Facts about seniors' income
- Thread starter JLM
- Start date
Just do like me .....selective ignore....Bitch slap him once in a while then ignore his come backs
And never argue with him
Talk about him but never to him :lol:
I'm thinking that there are seniors who are well off (usually ones that have had higher education, good wages and pensions) and others who were blue collar workers (who didn't necessarily have pensions at all) and who didn't have enough disposable income after the expense of raising kids and paying their mortgages to put extra away. A lot of senior women were stay-at-home moms and didn't contribute or contributed very little in CPP as well. I know my mom was one of them. When my dad left her with 5 kids, 2 of whom were disabled, she was devastated and, had it not been for her parents, I don't know what would have happened to us.
In the next generation, of which I am one, women had more education, had full time jobs and kids were in daycare and, if they both husband and wife were lucky they were able to put something in RRSP's and/or savings because, for the most part, private sector jobs don't have pension plans. But, we're better off than our parents were - or at least some of us are.
Now, we have another generation that is coming up and what will they have (besides horrendous personal, provincial and federal debt to pay) it's likely they can look forward to even higher taxes, lower benefits and a crappy retirement unless they are extremely fortunate to have a pension plan that costs them an arm and a leg in contributions or a really good financial planner.
We get the governments that we vote for and we haven't done a very good job of holding those in politics responsible for the huge debt the country is leaving our children. Canadians are too easily sucked into the various government promises that gives them entitlements that someone has to pay for and god forbid if those entitlements were to disappear. All hell would break loose. As someone currently in power stated not too long ago - budgets balance themselves. Have you a budge that balances itself? Can you spend tons of money (mostly on credit cards) and pay the whole thing off at the end of the month? Most of us can't. Most of us can barely make the minimum payment!
My husband and I are both close to retiring and it has just been in the last 5+ years or so we have had enough disposable income that we can put more that $50 a month away. In a year or so, we'll be able to retire reasonably comfortable but it has taken a LONG LONG time for us to reach this point - a lot of hard work and sacrifice; working 2 jobs when necessary etc., etc. So I look forward to retiring and plan to enjoy it (fingers crossed I don't kick the bucket before then - with my luck..... LOL). We deserve what we have because we worked damn hard for it. But of course, there are those out there that think that because we may not be "struggling" that we don't deserve what we have. I say BS!!
Still, there are those of our age group and those coming up that do not know what their real monthly expenses are or where they are actually spending their money. They don't track their spending and likely don't really care. It's not "needs" it's "wants" the newest IPhone, the nicest car that takes 7 years to pay for and, of course it absolutely must be brand new - can't have a 3 or 4 year old car. No Sir! Oh, your car is 2 years old? Like the newer model? Oh, says the salesman, we can take care of the balance owing on your car and we can include it in the financing of your new car - no biggy!! Next thing you know, the car is 5+ years old and the amount owing is still $50,000!!
So the $h!t is going to hit the fan and it is going to be ugly! I'm not sure with the economy the way it is, that we'll be able to survive the crash when it comes.
I'm just hoping that my family are prepared as best we can so we can weather it but it has me worried for sure!! I look forward to retiring - I just hope we can survive it!!
JMHO
In the next generation, of which I am one, women had more education, had full time jobs and kids were in daycare and, if they both husband and wife were lucky they were able to put something in RRSP's and/or savings because, for the most part, private sector jobs don't have pension plans. But, we're better off than our parents were - or at least some of us are.
Now, we have another generation that is coming up and what will they have (besides horrendous personal, provincial and federal debt to pay) it's likely they can look forward to even higher taxes, lower benefits and a crappy retirement unless they are extremely fortunate to have a pension plan that costs them an arm and a leg in contributions or a really good financial planner.
We get the governments that we vote for and we haven't done a very good job of holding those in politics responsible for the huge debt the country is leaving our children. Canadians are too easily sucked into the various government promises that gives them entitlements that someone has to pay for and god forbid if those entitlements were to disappear. All hell would break loose. As someone currently in power stated not too long ago - budgets balance themselves. Have you a budge that balances itself? Can you spend tons of money (mostly on credit cards) and pay the whole thing off at the end of the month? Most of us can't. Most of us can barely make the minimum payment!
My husband and I are both close to retiring and it has just been in the last 5+ years or so we have had enough disposable income that we can put more that $50 a month away. In a year or so, we'll be able to retire reasonably comfortable but it has taken a LONG LONG time for us to reach this point - a lot of hard work and sacrifice; working 2 jobs when necessary etc., etc. So I look forward to retiring and plan to enjoy it (fingers crossed I don't kick the bucket before then - with my luck..... LOL). We deserve what we have because we worked damn hard for it. But of course, there are those out there that think that because we may not be "struggling" that we don't deserve what we have. I say BS!!
Still, there are those of our age group and those coming up that do not know what their real monthly expenses are or where they are actually spending their money. They don't track their spending and likely don't really care. It's not "needs" it's "wants" the newest IPhone, the nicest car that takes 7 years to pay for and, of course it absolutely must be brand new - can't have a 3 or 4 year old car. No Sir! Oh, your car is 2 years old? Like the newer model? Oh, says the salesman, we can take care of the balance owing on your car and we can include it in the financing of your new car - no biggy!! Next thing you know, the car is 5+ years old and the amount owing is still $50,000!!
So the $h!t is going to hit the fan and it is going to be ugly! I'm not sure with the economy the way it is, that we'll be able to survive the crash when it comes.
I'm just hoping that my family are prepared as best we can so we can weather it but it has me worried for sure!! I look forward to retiring - I just hope we can survive it!!
JMHO
He just craves attention like a lot of hypocrites and twits.
Other way around, but it was a job that needed doing and it was in my area of expertise..................ASSHOLE!
Hi Dixie- I think the key to your success lies in the couple of sentences I've high lighted. We were an average family with one wage earner for all but 6 years and we basically bought what we needed and made a lot of our own fun in the early years. We were lucky in that we were able to save a few bucks each month & it's amazing how fast interest and dividends can accumulate, if you don't keep dipping into them. Good luck in your retirement!
Maybe when you include summer help and what was known as "59 day hires" and then there's some who just get pissed off and quit after two days.
Had to borrow some money, the way it's set up it won't be paid off until I'm 99!
I've been making extra payments but it's kind of an exercise in futility as soon as I started the bastards jacked the interest rates up twice. I thought I was doing pretty good at 2.35% for three years, but the bastards never told me it was variable and I probably didn't bother reading the fine print as I've been dealing with that bank for over 50 years. Twenty years ago I was totally debt free. We've moved three times in the past 18 years and each time we moved it cost me over $100,000. W.T.F. it's only money and they are printing more every day!
Yeah, civil servants aren't very bright when it comes to money, they don't understand the concept.
You really have to learn to stop volunteering so much personal info. It was none of Avro (the weasel)'s business why or if you have a mortgage still. All you do is give the brain dead trolls like canuck and tp ammunition.Had to borrow some money, the way it's set up it won't be paid off until I'm 99!
Which concept would that be?
It's OK Gerry, they just have part of one side of the ledger. (I love the way T.P. just keeps wading in)
It's weird how so many people don't realize that if you don't have ALL the information, you really have none of it.
If all you can put away is somewhere around $50/mo, you should forget about retirement.
You are nowhere near the amounts needed to retire.
Does "Trumpites" and "rock banging" come to mind? Makes one think of the Forum whiz kids.
You're partly right. Time is the over whelming factor. Start at age 18 invested in funds that you can transfer at the time of YOUR choosing and you'll be surprised how it will grow.