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Canada ranks ninth in the 2019 Global Pension System Ranking by Country with an index score of 69. The Old Age Security (OAS) and Canada Pension Plan (CPP) are the important foundations of the country’s retirement system. Would-be retirees look forward to receiving the pensions, because both are guaranteed lifetime incomes.
However, you would be throwing caution to the wind if you retire with only your OAS and CPP but with zero savings. Soon-to-be retirees must realize early on that the two publicly administered pension plans are partial replacements of the average worker’s lifetime earnings. There’s a wide income gap a retiree must strive to fill before taking the retirement exit.