk, cheese and butter can be bought in bulk when on sale, and they all freeze well, the article notes.

And of course, the article adds, be sure to watch for coupons, save them, and have them handy at the grocery store.

Another article from The Daily Hive provides a list of the best types of credit cards to buy groceries with.

Some cash-back credit cards, the article notes, will pay you two per cent in cash for every dollar you spend on groceries. We have friends who have credit and banking cards that award them points every time they buy groceries – and the points can be redeemed for, what else, free groceries. Check to see if your credit cards offer any such deals.

By leaving a few loonies in your purse via any or all of these methods, you are not only spending less on groceries, but creating a little pool of money that could go elsewhere.

Why not to your retirement piggy bank? If you are saving on your own for retirement, take a look at the Saskatchewan Pension Plan which has been building retirement security for Canadians for over 35 years. SPP will invest the grocery money you save for you in a pooled fund that is professionally managed at a low cost. And when life after work begins, SPP can turn those saved and invested dollars into retirement income, including the chance of a lifetime monthly annuity payment. After all, who knows what groceries will cost 10, 20 or 30 years from now?

Great news! SPP’s flexible Variable Benefit option is no longer limited to those members living within the borders of Saskatchewan. Now all retiring SPP members across the country can take advantage of this provision, which puts you in control of how much income you want to withdraw, and when you want to withdraw it. You can also transfer in additional savings from other unlocked registered sources. For full details see SaskPension.com.

Check out SPP today!

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It’s no secret that Canadians are living longer lives than ever. According to Macrotrends, life expectancy in this country is now, on average, 82.96 years — in 1950, it was around 68 years.

What may be more of a secret is the tips that those age 90 and beyond know — what things they do and live by that account for their extremely long lifespan. Save with SPP took a look around to see what the extremely elderly think are key tips for living a long and happy life.

When the CBC looked into this topic, they found there was no single “right way” to go.

“For each healthy-living centenarian who stayed active in family and community, you’ll find an equally aged whisky-loving example who smoked unfiltered cigarettes and shunned company,” the broadcaster reports.

Toronto resident Mohammed, 110 at the time CBC interviewed him, had three tips, the report notes. “Stay active. Chew your food longer than you thought possible, and eat fruit every morning.”

Toronto’s Zoltan Sarosy, 107 years young, “stays sharp by reading the news and emailing friends and family — he bought his first computer at age 95,” the CBC notes.

Finally, the CBC says that Agnes Fenton of New Jersey, now 111 years old, “says a daily beer and whiskey are her keys to longevity.”

Writing for CNBC, minister Lydia Sohn says her preconceptions about the elderly “went out the window” once her work brought her in touch with many long-lived members of her community.

While her many interviews with the elderly did uncover common regrets — not having as good a relationship as they could have with kids, not putting kids on the right career path, and regrets about “not being a better listener,” there was consensus on what helped make a long life a happy one.

“According to my 90-something interviewees, the secret to happy and regret-free life is to savour every second you spend with the people you love,” writes Sohn.

“Put another way, when I asked one man if he wishes he had accomplished more, he responded, `No, I wish I had loved more,’” she continues.

The seniors she met may have had regrets, like not having enough time with their late spouses or family members, but all liked to “laugh like crazy, fall madly in love and fiercely pursue happiness,” the article concludes.

Okay, so attitude is essential — look forward, not back. What other tips do people have?

Across the pond in the U.K., the Guardian offers up a few more ideas.

Falkirk’s Jean Miller, age 94, worked in a salon up until a year ago and says it is essential “to keep active and interested in things.”

“The moment you stop and sit in a chair is when you struggle,” she warns. “Life is an education and if you don’t learn as go along then that’s bad. I’ve learned to see things in a different way over time. My biggest lesson is to be more patient. I used to worry about things but now I don’t. I’ve realized there’s a rhyme and reason for everything. In life you’ve got to take things as they come.”

Pam Zeldin, 94, from Manchester tells the Guardian “my main advice for people who want to live to a good age is to look after your health and live moderately. Also, get enough sleep, and don’t drink to excess.” Her older sister, who she lives with, still enjoys a little gin and tonic in the evening, she confides.

Finally, in an article in the New York Post, entrepreneur Sahil Bloom shares the advice he got from older people — via social media — when he asked for their life advice prior to his 32^nd birthday.

Among the responses were “now and then, break out the fancy china and drink the good wine for no reason at all,” the newspaper reports. “Tell your partner you love them every night before falling asleep,” another elderly person advised, since “someday you’ll find the other side of the bed empty and wish you could.”

Other gems included “do one good deed a day, but never tell anyone about it,” and to not delay difficult conversations. Finally, the article reports, the seniors advised him to “find the things in life that make your eyes light up,” and “laugh loudly and unapologetically whenever you feel like it.”

These are great little bits of advice. Recently our local TV news interviewed a 100-year-old, again asking him for his tips on longevity. He told the reporter that it was important to deal with problems promptly, and to resolve them, rather than hoping they will go away on their own. Also a nice bit of advice.

If we are going to live to see a birthday cake with 90 candles on it, our younger selves should be setting aside some money for that future birthday party. If you have a retirement program at work, be sure to sign up and contribute to the max. If you don’t, have a look at the Saskatchewan Pension Plan, an open, voluntary defined contribution pension plan that any Canadian with registered retirement savings plan room can join. You decide how much to contribute, and SPP does the heavy lifting of investing and growing that money. When it’s time to retire, your options include getting a lifetime monthly annuity payment based on some or all of your savings. Check out SPP today!

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Here comes the bill. What’s a fair amount to tip?

The old rule of thumb used to be 15 per cent, but in many places, you are presented with the options of 20, 22 and even 25 per cent if you pay with a debit or credit card.

So, what’s the best path forward on tipping? Save with SPP took a look around to see what folks are saying on this topic.

According to Global News, tipping, like many other things, is being impacted by inflation.

“People feel like tipping is getting out of control,” Angus Reid’s David Korinski tells the broadcaster. Sixty-two per cent of Canadians surveyed by the pollster said “they’re being asked to tip more,” and “one in five reported leaving a tip of 20 per cent or more the last time they dined out,” the Global article reports.

Inflation, Korinski tells Global, is making the price of everything higher — which means you are tipping for meals and services that cost more than they used to.

“When you get the tipping machine, instead of 12, 15, and 18 per cent for the suggested tip, it now says 18, 24, and 30 per cent. I think for a lot of people, that it’s getting a little overwhelming,” Korinski tells Global.

Fifty-nine per cent of those surveyed said they’d like to see a “service included” model, where tips are not needed, but workers receive higher wages and benefits.

So how much should we tip?

According to the Wealth Awesome blog, “in days past, a 10 per cent to 15 per cent tip was considered average. Today, however, a 15 to 20 per cent tip is considered normal for most services.”

The blog recommends a tip of 25 per cent “or more” for “exceptional service,” 20 per cent for “great service,” a tip of “15 to 20 per cent for average service,” and a tip of “10 to 15 per cent for below average service.”

Over at the CBC, flaws are being noted in our nation’s “tipping culture.”

“Card payment machines have made it simple for businesses to prompt a gratuity option, even in industries where tipping previously wasn’t part of the cost or conversation. And data from Canadian trade associations show the average percentage tip for restaurant dining has gone up since the pandemic began,” the broadcaster notes.

The University of Guelph’s Professor Mike von Mossow tells CBC he is even asked to tip if he picks up a couple of cans of beer from a microbrewery.

He tells CBC this is a “double whammy” for consumers, “with more businesses asking for tips while simultaneously raising their prices.”

“You know, I’ve started to wonder if I give a particularly good lecture, should I put a jar at the front of the lecture hall at the end, and as they file out? Maybe they could drop a few bills in there for me, too. I mean, where does it stop,” he asks the CBC.

The Conversation raises questions about why we tip in the first place. Isn’t it for good service?

“This belief presumes that the server receives the tip,” the article explains. “But in most provinces, management often requires servers to share tips with kitchen staff, and sometimes with management itself,” the article continues.

Furthermore, the article explains, there could be tip-sharing (or tipout) at your favourite resto. “Your individual hard-working server may not have any appreciable benefit from your generous tip,” the article tells us.

And if we tip because we feel our server/service supplier is working hard for a low wage, what about everyone else who is working for minimum wage, the article asks.

Tipping, and how much you tip, is at the end of the day up to you.

Viewed through the lens of retirement saving, one might want to think about giving oneself a little tip now and then to boost our retirement savings. Even if you were to pay yourself first, to the order of five per cent per month, you’d see your retirement nest egg begin to grow.

The Saskatchewan Pension Plan allows you to “tip up” your retirement account in several ways. SPP can be set up as a bill in your online banking, so that you can direct dollars there that way. You can make contributions on our website via your credit card. Or, you can fill out this form and have a pre-authorized contribution deducted regularly from your bank.

It’s a good tip that your future you will greatly appreciate. Check out SPP today!

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When it all comes down to it, security means having a roof over your head and food in the fridge.

Let’s focus on food. For a shockingly high 5.8 million Canadians (as of 2021), food insecurity is a real problem. That many people, including 1.4 million kids, experienced “some form of food insecurity” two years ago, reports the CBC.

The article cites a recent study by the University of Toronto that found “15.9 per cent of households across all 10 provinces” experienced some level of food insecurity, which has got worse with the higher inflation rate of the last couple of years.

Provincial levels of food insecurity — meaning, a household has difficulty affording and obtaining food — range from a low of 13.1 per cent in Quebec to a high of 20.3 per cent in Alberta, the story notes.

The report concluded, the CBC adds, by calling on all governments “to address the vulnerability of households that are reliant on employment incomes but still unable to make ends meet, and ensure that working-aged adults not in the workforce also have sufficient incomes to meet basic needs.”

At the University of Regina, a research team is looking at ways that rural Saskatchewan can help address food insecurity, Global News reports.

The U of R’s Ebube Ogie tells Global News that concerns about food affordability are being raised thanks to inflation. But, she said, people can look to the Saskatchewan communities of Muskeg Lake and Val Marie for solutions, the report notes.

She tells Global News that “Muskeg Lake residents are becoming more self-sufficient through their local food forest, a self-sustaining, nature-inspired agricultural system that provides fruits, vegetables and other edibles, as well as medicines and cultural resources. Val Marie residents can access fresh foods from a nearby Hutterite Colony, a self-sustaining colony that produces its own food, and also rely on their personal gardens.”

There should be more effort placed on growing food locally, and purchasing it from local farmer’s markets, than on buying expensive processed goods, she notes.

“Saskatchewan is Canada’s bread basket and we want to see that manifested in how we live, how we produce food and how we consume food. Our goal is to end food insecurity and promote food security for everyone,” says Ogie.

In Barrie, Ontario, a company called Eat Impact is using another approach — rescuing fruit and vegetable that is close to, but not at, its expiry date and distributing it via food banks.

The company, reports the Barrie Advance, “works with local farmers to find out what’s available and at risk of going to waste.”

“Typically about 1.4 billion pounds (of food), every year in Canada, does not get eaten; it just gets thrown out. And it’s a huge problem,” Anna Stegink, founder of Eat Impact, tells the Advance.

Another possible way to reduce food insecurity would be to introduce some sort of Canadian version of food stamps, a program that has been running for many years in the U.S., reports the CBC.

Elyssa Schmier of MomsRising, a U.S. advocacy group, expresses surprise that Canada does not have a program equivalent to food stamps.

“It’s… one of the largest tools we have to combat poverty and hunger in the country,” she states in the article, speaking about food stamps.

“I know that families in Canada are struggling. It was very surprising to hear that [Canada doesn’t] have any sort of dedicated nutrition programs in place, especially to help families with children,” she adds.

The University of Victoria’s Matthew Little says programs like food stamps “shouldn’t be considered a long-term strategy” in the battle against food insecurity. Canada’s programs have tended to focus on poverty alleviation rather than directly on food supply, he explains.

Let’s hope that efforts continue to be made on making more food available to those who need it.

We can’t predict the future with any clarity, but it is a reasonably safe bet that everything — including food — will cost more in the future when we are retired than what it does today. That’s why it is always a good idea to save for retirement. The Saskatchewan Pension Plan has been helping Canadians build retirement security for more than 35 years. Check out SPP today, and find out how it can help you secure your future.

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Retirement `rethink’ might tempt older workers to stay in the workforce longer: CBC

We’ve read countless reports about the “grey wave” of retirements — the fact that now that even the youngest of boomers are hitting their early 60s, lots of experienced workers are moving out of the workforce and into retirement.

A report from the CBC takes a look at the negative impact of all these folks heading for the hills — and looks at ways to entice some of them to stay in the workforce even just a little longer.

How, the article asks, do you get skilled, experienced people in expert fields — nursing is cited — to consider returning to work after retirement, or staying in their jobs longer?

The article notes that in 2022, Canada’s economy “was struggling to fill nearly a million job vacancies.” At the same time, the article continues, there was “a record number of retirements among workers aged 55 to 64.”

Is there a way to reverse or even slow down the record retirement levels?

“Part of the solution, according to labour market experts, lies in finding ways to change the culture around aging in the workforce and making it easier for older workers to find fulfilling work and flexible hours,” the article suggests.

Losing the older, experienced workers makes things difficult for employers, the article continues.

“When you’re talking about replacing somebody who is experienced, knowledgeable and good at their job and replacing them with a novice, somebody who’s at the beginning of their career, [that’s] going to have a very different effect than replacing them with somebody who has experience,” Concordia University’s Gillian Leithman tells the CBC.

So — what can be done to change some older workers’ minds?

In the article, employment lawyer Camille Dunbar notes that while mandatory retirement was phased out decades ago, there are still disincentives for working beyond age 65, such as facing contribution caps in pension systems or facing higher costs for health insurance.

“It would be great to see some of those age limits changed, eliminated or somehow tied to something concrete as opposed to just an arbitrary age,” Dunbar tells the CBC.

Other approaches cited in the article include the notion of “job rotation.” Instead of keeping people in the same role for a long period of time, this idea has them getting to work “on new and challenging projects” in a new role.

The older workers interviewed in the article said they liked only having to come in when needed, rather than working full time, and like helping the younger workers learn the ropes.

Placing older workers in mentorship roles, the article continues, is also a nice way to give them a more meaningful work position while helping transfer their experience and knowledge.

And finally, the article suggests that keeping older people in the job longer is good for their physical and mental health. “Fulfilling work for older people has been shown to improve cognition, potentially staving off conditions like dementia, for which care is demanding and expensive,” the article says.

This is an interesting article, and it is very true that we see many friends and relatives still working away in their mid- to late 60s with no real plan to retire. And while it’s very true that these folks enjoy the social connections, mentoring, and so on, they also enjoy the income.

However, with few exceptions, the day will come when we will be either unable or unwilling to continue working. Putting away a little bit of what you are earning today will benefit your future you tomorrow. The Saskatchewan Pension Plan is an ideal way to boost your individual savings efforts. SPP allows you to contribute any amount (up to your available registered retirement savings plan room) each year. You can also transfer in any amount from an existing RRSP.

SPP then takes those contributions and professionally invests them in a low-cost pooled fund. Over time, your savings will grow — and when you decide to give retirement a shot, SPP will have retirement income options at the ready for you, including the possibility of a lifetime annuity! Check out SPP today!

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There have been reports from around the world about The Great Resignation – how the stress and strain of working through the pandemic crisis has prompted many to opt out of the workforce altogether.

In Canada, reports The Globe and Mail, the primary way that Canucks are leaving the workforce is via retirement.

“Last week’s July employment report from Statistics Canada revealed that a record 300,000 Canadians have retired over the past 12 months,” writes columnist David Parkinson. “That’s up nearly 30 per cent from the same time last year, and nearly 15 per cent from the months leading up to the pandemic in early 2020,” he continues.

One might think that older workers leaving the workforce – boomers and near-boomers finally giving back their ID badge and parking pass – might be good news for younger workers.

However, the Globe continues, there may also be a downside to this “retirement frenzy.” The article quotes economist Stephen Brown as saying “the sharp increase in retirees this year presents downside risks to our forecasts for employment, and with gross domestic product (GDP) growth already faltering, further raises the probability that economic activity will contract.”

The article links today’s record-low unemployment rate with a less-good stat, a falling job participation rate. In plainer terms, less joblessness, yes, but overall, less people working. “All this poses downside risks for GDP, particularly if retirements increase any further,” notes Brown in the article.

A clearer example of The Great Resignation’s impacts can be gleaned from an article in Manitoba’s Thompson Citizen. In Northern Manitoba, the article reports, recruitment bonuses of up to $6,750 – bonuses that continue on after hire – are being offered to try and get nursing positions filled in remote First Nations’ facilities. A lack of healthcare staffing has sparked a crisis in the area, the newspaper reports.

In Northern Ontario, the CBC reports, the mining and supply industry is also seeing “a shrinking and aging labour force,” and a “scramble” to fill open jobs.

“You’re going to see businesses closing because they can’t find enough people. And then it could also be putting more pressure on the people that are currently working,” Reggie Calverson of the Sudbury Manitoulin Workforce Planning Board tells the CBC.

There, technology is being deployed to automate some jobs – more AI, more robots, self-checkouts and virtual customer service, the CBC report notes.

And the younger workers left behind as their older colleagues “resign” or retire are indeed finding it a strain to pick up the slack, reports Time magazine via Yahoo!.

Many, the magazine reports, are “quiet quitting,” which is “the concept of no longer going above and beyond, and instead doing what their job description requires of them and only that.”

Employers in the U.S. and elsewhere fear that while “quiet quitters” will avoid job burnout by leaving at quitting time and not dealing with after-hours emails and meetings, overall productivity could be impacted at a time when there are fewer workers in the job pool.

How to incent workers who feel “unengaged?” A Globe and Mail piece by Jared Lindzon suggests more bonus pay, such as commissions, or even retirement-related incentives.

Many employers are considering offering matching contributions to their company’s retirement program, or setting up new programs, the article says.

It’s interesting to read that for some experts, a wave of retirements is negative for the economy. Canadian research from a few years ago suggests that retired workers do give the economy a boost via their pensions, which they tend to spend on goods and services and taxes.

A study last year carried out for the Canadian Public Pension Plan Leadership Council (CPPLC) by the Canadian Centre for Economic Analysis found that “every $10 of pension payments generates $16.70 of economic activity and makes a total contribution of $82 billion to Canada’s economy annually,” reports Benefits Canada.

OK, a lot going on here. People are retiring in droves, particularly those aged 55 to 65. It’s harder to fill jobs. Those in jobs are feeling overburdened, perhaps thanks to the fact that older colleagues have left and have not been replaced. While some fear this Great Resignation will negatively impact the economy, others who feel retirees are already helping out the economy may see this as more good news.

So let’s look at retirement savings in a new way. What can you, as an individual, do to help the Canadian economy in the future? Why, you can save for retirement and then, when you are there, spend your income on goods and services, while paying your taxes. That helps your local economy and your local and federal governments.

If you are in a workplace pension plan, you are on the right path. But if not – or you want to augment the plan you have – consider the Saskatchewan Pension Plan. Consider joining the 400 businesses offering SPP and its 32,000 members whose retirement savings now represent an impressive $600 million.

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The leaves are starting to change colour, the nights are cooler, and our little kids and grandkids are queueing up for the school bus once again.

But this year, with a backdrop of the highest inflation rate in decades, what are parents and grandparents to do when it comes to saving on back to school items? Save with SPP scoured the Interweb for some savings ideas.

Inflation, reports the CBC via the MSN website is a bit of a double whammy. First, we spenders have less coins in the wallet. “I just don’t have as much money to go around,” single mom Monica Belyea tells the CBC. And second, prices for school items have gone up. Or, as the CBC notes, there can be “shrinkflation,” where the price of something, say pencils, has not actually gone up, but you are now getting fewer pencils.

Tips from the CBC article include “shopping at home” to see if you can round up many of the needed school items from last year’s purchasing, as well as “carefully comparing prices between stores, waiting to buy certain items when deals are more abundant, and using coupon-code apps when online shopping.”

Pat Hollett of the Barrie, Ont.-based Canadian Savings Group suggests starting simply. “Don’t don’t grab the first thing you see. Shop around and pay the lowest price you can for the same item,” she tells the CBC “Price match where you can … Try other brands, if they’re cheaper.”

Her top tip is to “employ multiple techniques at once,” and shop “using coupons, cash-back offers and points, and tapping points cards to reduce prices as much as possible,” the CBC reports.

Writing for the Nerd Wallet blog via Yahoo! Finance, Hannah Logan notes that 36 per cent of Canadians surveyed are expecting they’ll spend more on back to school items this year than they did in 2021.

Her article recommends price matching.

“Price matching is a service provided by some retailers and grocery stores. Essentially, it means the store will honour a competitor’s lower price on a product, as long as it meets the parameters of their price-matching policy,” she writes.

“Some retailers are so eager to win your business (and confident in their prices) that they’ll not only match a competitor’s price, but offer to beat it by a certain amount or percentage. This could add up to big savings, especially if you’re shopping for big ticket items or multiple students,” the article continues.

Other saving tips outlined in her article include the idea of “buy now, pay later,” using money-saving apps, looking to see if your province offers any assistance (in B.C., certain kids’ clothes and school supplies may be tax exempt), and using “the right” credit card that offers cash back or other rewards.

Global News adds a few more back to school tips. If, the article suggests, your kids’ clothes are large enough to at least last through September, buying clothes in October – when sales begin – will be much more reasonable.

If you need electronics for the kids – such as tablets or laptops – think about going the “used” or “refurbished” route, the article suggests.

“Stores… can provide refurbished electronics at a cheaper rate than buying new, and shopping around local buy-and-sell communities or even swap groups can find you the equipment you need on a budget,” the article suggests.

If you know a kid is going to need a new laptop for the coming school year, start saving up for it months ahead, the article advises.

And if you do manage to outfit the kids with all they need for school – and save a few bucks in the process – a good home for those savings is the Saskatchewan Pension Plan. With SPP, your retirement savings are invested for the long term at a very low cost, growing into a future stream of retirement income. SPP is open to any Canadian with registered retirement savings plan room – consider signing up today.

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