Helping Newcomers and International Students Secure their Financial Futures in Ontario

Ontario’s Financial Services Regulator offers five simple steps to help immigrants and their families plan for retirement.

• 81 percent of people are more concerned about paying for basic necessities like groceries than saving for retirement.
• 44 percent said the high cost of living is hindering them from starting to save for retirement.
• 20 percent of people think they will never be able to retire.
• only 17 percent believe their quality of life will be better when they retire.

FSRA has a simple five-step strategy to help Ontarians learn more about and prioritize their pension and retirement planning

1. Ask if your workplace offers a pension plan.

• If you’re already a plan member, ensure you know what benefits you’re entitled to. Reviewing your annual pension statement is a good place to start.

2. Find out if your workplace offers a retirement savings plan.

• If you don’t have access to a workplace pension, there may be other options.

3. Learn about employer matching.

• If your employer will match your pension contributions, consider making maximum payments to take full advantage of the money you save for retirement.

4. Decide what you can comfortably save.

• It doesn’t need to be a lot! Whether it’s $5, $50 or $500 a month, the more you can save and invest today, the better off you’ll be at retirement.

5. Consider making a pension plan part of your job search criteria.

• You already consider salary, benefits, and vacation when deciding where to work. Add the pension plan to your pros and cons list, too!

Learn More
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca

Links
https://www.fsrao.ca/consumers/pensions
https://www.fsrao.ca/pensionawareness