As baby boomers grow greyer at the temples, the federal government is consulting with Canadians to prepare for an unprecedented number of retirees.

There is no need to fear the future as long as we are prepared for it. Minister of Finance Jim Flaherty has announced online consultations, cross-country roundtable discussions, speaking engagements and town hall meetings to ensure Canadians have input into Canada’s future retirement income system. These consultations will add to the discussions in May when the federal, provincial and territorial finance ministers put the system under the microscope.

The government will convene public town hall meetings in Charlottetown, Quebec City, and Richmond, B.C. this spring. Roundtable discussions with invited key stakeholders, experts and representatives from provincial and territorial governments will take place in St. John’s, Winnipeg, and London, Ontario. Saskatchewan residents can weigh in by going online to the Department of Finance web site at www.fin.gc.ca and follow the prompts.

Minister Flaherty is scheduled to speak on strengthening Canada’s retirement income system at conferences hosted by the University of Calgary on April 12 and at the Institute for Research on Public Policy in Toronto on May 4. He has also asked the Senate Standing Committee on Banking, Trade and Commerce and the House of Commons Standing Committee on Finance to assist the government through their own studies of the government-supported retirement income system.

Practically all industrialized countries provide retirement income support for seniors through a mix of government programs and private savings incentives. Canadians have access to the Old Age Security and Guaranteed Income Supplement for a basic minimum income. The mandatory Canada Pension Plan provides a basic level of earning replacement. And, RPPs, RRSPs and RRIFs provide tax-assisted savings opportunities.

Generally, the current system has resulted in a low rate of poverty among seniors and most Canadians have been able to save enough to achieve relatively high rates of income replacement in retirement. But, there are still too many seniors who are in need of more assistance and this government will continue to advocate for them.

In the meantime, the retirees of tomorrow should take a hard look at what lies ahead for them, and share their insights with the Minister of Finance during the next month. It’s important to plan for tomorrow today.

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