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Archived - Backgrounder on Canada Pension Plan (CPP) Enhancement

Share and Number of Families Near Retirement Who May Not Be Saving Enough to Replace 60 per cent of Their After-Tax Income, by Income Quintiles

Share % Number of families
Bottom 20%
 10 Representing 90,000 families
Second
 25 Representing 233,000 families
Third
 31 Representing 283,000 families
Fourth
 28 Representing 261,000 families
Top 20% 25 Representing 232,000 families
All families 24 Representing 1.1 million families
Notes: Figures represent the share of families near retirement at risk of not saving adequately (when considering income from the three pillars of the retirement income system and savings from other financial and non-financial assets). Income quintiles correspond to pre-retirement after-tax income of families with a major income earner age 45-59. The number of families under-saving is calculated by applying the share of families under-saving to the number of economic families in 2016 with a major income earner age 45-59, rounded to the nearest 1,000. Numbers may not add due to rounding. The number of families represents families from all provinces. Sources: Survey of Financial Security 2012 and Department of Finance Canada calculations.

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Share of Lower-Income Families (%) Near Retirement Who May Not Be Saving Enough, by Income Replacement Rate Target Scenario

Share of Lower-Income Families (%)
Baseline scenario: 60% income replacement 10
Scenario 2: 70% replacement 24
Notes: Figures represent the share of lower-income families at risk of not saving adequately (when considering income from the three pillars of the retirement income system and savings from other financial and non-financial assets). Lower-income families include families with a major income earner age 45-59 and with after-tax family income ranging from $10,000 to $45,000 (in $2016). Sources: Survey of Financial Security 2012 and Department of Finance Canada calculations.

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Expected Age at Death for Those Aged 65, 1961 to 2071

Year Males Females
1961 78.9 82.8
1962 79.0 83.0
1963 79.1 83.1
1964 79.1 83.3
1965 78.8 83.2
1966 78.8 83.2
1967 79.2 83.6
1968 79.1 83.6
1969 79.3 83.7
1970 79.2 83.8
1971 79.4 83.8
1972 79.5 84.0
1973 79.4 84.0
1974 79.6 84.1
1975 79.6 84.2
1976 79.8 84.3
1977 79.9 84.4
1978 80.0 84.5
1979 80.1 84.6
1980 80.3 84.6
1981 80.5 84.9
1982 80.6 85.0
1983 80.8 85.2
1984 81.1 85.5
1985 81.0 85.2
1986 81.3 85.5
1987 81.4 85.6
1988 81.8 85.8
1989 81.9 85.9
1990 82.1 86.0
1991 82.2 86.1
1992 82.5 86.3
1993 82.6 86.3
1994 82.9 86.5
1995 83.0 86.6
1996 83.3 86.7
1997 83.4 86.9
1998 83.7 86.9
1999 83.9 87.1
2000 84.1 87.2
2001 84.2 87.3
2002 84.5 87.4
2003 84.6 87.5
2004 84.8 87.6
2005 84.9 87.7
2006 85.1 87.8
2007 85.2 87.9
2008 85.3 88.0
2009 85.5 88.1
2010 85.6 88.1
2011 85.7 88.2
2012 85.8 88.3
2013 85.9 88.3
2014 86.0 88.4
2015 86.0 88.5
2016 86.1 88.5
2017 86.2 88.6
2018 86.3 88.6
2019 86.3 88.7
2020 86.4 88.8
2021 86.5 88.8
2022 86.5 88.9
2023 86.6 88.9
2024 86.6 89.0
2025 86.7 89.0
2026 86.7 89.1
2027 86.8 89.1
2028 86.8 89.2
2029 86.9 89.2
2030 87.0 89.3
2031 87.0 89.3
2032 87.1 89.4
2033 87.1 89.4
2034 87.2 89.5
2035 87.2 89.5
2036 87.3 89.6
2037 87.3 89.6
2038 87.4 89.7
2039 87.4 89.7
2040 87.5 89.8
2041 87.6 89.8
2042 87.6 89.9
2043 87.7 89.9
2044 87.7 90.0
2045 87.8 90.0
2046 87.8 90.1
2047 87.9 90.1
2048 87.9 90.2
2049 88.0 90.2
2050 88.0 90.3
2051 88.1 90.3
2052 88.1 90.4
2053 88.2 90.4
2054 88.2 90.5
2055 88.3 90.5
2056 88.3 90.6
2057 88.4 90.6
2058 88.5 90.7
2059 88.5 90.7
2060 88.6 90.8
2061 88.6 90.8
2062 88.7 90.9
2063 88.7 90.9
2064 88.8 90.9
2065 88.8 91.0
2066 88.9 91.0
2067 88.9 91.1
2068 89.0 91.1
2069 89.0 91.2
2070 89.1 91.2
2071 89.1 91.3
Note: Projection reflects cohort life expectancies at age 65. Source: Office of the Chief Actuary.

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Share of Private Sector Employees Covered by an RPP, 1977 to 2013
per cent

Year

Defined benefit RPP coverage

Defined contribution RPP coverage

Total RPP coverage
1977 31 3 35
1979 31 3 34
1981 31 3 34
1983 30 3 34
1985 29 4 33
1987 27 4 31
1989 26 4 31
1991 26 4 31
1992 26 4 31
1993 25 5 31
1994 24 5 30
1995 24 5 29
1996 23 5 29
1997 22 6 28
1998 21 6 28
1999 21 6 28
2000 21 6 28
2001 20 6 28
2002 20 6 27
2003 19 7 27
2004 19 6 26
2005 18 6 26
2006 17 7 26
2007 16 7 26
2008 14 7 25
2009 14 7 25
2010 13 7 24
2011 12 7 24
2012 11 7 24
2013 11 7 24
Source: Statistics Canada.

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Illustration of Annual Enhanced CPP Benefits for Different Age Cohorts and Income Levels ($2016)

$25,000 $50,000 $75,000
5 years of contributions
(60 years old in 2025)		 200 500 900>
15 years of contributions
(50 years old in 2025) 		700 1,500 2,600
25 years of contributions
(40 years old in 2025) 		1,200 2,500 4,300
35 years of contributions
(30 years old in 2025) 		1,700 3,500 6,000
40 years of contributions
(25 years old in 2025)		 2,000 4,000 6,800

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