I went to landscape in Alberta during my summers and was doubling the output of the Albertan guy my age consistently. I was the only employee who didn't damage my bosses equipment, and at the end of the summer he gave me a gift certificate to help me purchase my books in the next school year. He was a great boss, and gave me all sorts of opportunities to show that I could do more.
Generalizations about generations is a fool's errand. Captain Morgan was right on the money about what the issue is, and the issue is sustainability of the system of entitlements. Our Sun Life rep for our group retirement plans told us last week in a lunch and learn meeting that someone my age should not count on OAS being there when I retire, OAS is just an unfunded entitlement anyways. For those closer to retirement, who are still a large block of the voting age Canadians, it's unlikely to be an issue. So people my age are, at least I am, planning on OAS being irrelevant to my calculations for 80% of pre-retirement income.
But my generation is now the first generation that has seen it's life expectancy drop compared to the last since these statistics have been collected. Student loan debts are higher than they've ever been. We're being told we may have to work even longer to reach retirement age to collect the money we're putting into the system, because of the demographic changes our parents have helped to make a reality. The ratio of dependent citizens to tax paying citizen will continue to grow. And of course the big boogeyman of the aging population with higher medical costs with increasing trends of dementia!
The backlash against the Conservatives announcing an end to the 6% per annum increases to provincial health transfers hopefully will start a debate about what can be done to address long term problems, before we end up like Greece.
There ya go; a reasoned post by someone who get's it and is prepared to look beyond the blaming of the prior generation and actually thinking about how to fix what isn't working any more.
OAS became a redundant article in the 80's and should be completely removed from any thinking person's retirement calcualtion as; if you have enough pension to replace that 80% pre-retirement income (very optimistic by the way) you won't see a lick of it anyway through claw-back.
The percentage of income necessary to put aside to arrive at your 80% figure is now huge as the potential earnings on any investement of mixed 'secure to riskier' proprtions has degraded markedly from a few years ago. It's almost akin to winning the lottery but you can still arrive there if you absolutely dedicate a rigid portion of your income to an untouchable investment that gives moderate interest growth.
If it means foregoing the cel-plans that include texting crap as a basic would that be a deal breaker?
The 20 extra sports channels on the satellite; would that be a deal breaker?
Leasing the stupid car when you don't have a business to write the payments off with just so you can drive cars like your friends are driving; would that be a deal breaker?
Checking the classifieds for a pair of good shape washer/dryer instead of just driving to Home Depot and using the Visa card; deal breaker or?
Foregoing the time share purchase as the single biggest vacation boondoggle out there; deal breaker again?
The list is endless but you sign onto a lifestyle tyhat is at least responsible if not totally frugal and you'll surprise the hell out of yourself at how the money begins to compound.
It's all about choices!