When risk managers are thinking about risks, cognitive biases that focus on recent risks often come into play. Train yourself to think with a longer time horizon, strategically, and in a way that allows risks to interact in combination with one other. The companies that encourage this are more likely to survive and make better decisions that allow them to thrive.
In the 2020 Retirement Risk Survey, conducted in partnership with Ipsos, the CIA asked Canadians a series of provocative questions about their retirement and long-term planning. The survey focused on how well Canadians understood longevity and life in retirement, and how accurate their expectations are around being disabled in retirement, needing long-term care, and more.
With the pandemic in its fourth wave, the Canadian retirement landscape remains a vulnerable sector. The findings of the Retirement Risk Survey, though concerning, illustrate an undeniable fact that, more than ever, Canadians need support and information about how to manage their retirement and long-term care needs in old age.
Advances in modern medicine mean people are living longer, and while a longer life is an important gain, it can present a challenge to income security. We asked Canadians to consider how well their retirement plans factor in the possibility of living longer and what it might mean for their quality of life.
Despite being associated with a more comfortable, confident retirement, more than half of Canadians do not have a financial plan for their retirement, which results in most retired Canadians having less income in retirement than they did when working. Compared to 80% of individuals who do have a plan and expect to live comfortably in retirement, this is a discrepancy that may indicate an earlier...