The first edition of this book was published in 2010 and covered the Canadian market. We wrote it because we felt, both then and now, that Canadians preparing for retirement needed a clear and better understanding of both the risks they (and their finances) face, and how a “true pension” can help protect retirees from those risks. In the first edition, we provided some step-by-step guides on how to use the new approach of product allocation to protect against the new risks of retirement, and obtain a true pension.
As soon as that first (Canadian) edition was published, we started to get inquiries from prospective retirees in other countries asking how the tools and perspectives of pensionizing could help them, too. Our standard response, for several years, was, “Just refer to the Canadian edition; the terms might be different, but the pension landscape and the math and concepts of pensionizing are pretty much the same.…”
We were wrong.
As it turns out, the need for pensionization in the United States, the United Kingdom, Australia, and New Zealand is much more acute than it ever has been in Canada. What we refer to as “true pensions”—employer-provided, workplace pensions that provide a “retirement paycheck” to replace your workplace paycheck at retirement, for as long as you live—are more threatened and have experienced much more significant decline in these countries than in Canada … and that’s when they’ve even been available at all. ...