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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, August 20, 2015 | 18 C Ontario is helping residents prepare for retirement Dollars & Sense Guest Contributor anadians worry about retirement. That worry may be reduced for those living in Ontario. Nearly one in four Canadian private sector retirees don't have enough nancial resources to pay for their lifestyle. Over half are fearful they will run out of money during their lifetime. Last week, the Government of Ontario announced details of the new Ontario Retirement Pension Plan (ORPP). The program is designed to help the two out of three Ontarians who do not have a secure Peter Watson workplace pension plan. Premier Kathleen Wynne said, "The ORPP is truly forward looking, making On- tario a better place to work, invest and age." The logic behind this new initiative is the reality that not many individuals are able to save enough for retirement. Also, Ontario taxpayers should not have the burden of caring for people who are not nancially self-suf cient. By ensuring more money is put aside for retirement, both future retirees and the provincial government will be in a better nancial position. On that basis, this is a good initiative. Participation in the ORPP will be limited to those who do not have an existing workplace pension or suf cient de ned contribution plans. These plans must be locked-in and regulated by existing provincial pension standards. The locked-in provision ensures that individuals can not withdraw their retirement funds before retirement. There is no such locked-in provision with current Registered Retirement Savings Plans. Similar to the Canadian Pension Plan, the see Onus on p.19 10%off All you can EAt Buffet (Lunch or Dinner Tues - Fri) staurant Sweets & Re at All You Can E n ria 100% Vegeta t E f f u B a Weekday Samos SpeCiaL LUNCH $1099 Keep a level head in an up - and - down market. 2 /$1 DiNNeR $1199 From 11am-3pm From 5pm-9pm 2345 Trafalgar Road · 905-257-0808 JUNIOR (3YR - 11YR) $8.99 Kids (2YR & Under) $ Free $ $70 70 i in nc coupon oupon savings L Look ook i in nt this his w week's eek's p paper aper for your and also save with print-at-home coupons when you sign up at pgeveryday.ca up to © 2015 P&G