Canada Pension Plan will replace roughly 30% of a worker's earnings in retirement

**Spunky** · 06-22-2016, 01:09 PM

Something has to be done to help the future retirees. There won't be enough

**Hannes** · 06-22-2016, 02:05 PM

its not a bd amount, but the cost of living is fairly high. you'll need more money than the 30% you're given

**_Richard_** · 06-23-2016, 03:21 AM

Originally posted by Spunky

Something has to be done to help the future retirees. There won't be enough

yea.. or, they need more money for their canadian pension war-machine

**Bryan G** · 06-23-2016, 04:47 AM

Originally posted by Spunky

Something has to be done to help the future retirees. There won't be enough

Or people could be responsible and save their own money via investments like RRSP's and Tax Free savings accounts?

**directfiesta** · 06-23-2016, 05:39 AM

Originally posted by Bryan G

Or people could be responsible and save their own money via investments like RRSP's and Tax Free savings accounts?

That is not enough ... I put 15K a year ( max) allowed of my income in RRSP ... But younger, I did not have the available income to do that .

I am near retirement , so at one point I will start taking out ( I am obligated by age 72 ). How long will I live . Will it last long enough if I live another 20 years, 25 years ...

I will have Provincial RRQ ( 700.00/month ) and Old Age security ( 650.00/month ) plus my pull out of RRSP .
I am fortunate in the sense that I have a few rental properties that bring me cash flow monthly, and that I will be able to sell as money is needed ; also, I have no dependants ( wife, kids, etc..) so I can spend it all.

But for ordinary hard working people, they will retire in poverty .

**Bryan G** · 06-23-2016, 05:44 AM

Originally posted by directfiesta

That is not enough ... I put 15K a year ( max) allowed of my income in RRSP ... But younger, I did not have the available income to do that .

I am near retirement , so at one point I will start taking out ( I am obligated by age 72 ). How long will I live . Will it last long enough if I live another 20 years, 25 years ...

I will have Provincial RRQ ( 700.00/month ) and Old Age security ( 650.00/month ) plus my pull out of RRSP .
I am fortunate in the sense that I have a few rental properties that bring me cash flow monthly, and that I will be able to sell as money is needed ; also, I have no dependants ( wife, kids, etc..) so I can spend it all.

But for ordinary hard working people, they will retire in poverty .

Well its better than nothing, I know people my age (37) that don't save shit. I can't understand it. When I retire my house will be paid off and I am planning on buying another soon to rent out. Most people will have to work well past 65 though.

**Spunky** · 06-23-2016, 05:59 AM

Originally posted by Bryan G

Or people could be responsible and save their own money via investments like RRSP's and Tax Free savings accounts?

Agreed, the average working joe is living paycheck to paycheck and can't afford it.especially in Vancouver where your mortgage or rent takes most of the paycheck.

**poncabare** · 06-23-2016, 06:05 AM

Originally posted by Bryan G

Or people could be responsible and save their own money via investments like RRSP's and Tax Free savings accounts?

But who would want to be a man and be responsible for himself?

**CDSmith** · 06-23-2016, 07:19 AM

Anyone who thinks that government old age pension is going to do it for them has their head in the sand.

**Paul Markham** · 06-23-2016, 07:25 AM

In the good years I put away a large chunk, so in the lean years I had some reserves, in the very good years, we put a lot away.

In 2008 most of you know the shit hit the fan for both of us and we didn't work for 3-4 years. Living off some of those reserves.

Now I'm 99% retired and living off my pensions and will never have to work or worry again.

**JamesM83** · 06-23-2016, 08:41 PM

This is an interesting thing to read about especially considering the fact I'm canadian and I know we're the most educated country in the world (on some basis) and our current generation of workers are working far past their 50s.

**Phoenix** · 06-24-2016, 03:42 AM

Originally posted by JamesM83

This is an interesting thing to read about especially considering the fact I'm canadian and I know we're the most educated country in the world (on some basis) and our current generation of workers are working far past their 50s.

Depending on who you check with we are a lot further down the education line than you might expect.

**JFK** · 06-24-2016, 06:05 AM

Originally posted by Spunky

Something has to be done to help the future retirees. There won't be enough

thats because the fucking politicians squandered ever cent they ever took in for the pogram

Canada Pension Plan will replace roughly 30% of a worker's earnings in retirement

News Canada Pension Plan will replace roughly 30% of a worker's earnings in retirement

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