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57-71
Stranger


Registered: 10/03/09
Posts: 289
Loc: Canada
Last seen: 10 years, 1 month
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Re: Canadian Pensions for All! [Re: Moonshoe]
#19228883 - 12/04/13 09:04 PM (10 years, 1 month ago) |
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Moonshoe said: Good article OP.
My plan is to not have any children. Raising the average kid costs a quarter million. So the first kid I don't have will fund my life of travel and education and the second kid I don't have will fund my retirement.
The other strategy is to have lots of kids and hope they take care of you when you get old. However I see this not playing out very often for people, usually the kids suck up your money during your healthy young years then maybe call you for five minutes on Christmas and then later stick you in a home (if your lucky).
In principle I think people who made and squandered more than a certain amount of money in their lifetimes should be disqualified from any social supports. If they made a lot of money and lived large and could not be bothered to save, I honestly have no problem with letting them wander the streets as Alzheimer's riddled derelicts.
Save the social security for those who were born or remained in disadvantaged situations. No golden parachutes for the wealthy and stupid.
Your comment presumes that everyone who made "a certain amount of money" in their life was also fortunate enough to be able to keep it. How about the people who went to work in some of the more remote areas of the country in forestry and mining, purchased housing and then had the operations they worked in shutdown due to bankruptcy or a downturn in commodity prices? Then, the house they had purchased for $250,000 (or more) is suddenly worthless, for sale at $25,000 or less just to get rid of it and move on. Moving on just gives a new start at an income again instead of welfare. The debt doesn't go away. Trust me when I tell you that this has happened in a hundred towns in Canada in the past 40 years. In addition, some people also invested in these companies (and other funds) only to see that money disappear in fraud and corruption. So now you wish to penalize them again? How will you differentiate between those who squandered and those who suffered misfortune? What socialist program will you devise to handle this?
Income earned as a number does not always equate to wealth. Sometimes life gets in the way and not everyone's life wraps up neatly.
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57-71
Stranger


Registered: 10/03/09
Posts: 289
Loc: Canada
Last seen: 10 years, 1 month
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Re: Canadian Pensions for All! [Re: Patlal]
#19238444 - 12/06/13 09:00 PM (10 years, 1 month ago) |
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Patlal said:
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Moonshoe said:
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Patlal said: I believe the system works in a way where if you make a sufficient income, they deduct your pension. Once you below a certain income (no matter the reason) they give you your pension.
Homeless people "retire" when they reach 65 years old.
Wealthy people simply live off their own means.
The system wasn't designed by idiots.
So if I work my entire life and pay my taxes, can I expect to receive an old age pension when I turn 65?
Unless you're rich enough not to qualify.
But then again, that's being talked abiout a lot lately. Will the baby boomers suck old age security dry and will there be anything left for us? That's the issue.
But in theory, yes, you will get OAS. At 67 years old.
Not quite the full story. A person qualified to receive a CPP benefit can begin collecting at 60 yo. The caveat is that he/she will lose .5% per month of eligibility 6% per year) for every month before age 65 (soon to be 67) On the plus side, a person receives .5% more for every month they delay getting benefits past 65. These numbers are in flux at the moment and we could see the 60 yo penalized 7.5% per year, and 7.5% per year on the plus side as well.
Many men take the CPP as soon as possible on the law of averages which says that the male will live to 73 or 74 yo. Taking it later and dying on the average means a person received less than full average benefit.
Women also receive credit now for staying home and raising children. It amounts to roughly $100 per month per child of pension money, taken at 65yo with the same debit /credit scenario as above.
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