Federal budget to push back retirement age to 67

[Maybelater]

The federal budget will likely include plans to push back Old Age Security benefits until age 67, as the National Post first reported in December.

The move would be introduced a decade from now, and even then phased in over a number of years, meaning it will not affect anyone at, or close to, retirement age.

The Harper government is hunting for between $4-billion and $8-billion in annual cuts as part of its sweeping program review, with broad details to be released in the budget.

The impetus is an aging population that will mean the number of Canadians over the age of 65 will increase from 4.7-million to 9.3-million over the next 20 years, consequently increasing the cost of the OAS program from $36-billion to $108-billion.

The government has promised changes won’t affect current seniors or those nearing retirement.

Finance Minister Jim Flaherty will rise in the House of Commons around 4 p.m. to deliver the government’s financial blueprint for the 2012-13 fiscal year – the first true Harper majority government budget – ending months of speculation about the Conservatives’ road map for the country.

http://news.nationalpost.com/2012/03...ons-face-cuts/

[Go4Long]

if you're relying on the Canada Pension Plan to retire on you're already fucked anyway.

[Maybelater]

Originally posted by Go4Long
if you're relying on the Canada Pension Plan to retire on you're already fucked anyway.

I do agree. You can retire whenever you want if you plan yourself for retirement. But, you have to pay into it, so it serves as supplemental income to a strong retirement plan.

[Go4Long]

I'm not disagreeing with that, but if they didn't do SOMETHING with it, there was a good chance that there would be nothing left in the bank for when people my age, or even more so, my kid's age, were ready to retire.

A LOT of companies are taking drastic measures to restructure they're pension plans, the most notable recent one was American Airlines, who had a couple BILLION dollars in the bank when they filed for bankruptcy, the catch being that apparently their pension plan was insured, so by filing for bankruptcy the insurance picked up the tab on the pensions that were outstanding.

[Modelexis]

We will very soon start to see the effects of garnishing wages to pay for this CPP ponzi scheme.

Edited for accuracy.

[dirtsniffer]

I fairly sure CPP will not be around when I retire. I'll hopefully be able to sue for my invested money back.

Shouldn't we get all the money we put into CPP back when we retire plus interest? just another bullshit tax. probably

[sputnik]

Originally posted by Modelexis
We will very soon start to see the effects of garnishing wages to pay for this CPP pyramid scheme.

I think you mean ponzi scheme.

At any rate... I agree. I would rather pay for my own retirement than trust the government with my hard earned cash.

Another $2200+ going down the toilet this year.

[max_boost]

My grandparents have been living off of the government since the late 80's shortly after they came to Canada and turned 65. They are alive and healthy. They've hit the government up for a cool million.

I don't have any solutions other than tax the rich mofos coming to Canada and overbidding on Vancouver and Toronto properties.

[ZenOps]

I'm pretty much in the boat that government pensions will definitely not be there by the time I get there.

Or they will have moved the bar to 70 or 72 years by then.

Seriously people. If you want to save for the future, save in metal. And in Canada, that means nickel. We have been blessed with a nickel mine that for the majority of the last century has been the worlds largest producer, making localized nickel - relatively inexpensive and abundant.

Even so, a 5 cent pure Canadian nickel had 23 cents of nickel content back in 2007.

That a Canada Savings Bond is at 0.40 to 0.60%, a rate that is under a non-comittal agreement with any bank, underlines just how dire things really are.

[Modelexis]

Originally posted by sputnik
I think you mean ponzi scheme.

At any rate... I agree. I would rather pay for my own retirement than trust the government with my hard earned cash.

Another $2200+ going down the toilet this year.

Yup, you're correct.

[Kloubek]

Originally posted by dirtsniffer
I fairly sure CPP will not be around when I retire. I'll hopefully be able to sue for my invested money back.

That's the shitty thing. By the time we retire most of us will have paid more than 100 grand into CPP over the years. 100 grand!! If I was able to reinvest that into my house, it would be paid off a lot sooner and at the end of my life I will have been *far* better off for it.

This idea of a forced retirement fund is ridiculous. The only benefit is that it should help people who are horrible with their money not be as much of a burden to society in their old age. Otherwise, it is an entire waste of money.... and that doesn't even consider the concept that it will not be around by the time you and I need it.

[FraserB]

Originally posted by max_boost
My grandparents have been living off of the government since the late 80's shortly after they came to Canada and turned 65. They are alive and healthy. They've hit the government up for a cool million.

Out of curiosity, how many years did they pay into it for? The way you make it sound they started collecting very soon after getting here.

I think that before you get a single a penny from the government OAS programs, you had better be able to show 25+ years of paying into it. And before someone jumps on me for singling out mothers, I think that raising children should count towards that.

[hrdkore]

I believe the max age you can delay your retirement is 75, once you hit 75, you're forced to retire else you forgo your CPP. The gov just wants to tax that money back.

[Modelexis]

I'm perfectly okay to let people who wish to participate in the retirement scam send their money to the government by choice, but I'm not okay with being forced to pay into it and have no choice whether I want to participate or not.

99% of people who live on the top half of this continent would not have a problem with me being put in jail for refusing to pay into the pension plan.

These people would rather have me arrested and put in a cage than allow me to disagree with their opinions on retirement savings.
Even the people who agree with my position would not stand up for my rights when the police came to my door to collect their tax money, because it's the law.

This is what it comes down to.

I don't want to fund the retirement of the elderly right now and I don't want any future generations of productive workers to have their wages looted to pay for my retirement. In Canada I would go to jail for holding this position and acting on it.

The people retiring right now might feel a bit ripped off if CPP ended tomorrow because the Canadian population decided they didn't want this program any longer.
This would really cause problems.
To these people that rely on this funding right now I would explain to them that after 50+ years of voting and being surrounded by Canadian politics there is simply no possible reason why they could be ignorant to the fact that this CPP program is a scam and is operating at the expense of the promise of labor from future generations.

This program is a scam and the people involved in the politics of it really screwed up. Now we need to tell these old people the lesson they have taught to their children. That is, you made a mess, now you fucking clean it up and deal with the consequences. Don't expect anyone to clean up your fucking mess.

I wasn't voting when this scam was created and I refuse to participate in it.

[hampstor]

Saw this comment on the Calgary Herald:

"I wish I could eat tons of fatty foods, not exercise, smoke like chimneys, play with mercury, not save for my retirement, and then offload the medical costs of my unhealthy lifestyle and retirement costs onto my kids too."

When you think about it that way, it's even fucking worse .

[clem24]

Originally posted by max_boost
My grandparents have been living off of the government since the late 80's shortly after they came to Canada and turned 65. They are alive and healthy. They've hit the government up for a cool million.

Fuckin' Asians working the system...

[Xtrema]

Wow how did oas turn into cpp?

1) cpp is not changing. You still collect @ 65 as long as you have paid into it. It you have not paid into it, you don't collect. Payments ranges from 100-1000 per month depends on contribution. This is the ponzi scheme.

2) oas is a small portion of retirement, Max out at 540 a month. The is funded by taxes. And if you are not born here, you have to live here for 10 year before you can collect. This is being moved to 67, over 6 years, starting @ 2023.

3) gis is for people who fall short after receiving 1 and 2 and have on other income.

Tldr, cpp u get no matter what because u paid into it. Cpp should not run out because its a ponzi scheme. If the fund runs low, they just jack the premium on the current workforce.

Collect Oas and gis only if you are a poor ass. And this is the part where people our age (under 40) can forget about collecting. Because rrsp and rrif are design to wein us off oas and gis dependency.

And this is also why Kenny is slowing down family reunion immigration. Especially seniors. Since we need the young workforce to pay for our old folks.

This is nothing compare to old people's health care cost. It can easily be 2x all these programs combined.

But I look at it this way, I paid all you breeder's kids 12-16 years of schooling. They better pay me 12-16 years back before I hit the grave. Circle of life, bitches.

[max_boost]

Originally posted by FraserB


Out of curiosity, how many years did they pay into it for? The way you make it sound they started collecting very soon after getting here.

I think that before you get a single a penny from the government OAS programs, you had better be able to show 25+ years of paying into it. And before someone jumps on me for singling out mothers, I think that raising children should count towards that.

Originally posted by clem24


Fuckin' Asians working the system...

Let's see. They came in 1987. Grandma was born in 1929 and grandpa in 1924. So 58 and 63. I think they got citizenship in 1989. I remember them working for a few years and then bolted to Vancouver in 1993 cause they couldn't get benefits here in Alberta or something. They came back in 1998 to Calgary. Well AFAIK, I don't know the exact numbers but I'm sure inflation adjusted it's a million or around there.

[Xtrema]

Originally posted by max_boost





Let's see. They came in 1987. Grandma was born in 1929 and grandpa in 1924. So 58 and 63. I think they got citizenship in 1989. I remember them working for a few years and then bolted to Vancouver in 1993 cause they couldn't get benefits here in Alberta or something. They came back in 1998 to Calgary. Well AFAIK, I don't know the exact numbers but I'm sure inflation adjusted it's a million or around there.

Assuming they get minimum cpp and maximum oas and gis. They should clear about $1700 a month today.

While not quite million, it easily be over 1/2 a mil so far.

[HiTempguy1]

Haha, suck it CBC bitches!

Honestly, have you ever listened to some of their talk radio? Fuuuuuuuuuuuuuuuuuuuuuuuu, one time, they had this chick that was knitting in binary sequences, and how she had wrote a book about the history of binary, and blah fuckin' blah, made me want to cut my ears off.