SUMMARY - Retirement and Pension Plans
Consider the case of Elena, a 58-year-old registered nurse in Ontario who has contributed to her employer’s defined benefit pension plan for thirty years. As she approaches eligibility for early retirement, she faces a complex calculus: accepting a reduced pension now to enjoy leisure and care for aging parents, or working five more years to secure a higher lifetime income, despite the physical toll of her profession. Her situation is not merely personal but structural, reflecting the broader tension between individual labor supply and institutional pension design.