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For those living in Canada, Jonathan Chevreau of the Wealthy Boomer column in Financial Post has a very interesting, informative interview about Canadian Pension Plan and its possible future direction, in his latest interview with Malcolm Hamilton in Part 4 of the interview. Malcolm Hamilton is a retirement consultant at Mercer Canada. You can view the interview by clicking here. Thanks to my dear friend Alex for sending this link.

In this interview Malcolm discusses briefly the history of the Canadian Retirement Benefit system and the direction they have taken. He also compares it with the American Retirement System or the Social Security system in terms of the respective direction for the two systems.

It is an interesting and informative interview for anyone interested in the retirement system of either of the countries or for those wondering about their future options for retirement in Canada.

One important thing to keep in mind is that any government retirement benefits system is only designed to supplement your retirement income, never as a sole source of retirement income. Also, it is really upto you to take responsibility, interest in your own retirement savings and start contributing early, often and as much as you can to build your nest egg. This is the only way to be really sure that you will have a good retirement. Or one also has a second choice, and that is to hope things will work out and if they don’t, then simply blame it on the government or someone else. Please note that, in spite of your blaming someone else, you will still be the sufferer and not the other person, organization or government being blamed. So for you to not suffer, there is really only one choice and that is the first choice of taking responsibility to make sure you have enough saved and invested.

Check out the Wealthy Boomer column and other financial sites to educate yourself on how to take care of your retirement.

All the best in your efforts.