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Chapter 6:  Retirement Income Security   Introduction ......................................................................................... 147  The Extent of the Retirement Savings Problem .......................................... 149  Factors that Contribute to the Savings Problem ......................................... 151  Most People Do Not Have a Workplace Pension ...................................... 152 Contributions to Voluntary Savings Are Lacking and Consistently Healthy Returns Are Hard to Achieve .................................. 153 Existing Canada Pension Plan Benefits Are Inadequate ............................ 156 People Are Living Longer .................................................................... 159  Who Is Most Likely to Have Inadequate Retirement Savings? ....................... 160  Middle-Income Earners ...................................................................... 160 Younger Workers .............................................................................. 161 Other Risk Groups ............................................................................. 162  Inadequate Retirement Savings and the Demographic Shift ......................... 163  Future Retirement Incomes and Government Spending ........................... 163 Intergenerational Equity ..................................................................... 163 Income Inequality ............................................................................. 164  Increasing Retirement Savings Would Have Positive Economic Benefits ......... 165  Improving Retirement Preparedness ........................................................ 167  Financial Literacy .............................................................................. 167 Transitioning into Retirement .............................................................. 168 Youth Employment ............................................................................ 168  Ontario’s Approach to Improving Retirement Income Security ...................... 169 vi  Ontario’s Long‐Term Report on the Economy  
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