Yep, the government is really great at making promises and then never keeping them. They have no intention of supporting the elderly and want them to die off before they can take full advantage of a pension. They really dont' care about us, we should take a lesson from france where if they fuck with the citizens they riot.
Retirement. How much you might get.
- Thread starter xix
- Start date
government mirrors society..and in North America..youth is adored and old is abhorred....with whatever is wrong in China and their totalitarian society, a least their elderly are honoured and respected, not paid lip service like over here..
CPP is only one piece of the puzzle. OAS and GIS will also be available for low to modest income folks. Not everyone is in a private pension plan or are able to max out teir RRSP contributions. Best bet is not to rely on the government however if you have to don't expect anything more than a small survival income. For many their paid off homes will be their pension plans so plan on looking at reverse mortgages as an option or consider moving to an area with lower real estate prices.
1- Canada Pension Plan (CPP) - Payment Rate.
Average monthly = $505.09
http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml
2- Old Age Security (OAS) Payment Rates.
Average monthly = $490.30
http://www.servicecanada.gc.ca/eng/isp/oas/oasrates.shtml
Only if you retire at age 65 then the average for the both of you is around ($1,000 a month x 2 ppl, spouse) = $2,000 a month. Not bad, plus include your (RSP+Stocks+Pension+inheritance+House). You can retire comfortable, that's if you don't have any serious medical conditions. Mind you, the earlier you start saving the better off you will be. I would recommend retiring age 60, the monthly payment will be less however, you really don't know how long your going to live anyway.
Other Links: Canada Pension Plan and Old Age Security
http://www.hrsdc.gc.ca/eng/oas-cpp/index.shtml
http://www.servicecanada.gc.ca/eng/isp/common/proceed/socinfo.shtml
Average monthly = $505.09
http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml
2- Old Age Security (OAS) Payment Rates.
Average monthly = $490.30
http://www.servicecanada.gc.ca/eng/isp/oas/oasrates.shtml
Only if you retire at age 65 then the average for the both of you is around ($1,000 a month x 2 ppl, spouse) = $2,000 a month. Not bad, plus include your (RSP+Stocks+Pension+inheritance+House). You can retire comfortable, that's if you don't have any serious medical conditions. Mind you, the earlier you start saving the better off you will be. I would recommend retiring age 60, the monthly payment will be less however, you really don't know how long your going to live anyway.
Other Links: Canada Pension Plan and Old Age Security
http://www.hrsdc.gc.ca/eng/oas-cpp/index.shtml
http://www.servicecanada.gc.ca/eng/isp/common/proceed/socinfo.shtml
RRSP's are giving a tax break now, but when you retire and start using them to live your going to start paying tax on them too.
If you know a young person attending university, you may want to give them this advice. Seek a job in government. Retire on a full indexed pension at age 53. Come back as a paid "consultant" for the same government. Talk about double dipping!
ROFLMAO. Never expect those union members in the American governments could be that mean spirited like the Canadian counterparts since the Americans have constitutional rights to bear arms.
Thanks for pointing that out, b d. I had forgotten about the employer contribution and the self-employed rules.
I stand corrected.
SH813
