Retirement. How much you might get.

Previous Thread Next Thread
X

xix

Time Zone Traveller
Jul 27, 2002
4,167
1,404
113
La la land
This is no reference to anyone here. But this is just to show you a picture what could happen. These are real accounts.

Lady A.
Arrived in Canada at 45 started working and contributing to CPP/OA right away.
In January she will retire and receive 192/month. If you sum up the amount of time she was laid off it would be approximately 18 months in 20 years.

Her car insurance is 1000/year and rent of dwelling, don't ask.

Lady B.
Only worked 6 months the rest of the time she was at home taking care of the kids. Kids turn out alright, Professionals. Still married.
She will get 33/month from CPP/OA.

Lady C
Worked 30 years in Canada and is getting 330/month.
She is also married.

Now I understand why some old folks are looking/searching for a Beau when they hit 65.



I calculated that I have to work full time from 18 to 65 with no laid off time, I would approximate receive now 600/month.
This is only good if you are not paying rent and you own.
Someone who heads to Univeristy/College, if they graduated and make reasonable more money than average can catch up to make full payments to CPP in return to get a good income when they retire.

I better start learning how to speak Spanish to go to Mexico. And learn home care maintenance to either survive in Florida and help the rich retirees, or work part time in Hotels.

Conclusion, contribute some but save most of your own money under the mattress.
 
L

LateComer

Better Late than Never
Nov 8, 2002
1,754
3
38
To get the full CPP benefit ($934/mo) you have to contribute the maximum for 85% of the time. That means if you contributed from age 18 to 65 (47 years) you will get the full benefit as long as you have contributed the maximum for 40 years. Those who start contributing late in life or have extended periods of zero (or minimal) contributions get significantly less. There are other programs that help these people out, namely the Old Age Pension ($500/mo approx) and the Guaranteed Annual Income Supplement.
 
N

Nickelodeon

Well-known member
Apr 13, 2003
1,976
430
83
64
toronto
mediaguy said:
Don't rely on government to fund your retirement!!
You need to save, save and save to make life more comfortable in your senior years.
Click to expand...
Correct....otherwise which citizens are going to be tapped to pay for retiring baby boomers?

Scotiabank's big lie should be changed to "You're poorer than you think".
 
S

Serpent

Active member
Jan 1, 2006
1,863
0
36
LateComer said:
To get the full CPP benefit ($934/mo) you have to contribute the maximum for 85% of the time.
Click to expand...
That is it??? $934 per month? And how much do we pay into this system every year, year after year?? Fuck, this is the biggest scam ever!! We could invest that $2000 into a ETF or a target retirement fund and definitely come out ahead than 934/month!
 
H

hinz

New member
Nov 27, 2006
5,672
1
0
mediaguy said:
Don't rely on government to fund your retirement!!
Click to expand...
Try to repeat the same message to the union members working for 3 levels of governments, corporation like the TTC and the politicians.

These people don't have a clue or give a damn on the word self-reliance since theirs are DB plan funded by taxpayers like you and me when there are shortfalls due to poor market returns and incorrect actuary assumptions.

You don't call pension envy for nothing.

http://www.financialpost.com/personal-finance/3856823/story.html

mediaguy said:
You need to save, save and save to make life more comfortable in your senior years.
Click to expand...
Amen.

Having said that, it's easier said than done, especially in a world of instant gratification and punting of all kinds, be in Wall/Bay Street or incalls/outcalls.
 
N

nottyboi

Well-known member
May 14, 2008
22,490
1,361
113
You can go to the Service Canada website and log in and see what you will get. When I did this it says I am already eligible for about 70% of full benefits and I am only 44 so it depends on what type of job you have. I maxed my CPP pretty much every year I worked. If some of these people were working part time and only made 15-20K/year for sure they would not get much CPP. But I think the system needs to be greatly expanded. It needs to be increase to something that can pay $25-30K/year. All private pensions should also come under CPP administration. After all it is the Government that often has to pick up the tab when a pension blows up.
 
B

blackrock13

Banned
Jun 6, 2009
40,085
1
0
nottyboi said:
You can go to the Service Canada website and log in and see what you will get. When I did this it says I am already eligible for about 70% of full benefits and I am only 44 so it depends on what type of job you have. I maxed my CPP pretty much every year I worked. If some of these people were working part time and only made 15-20K/year for sure they would not get much CPP. But I think the system needs to be greatly expanded. It needs to be increase to something that can pay $25-30K/year.
Click to expand...
When are you leaving again?
 
T

t.o.leafs.fan

Well-known member
Jul 19, 2006
1,362
157
63
mediaguy said:
Don't rely on government to fund your retirement!!
You need to save, save and save to make life more comfortable in your senior years.
Click to expand...
I totally agree. My savings will be used for my necessities. My CPP payments will be the money I burn every month, be it gambling, boozing, whoring etc.
 
H

hinz

New member
Nov 27, 2006
5,672
1
0
xix said:
Yes I remember this story,

Change the location to dirty clothes, VHS tapes, and inside the doors.

Thanks for the reminder.
Click to expand...
LOL, that doesn't prevent the Jr to dispose those with cash inside when you are no longer capable or trust yourself to take care yourself.

BTW, that "missing $1M mattress" became a nightmare for the elderly and a national security risk for the state of Israel.

Assuming the $1M mattress was recovered, all of her wealth and more would be penalized severely by the state for decades of tax evasion. Interesting to know what the state of Israel was going to do with these money and fines out of it. A bonus for the money spent on weekly jet fuel for the IAF? An extra dough for the Mossad or Shabak to recruit collaborators? An extra dough for Kidon to conduct operation?

OTOH, given the fact the majority of those working in the dumps over there are Arabs labor, be the Palestinians having security clearance or Arab Israeli citizens, who knew what they were going to do when discovering that mattress? Moved it to the West Bank for the Fatah, money for those cronies? Smuggled it to the Gaza Strips for Hamas to pay the debts to the Iranians, to whom they might "recycle/transfer" those funds to the Hizbullah in the North to buy more weapons to attack Israel? Shipped it out of the Eliat to either Egypt or Saudi Arabia and fell to the hands of the Muslims Brotherhood or Al-Qaida elements?

Pretty grim for the unintended consequences to put money under the mattress, eh?
 
H

hinz

New member
Nov 27, 2006
5,672
1
0
blackrock13 said:
Sounds like you got a plan. Well done.
Click to expand...
+1.

Having said that, I would probably see myself pitch in a portion of those CPP payments to my grand kids RESP, a match to my kids contribution to the plan.

But again I am single and my future SO would probably beat the hell out of me for even thinking of this idea!!
 
R

Rockslinger

Banned
Apr 24, 2005
32,776
0
0
hinz said:
These people don't have a clue or give a damn on the word self-reliance since theirs are DB plan funded by taxpayers like you and me when there are shortfalls due to poor market returns and incorrect actuary assumptions.
Click to expand...
I know some retired government workers drawing full pension now working full time for an accounting or law firm. Talk about "double dipping". The only condition is that they can't lobby their old government department for 2 years.

I think that a fireman and policeman can retire on full pension after 25 years service probably around age 45.
 
SoftHands813

SoftHands813

Casual Observer
Jan 2, 2008
743
272
63
Serpent said:
That is it??? $934 per month? And how much do we pay into this system every year, year after year?? Fuck, this is the biggest scam ever!! We could invest that $2000 into a ETF or a target retirement fund and definitely come out ahead than 934/month!
Click to expand...
OK, quick lesson in math.

CPP maximum deduction this year was $2163.15 - in other words the most you could pay INTO the plan was $2163.15 .
The maximum payout is $934 per month, or $11208 per year.

So you pay IN 2 grand per year and get paid OUT 11 grand per year.

Hmmmm.... yeah, I'm not seeing the scam thing.
 
B

big dogie

Active member
Jun 15, 2003
1,227
0
36
in a van down by the river
You are correct as long as you are not self employed. If you are self employed the payment is twice the maximum deduction. Employers must match the employee portion of CPP so you are a little off base.


b d

SoftHands813 said:
OK, quick lesson in math.

CPP maximum deduction this year was $2163.15 - in other words the most you could pay INTO the plan was $2163.15 .
The maximum payout is $934 per month, or $11208 per year.

So you pay IN 2 grand per year and get paid OUT 11 grand per year.

Hmmmm.... yeah, I'm not seeing the scam thing.
Click to expand...
 
O

ogibowt

Well-known member
Aug 3, 2008
6,249
2,805
113
Rockslinger said:
I know some retired government workers drawing full pension now working full time for an accounting or law firm. Talk about "double dipping". The only condition is that they can't lobby their old government department for 2 years.

I think that a fireman and policeman can retire on full pension after 25 years service probably around age 45.
Click to expand...
idiot, please tell me how that is double dipping...if i am a mailman and retire at 65..but i get bored after awhile, and become a school crossing guard....i will get both cheques blended and taxed..how that is double dipping is beyond me...
 
R

rafterman

A sadder and a wiser man
Feb 15, 2004
3,486
82
48
Don't you get more if you delay drawing benefits? Ha ha ha....you just need to keep working until you are 75.
 
You must log in or register to reply here.
Previous Thread Next Thread
Toronto Escorts
Top Bottom