Canada’s retirement income system has generally served seniors well, with family income replacement rates remaining high at an average of 80 per cent to 90 per cent, according to a new report by the C.D. Howe Institute.

It found income replacement rates increased by almost 10 per cent between 2002 and 2014, before declining back to levels reported at the beginning of that period. The median household net worth of those aged 65 and older rose from $503,600 in 1999 to $1.1 million in 2023 (an increase of 120 per cent), representing a significant rise in the potential living standards of seniors.

The share of seniors with registered retirement savings........

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