Washington is likely soon to see rare bipartisan cooperation reforming the retirement system, proof that people can behave wisely once they have exhausted the alternatives. But while U.S. reforms would improve access for large numbers of Americans outside the framework of standard workplace benefits, proposals in Canada’s 2019 budget could enhance retirees’ incomes. Specifically, the budget proposes two significant innovations for Canadian defined contribution plans: a deferred annuity option and a tontine-style risk pool.
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