The Future of Retirement ?? (make sure you have a stiff drink)

[yolosohobby]

http://www.zerohedge.com/news/2013-09-23/making-100000-then-flipping-burgers-may-be-your-future

Fuck. You need a real nest egg these days, living expenses are high. Rates of return are low. Generating a yield/ income is difficult.

 

[basketcase]

A view promoting a mandatory socialized pension plan.
http://thewalrus.ca/pension-envy/

 

[FAST]

Its not my problem

If people continue to assume that retirement is some how NOT their responsibility,...those people are not going to retire with a comfortable life style.

FAST

 

[Butler1000]

Fortunately I have a non-contributory defined pension heading my way(non public sector but quite secure). That CPP and my slowly growing investments with a plan for 0 debt at retirement. Still have 20 years to go. But with realisticv planning should work.
It does amaze me how some people can't see far enough ahead. Some of my friends can't even see next year.

 

[Rockslinger]

"Leech’s team, of course, is not infallible. In 2007, OTPP and two American firms made a bid to acquire BCE in a $35-billion blockbuster deal. By a stroke of cosmic luck, a Quebec court blocked the overpriced sale, a twist of fate that helped to blunt the savage impact of the 2008 credit collapse on Teachers’ holdings. “We were reminded that investments d"

BCE was a bargain price at $42.75. Teachers missed the boat on that one. Any bid for BCE now would have to be much higher than $42.75. Of course, the silly Harper government is doing their best to destroy indigenous Canadian own and managed telecom companies.

 

[yolosohobby]

A view promoting a mandatory socialized pension plan.
http://thewalrus.ca/pension-envy/

Good article, thanks!

The quote below has a lot to do w the root cause of the US financial crisis imho,

For pension plan executives and their actuaries, the math focuses on a single metric: the discount rate, the fund’s target rate of return once inflation has been stripped out. In the world of pension management, the discount rate is a highly politicized number. Most Canadian public sector plans rely on conservative rates, and OTTP’s is especially conservative, at 3.1 percent. By contrast, many American state and municipal plans, which tend to take greater risks, have set themselves much higher rates, in the 7 to 8 percent range. In other words, they are betting on stellar future returns as a means of keeping current contributions to a minimum.

 

[train]

It is only a question of time before indexed public sector pension plans will bankrupt all of us. See Greece , Spain, Italy and France

 

[dirk076]

I will work until 67 and then leave the country for a warmer climate and a more tax friendly environment. I will collect my CPP and OAS and never return and will not spend a dime in Canada nor pay another dime in taxes in Canada.

The level of taxation from income taxes, to property taxes to consumption taxes is ridiculous. Our seniors can't afford to stay in their homes because of the immoral level of taxation which is nothing but legalized theft of our incomes, the product of our labour, not governments. All to fund corrupt, tax and spend governments full of nepotism and cronyism and a massively bloated public service that is unsustainable. The rot is so pervasive at every level of government that it is not fixable.

Looking forward to a better life in a better place.

 

[basketcase]

Good article, thanks! ...

I wasn't expecting you to like an article that advocated significant government mandated pension contributions for all. Wouldn't that be a little too socialist for you?

 

[basketcase]

It is only a question of time before indexed public sector pension plans will bankrupt all of us. See Greece , Spain, Italy and France

According to the Walrus article, the vast majority of the OTPP funds have come from smart investment, not from government payouts. The indexing is paid for by those investments.

Now I could see an argument for stopping employer contributions to pension plans (in this case the government is the employer) but that has nothing to do with indexing. As a comparison, I've been putting 10% of my gross earnings away each year and my financial advisor felt that was very healthy. The teachers are mandated to put away more (12%) and unlike with my savings, they can't access them easily. The biggest perk they have is their investments are in a massive and well run fund so they can get greater return than individual investors.

 

[erotq]

They say that the person who will reach 130 years of age has already been born.
people are living longer now - meaning retirement at the age of 65 is no longer the norm. Imagine retiring at 65 and still living for another 65 years.

 

[yolosohobby]

I wasn't expecting you to like an article that advocated significant government mandated pension contributions for all. Wouldn't that be a little too socialist for you?

I like information... it was thorough and i appreciated you posting it. Jeez, take a sincere thanks !!!

 

[basketcase]

I like information... it was thorough and i appreciated you posting it. Jeez, take a sincere thanks !!!

Sorry, my sarcasm dial is stuck on maximum.

 

[yolosohobby]

Sorry, my sarcasm dial is stuck on maximum.

NP, in most cases that would definitely be the correct mode !!!!!!

 

[groggy]

I will work until 67 and then leave the country for a warmer climate and a more tax friendly environment. I will collect my CPP and OAS and never return and will not spend a dime in Canada nor pay another dime in taxes in Canada.

The level of taxation from income taxes, to property taxes to consumption taxes is ridiculous. Our seniors can't afford to stay in their homes because of the immoral level of taxation which is nothing but legalized theft of our incomes, the product of our labour, not governments. All to fund corrupt, tax and spend governments full of nepotism and cronyism and a massively bloated public service that is unsustainable. The rot is so pervasive at every level of government that it is not fixable.

Looking forward to a better life in a better place.

That'd be great news as long as you promise not to come back when you get sick for the free health care.
'cuz then you'd be a leech.

 

[Butler1000]

That'd be great news as long as you promise not to come back when you get sick for the free health care.
'cuz then you'd be a leech.

I believe you have to be home for 6 continuous months out of the year to continue to qualify for OHIP. And medicine standards are pretty piss poor in some places. He may say it now but when the health problems start and he sees the insurance premiums for overseas seniors he will change his mind.

 

[dirk076]

I believe you have to be home for 6 continuous months out of the year to continue to qualify for OHIP. And medicine standards are pretty piss poor in some places. He may say it now but when the health problems start and he sees the insurance premiums for overseas seniors he will change his mind.

Ahhhhhh...the great Canadian myth. Drink the koolaid without having a truthful and realistic discussion about the true state of Canadian health care. Sacred cow, you can't criticize the great socialized health care in Canada. The truth is that the system is unsustainable with massive waste at the administrative level with poor to fair service levels at best. We won't talk about service cuts to seniors or those with special needs or that require specialized surgeries that have to go elsewhere. The 19 hour wait times in emergency rooms or the months of waiting for an MRI or CT scan, etc. We won't talk about the clinics cropping up all over the place that are privately owned by groups of doctors making massive amounts of money delivering "public" health care. We won't talk about models of health care in other countries that deliver better, faster, more affordable care. But we won't talk about it because it is sacreligious.

I'll take my chances with private health insurance wherever I end up and the care will be better and I will still have more of my money in my pocket at the end of the day.