Bye Bye CPP

[taxslave]

Ah, I didn't realize that nobody had jobs any more. Guess I've been too busy.

Me either. I guess working 12 or 14 hours a day tends to make you miss out on what is going on around you. The group I work for bought another log truck this year and needs two more trucks as well as another chip truck for next year just for work that is committed. Finding drivers is the problem.

 

[Avro]

CPP is a joke. I understand people think they are entitled to it, after all its something we've had to pay into, but in reality it was a screwed up set up and is now nothing more than additional income tax. The generation(s) before the Baby Boomers got a sweet deal but anyone after is looking at a fund that cannot pay out at the same rate because there won't be enough money in the fund to cover it. If they are allowing people to opt out, then thats more fair, in relation to the way older generations have been treated: we won't be able to collect anyway so maybe we won't have to pay into it.

The reality is if you were relying on the gov't to look after your retirement years and you're not already retired, you're S.O.L. Us younger people need to look after ourselves, through work place pension programs or investing on our own.

Just like all those folks who were relying on the private sector and saw their savings vanish over night.

Seems many union pensions are doing very well like the OTPP.....to bad workers are to weak to demand something similar.

Fartery wants to give a massive gift to his banker buddies and the Can'tservatives are lining up behind him like sheep.

Typical.

 

[JLM]

]CPP is a joke[/B]. I understand people think they are entitled to it, after all its something we've had to pay into, but in reality it was a screwed up set up and is now nothing more than additional income tax. The generation(s) before the Baby Boomers got a sweet deal but anyone after is looking at a fund that cannot pay out at the same rate because there won't be enough money in the fund to cover it. If they are allowing people to opt out, then thats more fair, in relation to the way older generations have been treated: we won't be able to collect anyway so maybe we won't have to pay into it.

The reality is if you were relying on the gov't to look after your retirement years and you're not already retired, you're S.O.L. Us younger people need to look after ourselves, through work place pension programs or investing on our own.

I'm not sure I agree with that blanket statement Wulfie. I paid the max in premiums every year from 1967 to 1999 and at age 60 was able to draw a pension of approx. $600 a month which comes in very handy, whereas the month premiums I paid for the most part were barely noticeable. I do agree with you in one respect though, as I understand it, money was being syphoned off the fund to pay to disabled people under the retirement age, which I believe was not the purpose of it at the outset.

 

[DaSleeper]

I'm not sure I agree with that blanket statement Wulfie. I paid the max in premiums every year from 1967 to 1999 and at age 60 was able to draw a pension of approx. $600 a month which comes in very handy, whereas the month premiums I paid for the most part were barely noticeable. I do agree with you in one respect though, as I understand it, money was being syphoned off the fund to pay to disabled people under the retirement age, which I believe was not the purpose of it at the outset.

Oh how I remember a couple of those "disabled" people that would wave at me with a beer in their hand as I walked past the low rental units on my way to a hot 4-12 shift in a furnace like paper mill. And in the winter, their bad backs never prevented them from going ice fishing while their driveway was being maintained by the housing asc.
I doubt any of them realized at the time that their monthly check would be greatly reduced when they reached retirement age...and now it's my turn to laugh as I make a little detour to drive by their place every summer with my fifth wheel trailer on my way out of town for my three month summer trek. And I also hit the horn on my truck to make sure they see me.:lol:
And I have no qualms about grinning at them when I go to the Mall to buy something and I see them sitting on the same bench with their cronies because they have absolutely nothing else to do with their time.......

 

[Cannuck]

...Fxxk the country economically, offshore all the jobs, underfund anything public, and when it doesn't work any more (as planned), turn it over to their rich buddies in "private" enterprise, a la, USA. Look what a lovely country that is turning out to be.

Your rant would make more sense if it was against all politicians as the economic problems have been simmering for years, jobs have been going offshore for years, public institutions and infrastructure has been under funded for years and privatization has been occurring for years.

I get that you don't like the Conservatives and Flaherty, but ****ting on them/him for doing what every elected politician in Canada has done for the last 20 -30 years not only lets the rest of the scum bags off the hook but hurts what little credibility ideologes such as yourself have.

 

[Tonington]

So, the economic indicators are that the number of Canadians with insufficient pensions is growing. Almost 3/4 of Canadians don't make RRSP contributions because they can't afford it. A savings account is only useful if you have leftover income.

It's quite the turn around from earlier this year:
WRAPUP 1-Canada eyes modest increases to pension plan | Reuters

Some provinces are concerned:
PROVINCES CALL FOR ENHANCED CANADA PENSION PLAN

 

[TenPenny]

So, the economic indicators are that the number of Canadians with insufficient pensions is growing. Almost 3/4 of Canadians don't make RRSP contributions because they can't afford it. A savings account is only useful if you have leftover income.

Most people don't have 'left over' income because they don't understand the concept of saving.

There are very few people who are actually living hand to mouth, but wants are often confused with needs.

 

[Kreskin]

The steps they are looking to take are really looking out 50+ years from now. The existing CPP investment fund is quite healthy and will be so for years to come.

CPP Investment Board

 

[Tonington]

Most people don't have 'left over' income because they don't understand the concept of saving.

I don't know if it's most, though this week there was some chatter on the radio about the debt levels here in Canada overtaking our southern neighbours. What's left of my income goes to student loans.

 

[TenPenny]

I don't know if it's most, though this week there was some chatter on the radio about the debt levels here in Canada overtaking our southern neighbours. What's left of my income goes to student loans.

So, you don't have a car, or cable tv, or a cell phone. You don't eat out in restaurants, or go to movies. The only books you read are from the library.

 

[Kreskin]

So, you don't have a car, or cable tv, or a cell phone. You don't eat out in restaurants, or go to movies. The only books you read are from the library.

I don't even have a computer or internet.

 

[Tonington]

So, you don't have a car, or cable tv, or a cell phone. You don't eat out in restaurants, or go to movies. The only books you read are from the library.

Our car was a gift, actually Jamie's gift from her nan when she graduated. She pays for the cable because she uses the internet for studying her vet school stuff. We rarely eat out, or go to the movies...because we can't afford it. Other vet students have already burned through a large portion of their lines of credit, while Jamie has used only what she needs for school.

We don't spend money that we don't have except to cover Jamie's educational costs. There simply is no extra.

As an aside though, I do save through my employer. I contribute 2% of my income, and my employer puts in 7% to Sun Life.

 

[DaSleeper]

Our car was a gift, actually Jamie's gift from her nan when she graduated. She pays for the cable because she uses the internet for studying her vet school stuff. We rarely eat out, or go to the movies...because we can't afford it. Other vet students have already burned through a large portion of their lines of credit, while Jamie has used only what she needs for school.

We don't spend money that we don't have except to cover Jamie's educational costs. There simply is no extra.

As an aside though, I do save through my employer. I contribute 2% of my income, and my employer puts in 7% to Sun Life.

With that way of thinking ....I have no doubt that you will do very well in life..good for you.

 

[TenPenny]

Our car was a gift, actually Jamie's gift from her nan when she graduated. She pays for the cable because she uses the internet for studying her vet school stuff. We rarely eat out, or go to the movies...because we can't afford it. Other vet students have already burned through a large portion of their lines of credit, while Jamie has used only what she needs for school.

We don't spend money that we don't have except to cover Jamie's educational costs. There simply is no extra.

As an aside though, I do save through my employer. I contribute 2% of my income, and my employer puts in 7% to Sun Life.

Okay, there's 'no extra' but you need cable tv for the internet? There's 'no extra' to save for retirement, except that you save 2% and your employer kicks in 7%

In other words, you're saving for retirement but claiming there's no extra to save for retirement.

 

[Tonington]

With that way of thinking ....I have no doubt that you will do very well in life..good for you.

I read a book my uncle had in his van one summer. The gist was that for the price of coffee and a muffin at Tim Horton's every morning, I could save that and have enough to retire on. My Sun Life is defined contribution, and 9% was the most I could get for the least input. My employer puts in 5% automatically, and then they'll match another 2%. So, I figure as I get my raises, I'll just add that to the plan, as we are getting by, and eventually Jamie will be earning money rather than spending! Though I would like to have a savings account for those emergencies that can pop up...decisions decisions...

My situation isn't all that bad, I just worry, probably passed onto me by my mother. My employer also has programs to help employees. I'd like to do a graduate degree at the Atlantic Veterinary College, where Jamie goes to school. They have a phenomenal aquatic health facility there, really world class. And it would bump up my pay, and open more career paths within the corporation I work for. I want to put in time though first, so that the management knows I'm an investment they can count on.

 

[TenPenny]

I read a book my uncle had in his van one summer. The gist was that for the price of coffee and a muffin at Tim Horton's every morning, I could save that and have enough to retire on. My Sun Life is defined contribution, and 9% was the most I could get for the least input. My employer puts in 5% automatically, and then they'll match another 2%. So, I figure as I get my raises, I'll just add that to the plan, as we are getting by, and eventually Jamie will be earning money rather than spending! Though I would like to have a savings account for those emergencies that can pop up...decisions decisions...

My situation isn't all that bad, I just worry, probably passed onto me by my mother. My employer also has programs to help employees. I'd like to do a graduate degree at the Atlantic Veterinary College, where Jamie goes to school. They have a phenomenal aquatic health facility there, really world class. And it would bump up my pay, and open more career paths within the corporation I work for. I want to put in time though first, so that the management knows I'm an investment they can count on.

You're doing exactly what an intelligent person does, keep it up.

 

[JLM]

Okay, there's 'no extra' but you need cable tv for the internet? There's 'no extra' to save for retirement, except that you save 2% and your employer kicks in 7%

In other words, you're saving for retirement but claiming there's no extra to save for retirement.

You kind of want to keep it quiet what you are "squirreling" away for retirement, you don't need the vultures circling over head the day you turn 65. :smile:

 

[Tonington]

Okay, there's 'no extra' but you need cable tv for the internet? There's 'no extra' to save for retirement, except that you save 2% and your employer kicks in 7%

In other words, you're saving for retirement but claiming there's no extra to save for retirement.

Well, like I said I don't pay for the cable. My income is fully spoken for right now with the commitments I have, and I forgot about the defined contribution, I added that after I remembered. But I have no idea if the contributions I'm making now are enough. I could be in that group identified as not saving an adequate amount.

 

[YukonJack]

When I was young and foolish and lived only for the present I never gave any thought to what lay 40 years in the future.

But even then I had enough brains to get out of the union. Which I did after compulsory 4 months of union slavery. Once I left those bastards behind, I progressed in the Company, based on my own merit, rather than the artificial and phony value of seniority. Proud to say that in my almost forty years I worked on the factory floor during strikes. Being called a scab by unionists I always carried as a badge of honour.

The Company provided a very generous pension, which I now enjoy.

 

[Cannuck]

When I was young and foolish and lived only for the present I never gave any thought to what lay 40 years in the future.

Hmmmm..... I was never young and foolish. That said, I was also smart enough to have a second income outside my union so I could use the advantages of both systems.