The adequacy of the retirement income system for retired middle-income Canadians

Abstract

Lower-income retired Canadians in income quintile one are well taken care of by the government’s income support system, while upper-income Canadians (income quintile five) typically have adequate income and investments in retirement. However, this thesis established that middle-income Canadians in income quintiles two, three, and four rely on a mix of retirement income sources to achieve sustainable pre-retirement living standards. Data analyses were used to determine the adequacy of the retirement income system. The thesis focused on selected periods of 2000, 2005, 2010, 2015, and 2018 and compared the performance of the RIS in Canada and across the selected provinces of British Columbia, Alberta, Ontario, Quebec, and Nova Scotia. This thesis established that the RIS is adequate for middle-income Canadians. Employment income during retirement has no significant relationship with the Gross Replacement Rate (GRR). The thesis confirmed that the RIS achieved its objectives through the various retirement income sources.