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Or sign-in if you have an account.Retired Canadians with pensions earn an average of $85,735 per year, compared to $52,570 for those who don’t. Photo by Getty ImagesSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorExpectations rarely match reality when it comes to retirement savings, according to a new survey.About a quarter of working Canadians believe their savings will be their primary source of retirement income, but only 15 per cent of retirees do, according to a new report by the Colleges of Applied Arts and Technology Pension Plan (CAAT), so 58 per cent of retirees rely on the Canada Pension Plan (CPP) and Old Age Security (OAS) for income.“A big challenge stems from the onus placed on Canadians to make long-term decisions about saving, investing and turning those savings into reliable retirement income,” said the report, which outlines a series of misconceptions many working Canadians have about their retirement funds. “Without strong structures and support, those decisions can be difficult to navigate.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againOne misconception is that pension plans are simply icing on the retirement cake, but the report said retired Canadians with pensions earn an average of $85,735 per year, compared to $52,570 for those who don’t.There’s also a disconnect when it comes to retirement ages. Most Canadians believe 60 is the ideal age to retire, but expect to retire at 67.“Canadians don’t close the retirement gap over time,” the report said. “Instead, they shift expectations. Rather than materially increase savings or change planning behaviour early, Canadians tend to delay key decisions and push retirement further out. They assume there will be more time to save.”Saving in general can be a challenge, with 60 per cent of those earning $50,000 or less not saving for retirement at all and 38 per cent of those without a workplace pension taking little to no action when it comes to saving.Many Canadians simply lack the right tools to properly save for retirement. Sixty-eight per cent of retirees wished they had had the ability to save for retirement earlier in life, while 58 per cent of working Canadians say the lack of a workplace pension limits their ability to save.But at least Canadians largely understand that government pensions alone are not enough to retire, and 90 per cent would support policies meant to make retirement savings easier to amass.“A real opportunity exists to rethink how our retirement system is designed,” the report said. “It should better reflect how people actually behave, provide more predictability and make retirement easier to navigate with confidence. That means expanding access to solutions, such as defined benefit workplace pensions, that deliver income security, simplify decision-making and better support today’s realities. We will all be better for it.”Sign up here to get Posthaste delivered straight to your inbox.The U.S. Treasury Department has begun refunding tariff revenue that was charged unlawfully, to the point where more money is going out than what’s coming in.The department return US$22 billion in tariff revenue in May more than the agency brought in.Businesses continue to pay tariffs from every country, however, even after the U.S. Supreme Court struck down U.S. President Donald Trump’s emergency tariffs.Additionally, a temporary 10 per cent global tariff rate expires at the end of the month.White House officials have pledged to restore the tariffs with more legally sturdy duties.Juneteenth holiday in the U.S., U.S. markets closedToday’s Data: Retail sales for AprilEarnings: Apex Resources Inc.More than one generation of a family living under the same roof is one way to handle the rising cost of living, but it can quickly turn financially complicated. From who helps aging parents to who’s saving for a house, financial plans need to account for the reality of sharing a home. Find out more here.Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.