L iving longer has serious implications on the nancial health of existing pension plans faced with the issue of underfunding. This also applies to individuals whose personal savings are underfunded. Pensions and individual retirement plans were created as savings vehicles to be used during your working years so you have money to spend while you are retired. The concept is simple but there is risk as to how this is done. One risk is estimating how long you will live. Obstacles facing future pensioners and retirement plans Dollars & Sense Peter Watson Guest Contributor 13 | Thursday, September 12, 2013 | OAKVILLE BEAVER | www.insideHALTON.com Although this is an unknown number, we can take an estimate by looking at life expectancies of others. The Canadian Institute of Actuaries (C.I.A.) is studying Canadian data on life expectancies. Their study con rms what we intuitively know, which is that people are living longer. The implications for pension plans are that many may be challenged with underfunding to the point of not being able to extend payments into pensioners' later years. Recent years of poor investment returns compound the problems of underfunding. This may also apply to individuals. Many have had poor investment returns due to stock market volatility or extremely low interest rates earned on xed income in- vestments, such as bonds. Underfunding is a serious issue for pension funds and the individuals who rely on their own retirement savings. At this stage, the C.I.A. report is only a draft but it does provide useful information. A 60-year-old Canadian woman can expect to live to just less than 90 years, which is an increase of close to three years from existing predictions. Canadian men are also expected to live three years longer. A 60-year-old male has a life expectancy of just over age 87. see Living on p.14 MY NISSAN. MY DRIVE. T HIS I SM YW AY O FG ETTING THIS IS MY WAY OF GETTING M ORE. FOR LESS. MORE SPECIAL INTRODUCTORY OFFER OFFER The All-New 2014 NissaN NissaN veRsa veRsa NOTe NOTe BEST-IN-CLASS TOTAL INTERIOR VOLUME $ 78 0.9% AT APR BI-WEEKLY PER MONTH FINANCING FINANCE FROM FOR 84 MONTHS FREIGHT AND FEES INCLUDED $0 DOWN · STARTING FROM $13,699 1.6 SL Tech Tech model shown CLEAROUT DRIVE 2013 0 % FOR UP TO 84 MONTHS OR $ 13,000 UP TO ON OTHER SELECT 2013 MODELS IN CASH DISCOUNTS The 2 2013 013 N NissaN issaN a alTiMa lTiMa s seDaN eDaN B BEST-IN-CLASS E ST- IN- CL ASS H HIGHWAY IGHWAY F FUEL UE L E ECONOMY CONOMY The 2013 N NissaN issaN s seNTRa e NTR a BEST-IN-CLASS BE S T- IN - CL ASS COMBINED COMBINE D FUEL FUEL ECONOMY ECONOMY $ 3.5 SL model shown 4,000 IN CASH DISCOUNTS NOW UP TO $ 88 FINANCE FROM BI-WEEKLY AT PER MONTH FOR 84 MONTHS 0% APR STARTING PRICE WAS $25,527 $21,527 NOW FREIGHT AND FEES INCLUDED · STARTING FROM $15,949 $15,949 $0 DOWN 1.8 SR model shown OFFER ENDS SEPTEMBER 30 . FIND YOURS AT CHOOSENISSAN.CA OR YOUR LOCAL RETAILER TH Finance offers are now available on new 2014 Versa Note 1.6 S MT (B5RG54 AA00), manual transmission/2013 Sentra 1.8 S (C4LG53 AA00), manual transmission. Selling Price is $13,699/$15,949 financed at 0.9%/0% APR equals 182 bi-weekly/182 bi-weekly payments of $78/$88 for an 84/84 month term. $0/$0 down payment required. Cost of borrowing is $441.36/$0 for a total obligation of $14,140/$15,949. $500/$1,250 NCF Finance Cash included in advertised price, applicable only on 2013 Sentra (C4LG53 AA00/C4LG53 BK00)/Versa Note 1.6 S MT (B5RG54 AA00/B5RG14 AE00) on finance purchases through subvented loan contracts only through Nissan Canada Finance. This offer cannot be combined with any other offer. Conditions apply. $4,000 cash discount is valid on the new 2013 Nissan Altima Sedan 2.5 (T4LG13 AA00/AA10) and 2013 Altima Sedan 2.5 S (T4RG13 AA00/AA10)/ 13,000 cash discount is valid on all 2013 Titan models except the Titan 4X2 King Cab S SWB (1KAG73 AA00) when registered and delivered between September 4th, 2013 and September 30th, 2013. The cash discount is only available on the cash purchase, and will be deducted from the negotiated selling price before taxes and cannot be combined with special lease or finance rates. This offer cannot be combined with any other offer. Conditions apply. $13,699/$21,527/$15,949 Selling price for a new 2014 Versa Note 1.6 S MT (B5RG54 AA00), manual transmission/2013 Altima Sedan 2.5 (T4LG13 AA00), CVT transmission/2013 Sentra 1.8 S (C4LG53 AA00), manual transmission. $500/$1,250 NCF Finance Cash included in advertised price, applicable only on 2013 Sentra (C4LG53 AA00/C4LG53 BK00)/Versa Note 1.6 S MT (B5RG54 AA00/B5RG14 AE00) on finance purchases through subvented loan contracts only through Nissan Canada Finance. This offer cannot be combined with any other offer. Conditions apply. Models shown $20,719/$34,427/$21,649 Selling Price for a new 2014 Versa Note 1.6 S SL (B5TG14 NA00), Xtronic CVT® transmission/2013 Altima Sedan 3.5 SL (T4SG13 AA00), CVT transmission/2013 Sentra 1.8 SR (C4RG13 RT00), CVT transmission. Freight and PDE charges ($1,567/$1,695/$1,567), air-conditioning levy ($100) where applicable, certain fees (ON: $5 OMVIC fee and $29 tire stewardship fee), manufacturer's rebate and dealer participation where applicable are included. License, registration, insurance and applicable taxes are extra. Finance and lease offers are available on approved credit through Nissan Canada Finance for a limited time, may change without notice and cannot be combined with any other offers except stackable trading dollars. Retailers are free to set individual prices. Offers valid between September 4, 2013 and September 30, 2013. Fuel economy from competitive intermediate/compact 2013 internal combustion engine models sourced from Autodata on 13-12-2012. Hybrids and diesels excluded. 2013 Sentra/Altima fuel economy tested by Nissan Motor Company Limited. Sentra: CVT transmission (4.9L/100 KM HWY/6.6L/100 KM CITY/5.8L/100 KM COMBINED), manual transmission (5.5L/100 KM HWY/7.5L/100 KM CITY/6.6L/100 KM COMBINED), CVT model shown. Altima: 2.5L engine (7.4L/100 KM CITY/5.0L/100 KM HWY), 3.5L (9.3L/100 KM CITY/6.4L/100 KM HWY). 3.5L shown. Actual mileage will vary with driving conditions. Use for comparison purposes only. Association of International Automobile Manufacturers of Canada (AIAMC) Entry Level Segmentation. MY14 Versa Note v. MY13/14 competitors. Offers subject to change, continuation or cancellation without notice. Offers have no cash alternative value. See your participating Nissan retailer for complete details. ©1998-2013 Nissan Canada Inc. and Nissan Canada Financial Services Inc. a division of Nissan Canada Inc. Oakville NissaN 2316 South Service Road West, Oakville, ON Tel: (905) 827-1177 www.oakville.nissan.ca