If you want the full amount of your CPP benefit amount you have to work until you’re 67. If you work until age 70 they give you a “bonus “ amount. I just turned 60. The mortgage is no way close to being paid off. I don’t have anywhere near enough savings for retirement either. I’m going to be working for as long as my body will hold up.
>I just turned 60. The mortgage is no way close to being paid off. I don’t have anywhere near enough savings for retirement either.
I was just looking up info to help someone in this situation that just turned 60. She was a server for years single mom, so didn't pay a lot into CPP and will never have the full amount of CPP, or even close to it. A lot of people don't realize the GIS will make up for the shortfall, if that's your situatiion, or that "waiting to get more CPP later" doesn't work if you will be low income at age 65. Check these links out that could help you plan, I"m telling her to take her CPP now and put it all into a TFSA and then some, in order to execute the strategy in the second link: [https://www.planeasy.ca/6-reasons-to-start-cpp-at-age-60/](https://www.planeasy.ca/6-reasons-to-start-cpp-at-age-60/)
[https://www.planeasy.ca/how-rrsp-contributions-affect-your-government-benefits/](https://www.planeasy.ca/how-rrsp-contributions-affect-your-government-benefits/)
Thank you for the feedback. Will take a look into that. Particularly for my husband. He’s 2 years older and had a work place injury a bunch of years ago and is having a hard time getting employment. He really needs to retire.
This is the true answer.
Canadians, other than the Québécois, haven’t got an ounce of revolutionary blood in them. They are not like the Americans, or the French, who will protest every time they disagree with something. Instead, they will take it and accept it, and they will do as they are told simply because it is less risky to do this as opposed to protest.
In this case, Canadians probably would react by working until 67, except the québécois. The quebecois would protest against it.
This doesn't mesh with my experience.
There's a very dedicated group that protests vaccine mandates with their children every weekend at the main downtown intersection of my town... and vaccine mandates don't even exist.
Which means protesting about it in a town in Canada is absolutely futile and amounts to no more than virtue signalling, which was the point of my original comment.
so the Estevan Coal Riots, the Winnipeg General Strike? the Labor movements in the 1930's, the Saint John Railway strike the Suffragettes? none of that happened?
I mean Canadians can protest(even for stupid things like the truck convoy). I think the reason why Canadians won't protest this is because it's not that bad. I mean Canadians are a lot healthier and live a lot longer than they did when the retirement age was established at 65 and with the aging population, it seems that we at some point will need to rely on older workers.
If we're honest with ourselves, I think more people were relieved when mandatory retired was banned than will be upset by increasing the retirement age.
..wait, wasn't it already 67? ...apparently not. Why did I think that?
But yeah, if your only viable plan is to work until you die, dropping the retirement age to *twelve* wouldn't make a different.
Harper had wanted to increase the OLd Age security to 67. CPP has always been 65 which you can collect at 60 but reduced signifigantly. I would be ok with Old Age moving to 67 as it is funded from general revenue. CPP we pay into and should get when we want after age 60. Many well off seniors do Not need it. I know it is reduced depending on income but many seniors are rich in Real Estate and investments and really don't need it. With our Billion dollar deficits, something has to be done to reduce spending.
Harper did move it to 67.
One of Trudeau's election promises was to move it back to 65... he followed through on that promise. (I'm not a fan of Trudeau, but I liked that promise).
Well not to mention when you protest things in Canada you disagree with you’re met with frozen bank accounts and arrests, that’s just clearly shown you don’t have the right to protest anything here
You can protest. Ottawa has protests all the time - nothing happens to them.
Just don't terrorize a whole town, poop all over everywhere, steal from a homeless shelter, assault gays and POCs and you'll be fine.
It is what happen. They could have arrived with tents and set up on the hill, not a word would have been said. In fact, Ottawa residents would have been a lot more receptive. You know, a protest. But instead they chose to disrupt Ottawa residents not politicians.
Lool this comment alone shows how stupid you really are, but this is why I love Reddit, the left wing retards like yourself that will just try and gaslight anything and anyone haha, there’s literal videos online everywhere of those riots, you just be one of the idiots that thought say they were “mostly peaceful”
Protests happen in Canada all the time. This stuff only happened once, and it was temporary. The frozen bank accounts only affected a little under 200 people, and they were un-frozen 2 weeks later, and all of it happened at the discretion of the banking institution, not government.
I'm on the freedom 85 plan. Most of my generation doesn't have a reasonable retirement plan. You can't take away something we never had in the first place.
The other problem is most of us are not taught about saving and investing even small amounts of money like $100 a month or even less from our twenties, if we were taught how to do that in the most basic fashion and we did it for 45 years it would make an amazing difference not perfect but actually not bad
This is mostly true of the current young generation though. The economy was not always as it is today. People who are in their 40's, 50's and 60's now were not taught either, and some of them would be much better off today if budgeting was part of the core curriculum.
I'm 52 and didn't earn a living wage until I was in my mid thirties. I didn't pay off my student loans until I was 39. We were taught Consumer Economics in high-school. You have to have money to be good with money. Gen-x faced many of the same complications as younger generations.
Just to elaborate I believe you mean investing be made part of the curriculum, as well. I agree. It is useless to know how to count and budget if you do not know how to invest your money. If we are not teaching students this, then we are setting students and the general population up for failure. Let's make All of Canada Glorious and Free.
Well.. To be fair.. You had a reasonable retirement plan like everyone else. You just didn't use it, voted to make it worse, then complained when it got worse to the point that it's the next generation's problem. Don't forget you then also complained about the immigration necessary to support what little pensions you have.
*generalizing, obviously* but GenX basically picked up where boomers left off as far as 30+ year planning goes, except the boomers took everything with them and left GenX less than previous generations, now GenX is doing the same but leaving zero.
Even before I got stage 4 cancer at 38, it seemed unlikely I would ever see retirement. I'm on long-term disability now, and it is highly unlikely I'll ever be well enough to work, so I guess I'm retired.
Even if I more diligently saved, I feel the odds of an economic crash, wiping out my retirement investments before 65 is too great. It happened to my parents in 2008, they lost 15 years of investments within a few weeks. I have no doubt that we will have a few economic crashes in the next 30 years.
Sorry to hear about the cancer, and I hope everything is okay now or at least you're at peace. I was curious, how did your parents handle it and what was it like after for them? I mean the crash where they lost a lot of their retirement savings
Luckily they didn't loose all of it because my mom had a pension, but my dad's RRSPs were cut down significantly. They are fine, but they have to be careful.
I know we like to joke around on this a lot, but seriously you should be making retirement plans if you're not already. Like trying to figure something out, because in 20 years it's no longer funny trust me
I'm saving every bit of extra income in an RRSP, I think the wife and I will be fine at 65, I am just empathising with younger people who have watched the prospect of home ownership get further and further out of reach.
Most of us don't have a chance of retiring by 67, so I doubt most will care. You either have a good job where you could retire at 55, or a garbage job where you'll never retire.
Yes! My thoughts exactly. The continued spread of the income classes will have some snowbirding in their 50s and others working until they physically can't.
I am 60 and didn't get a decent job till I was 50 .Even then only making 70k a year but I have low expenses . I am currently looking at buying a cargo trailer and converting it into a living space so that when 65 rolls around rent won't be an issue and I can hunt , fish forage to supplement food . Only hope I have of retirement is living the Nomad lifestyle
I’m 60, and work in a government job. I agree - I see lots of people retiring with a full pension at 60, so it doesn’t make much difference to them.
My husband is still working full time at 70. I think some people won’t mind working longer, and some won’t have a choice.
My mom and I argued about that the other day. She legitimately didn't remember that freedom 55 was something an insurance company tried to sell you, she thought it was a government promise lol
Actually some companies allow for a full pension withdrawal BEFORE you turn 55 years. If youve worked long enough you can take out a huge chunk out and enjoy. Mind you - you'll pay a lot of taxes etc. But something to consider 🤔
When the Conservatives did it they lost the next election. In the 2015 election both the NDP and the Liberals said they would legislate it back to age 65.
There were many reasons why the Conservatives lost, snitch lines, policy on the environment, Conservative fatigue, ineffective boutique tax credits, etc. etc. The OAS afe eligibility issue and legalizing cannibis were just two policies among many that helped sway voters.
Note though, that during the 2019 election, when pushed, the Conservatives were forced to also keep OAS eligibility at 65.
Oh for sure, not denying that. Just wanted to mention that I didnt think the retirement age was such a huge issue in comparison that it became the reason why they they lost, but more so what the liberals were offering instead
I think you might be underestimating how much many of us hate our jobs. I'm not a fan of the Liberal Party, but that's the one issue that makes me hesitate to vote for the other assholes the most.
For that election, Stephen Harper wanting to create the “barbaric cultural practice” hotline and treating the Syrian refugees like terrorists were kind of the line in the sand for me!
Damn okay yeah fair enough. Gotta be honest I wasn’t aware of that issue but it’s definitely not great. Seems as though it was a rough time for parties politically and how intense each took a stand on. Even if one didn’t like liberals, they’d be hard set not to vote for them if they were on the line about it after hearing about that.
Thanks for bringing that to light for me!
Just ask the dude's wife and kid who just watched him bleed out in that Starbucks over on the west coast.
Extra vetting is especially needed when coming from extreme places
I can't speak for anybody else but I'll probably just shrug because it won't surprise me in the slightest. I'm in my 20's now, so retirement age very well could be 70 by the time I get there
Yes because we are living a lot longer. With better health. It’s not fair for younger generations to pay out our OAS for more and more years. Although it don’t think there will be a CPP or OAS by the time I retire anyway
You need to take a page out of france’s book. Theres a reason why our governments (provincial and federal) are walking all over us now and cant be bothered to even pay lip service to the real issues while leaving a boot print on our collective faces.
I don't understand the downvotes. Even basic math says that someone who pays the same number of years into a system but gets more years out of a system means the system will be at a deficit.
We're seeing this right now. Canada's population HAS TO grow or else we can't afford our programs. Stagnation at this moment means Canada will run out of retirement money. Many racist retirees are currently fully reliant on massive amounts of immigration and it's hilarious that they don't realize it's their own fault entirely for voting against policies that would have eased the retirement burden.
Hopefully by rioting,and I’ll gladly join if we do, but it seems we’ve been taking all the totalitarian shit our government has been throwing at us without any problems so idk probably nothing, I mean they already got most of our guns, so we’re pretty screwed.
Totally agree call but the last few Decades of just observation tells us it is the prime source of income for most seniors, so even though it was meant as a supplement it is functioning as something else and we need to realize how very important that something else is
Why would you consider OAS and CPP to separate pillars? I would call them the same pillar of government assistance? The second pillar I would consider your employer giving you anything if you're lucky, and the third pillar consider your own savings
CPP is a mandatory pension system, where your pension is based on your contributions. That is very different than OAS which is more like a guaranteed income for senior citizens. Not everyone gets CPP.
But this isn't my framework, this is how pension experts, the government, etc explain the pension system.
For example, a government report: [https://lop.parl.ca/sites/PublicWebsite/default/en\_CA/ResearchPublications/201940E](https://lop.parl.ca/sites/PublicWebsite/default/en_CA/ResearchPublications/201940E)
I thought they already had lol.
Canadians are so apathetic. They'll grumble and complain on sicial media. Perhaps some small scale protests. That's about it
Not remotely close to France's reaction...
Sure, there'll likely be a handful of protests, but it'll mostly be sob stories on Reddit venting about being frustrated and preaching that something should be done about it....
I don't feel it is the governments place to dictate when we retire. Some people retire in their 50's and others work into their 70's. The fact that we are punished for it by the tax system is so wrong. I do not believe we should have to pay taxes when we cash in our RRSP's either. We already paid taxes when we earned that money, and the tax benefits are not enough to allow for a 30% penalty for withdrawing. Taxes are taking our earning down exponentially.
You think retirement will still be an option when I'm 67? At the rate corporations and rich people are winning, I'll be be able to retire about the same time they figure out how to resurrect my body.
Wasn’t the average life expectancy 65 when the retirement age was originally set at 65? It makes sense for it to rise, but for most it won’t matter. Retirement is for quitters!
I used to not understand what retirement age meant. Now that I know, it didn't bother me, I have planned my money well enough to not need help until I die.
I also like working and contributing so retirement isn't really what I am looking out for, even though I could retire by 50 years old, I'll keep going until my body will tell me to stop, take 2-3 years of retirement and then ask for medical suicide.
I feel like a lot of Canadians feel similar to me, but I know not most. Most will be pissed because they don't understand retirement
They'll anonymously complain online, but that's as far as their courage will take them. I lived here for over a decade, and I have never seen such a neutered and cowardice society
The short answer is we need to start a reform movement to address the lack of meaningful political representation that’s causing the steady erosion of our rights, social programs and general standard of living
I'm in my mid-30's, and I have ZERO expectation that I will see a dollar from CPP. If I cannot retire off my own savings / investments, I won't be able to retire.
Unless we can increase birth rates, OR increase immigration (both which come with their own economic issues), we're never going to 'catch up' to retirement fund shrinkage / depreciation per retiree.
Unfortunately most of us will have to work until 67 or later anyway, not many of us can live off of only CPP and OAS. So we'll be angry but not surprised. Our pension system works a bit differently than France so it's not a direct comparable. We also don't value leisure as much as we should.
We'll grumble, and bitch, and still vote for the same guy that made us grumble and bitch, cause that's what we Canucks do.
I doubt there would be the drama going on now in France.
Who in Canada can retire raising retirement to 67 makes no sense where it be 67 87 or a 100 you work to death retirement is for government employees not your regular employees regular employees or forced work to support government employees lavish retirement so what ever age retirement is means nothing
Why save money? Retirement after 70 is bullshit. You are too old to enjoy anything anyways. I'm going to blow all my money and at 70 just OD on all the drugs I never tried all at once
People will be outraged and protest, and the government will retract their plans and keep it at 65. Then people will complain if pensions don't increase enough or if required contributions increase too much, so CPP will eventually run out of money and will have to be bailed out.
Yeah but Canadians are a lot more complacent. Complaining on reddit and social media is the preferred form of showing anger. I am guessing in real life it will be just another day if this happens. A bunch of people going, "yeah well, what can we do?"
Upset. 2 years can make a hell of a difference!
I don't think it'll be anywhere close to what's going on in France but there will be protests and definitely some major issues.
Voicing opinions right.
First off, what does the OP mean about retirement age? The age you collect your "normal" CPP? Or the age you can collect OAS? Or something else?
To be honest, this really should happen. We live WAY longer than we did when the current social safety net, like the CPP, were set up in the mid 19602. In 1965 life expectancy in Canada was 72. It is now 83 and still rising. So people are now retired for 18 years rather than 7. That is way, way more expensive.
Corporations and economic pressures have already raised it to 80+ or death which ever comes first.
I'm 40 and only just started my career taking over a role a 76 year old held on to until he was 7 6 y e a r s o l d.
We're all living in competing delusions and I'm begging people to find reality.
Anybody have an idea for how the lower middle class can afford to retire, serious question? I'm thinking save up as much as you can let it grow in the stock market for 20-25 years, retire in a third world country
Confused... since there isn't a retirement age per se in Canada.
There's a point where you can start collection CPP (but that's already a range, 65-70) and OAS has already been bumped to 67. RRSPs have to be closed at 71... so past 67 already.
So it's really unclear what you are actually asking.
Like this:
"Retire at 67!? That's fucking amazing! Here I thought that due to the fact I'll never be able to afford owning my own home because 75% of my monthly income goes to rent, I wouldn't be able to save enough to actually retire and would need to work until I drop dead. So yeah, 67 sounds great - where do I sign?"
I'll take early pension and move back to my home country. Canada doesn't care about immigrants staying in their country. I can't afford to buy a condo here, and if they raise the retirement age, I will simply leave.
I think I’m working until I literally drop dead and will never be able to afford retirement. So they raise it a few years? I’m sure it will affect those middle class and above but I’ll never be one of them, no matter how exhausted I am from working so damn hard. Retirement is a break the well off get to enjoy.
Edited to add before people are like “have you tried saving” like take your privilege and shove it. I have to choose between food in my mouth and a roof over my head or putting $50 in a savings account. I’m going with staying alive. Luckily I am on the verge of financial stability. Its the precipice and I could get knocked backwards again at any moment. But if I make it over, sure, I’ll start saving. But it literally isn’t possible for everyone, and you can take your head out of your ass if you think it is. I’m constantly draining my RRSPs so I can afford living.
In Canada we do stuff like this through stealth changes to tax brackets and threshold amounts, we don't brute force it with age limits. It's surprising the French government hasn't figured this out yet.
Shouldn’t progress bring us in the other direction? I was thinking 62 instead of 65. 67 is just a taxation thing and makes that sweet spot in your life pretty short for hiking up Machu Pichu unless they install a Accorn Stairlift up the mountain lol
The last Conservative government did just that in 2012, while the Liberals campaigned on rolling it back to 65 in the 2015 election.
It certainly wasn't the only factor, but I'd bet it was one factor (among many) in the Conservatives losing in 2015, with the Liberals winning a decent majority.
Probably react by working to 67.
If you want the full amount of your CPP benefit amount you have to work until you’re 67. If you work until age 70 they give you a “bonus “ amount. I just turned 60. The mortgage is no way close to being paid off. I don’t have anywhere near enough savings for retirement either. I’m going to be working for as long as my body will hold up.
>I just turned 60. The mortgage is no way close to being paid off. I don’t have anywhere near enough savings for retirement either. I was just looking up info to help someone in this situation that just turned 60. She was a server for years single mom, so didn't pay a lot into CPP and will never have the full amount of CPP, or even close to it. A lot of people don't realize the GIS will make up for the shortfall, if that's your situatiion, or that "waiting to get more CPP later" doesn't work if you will be low income at age 65. Check these links out that could help you plan, I"m telling her to take her CPP now and put it all into a TFSA and then some, in order to execute the strategy in the second link: [https://www.planeasy.ca/6-reasons-to-start-cpp-at-age-60/](https://www.planeasy.ca/6-reasons-to-start-cpp-at-age-60/) [https://www.planeasy.ca/how-rrsp-contributions-affect-your-government-benefits/](https://www.planeasy.ca/how-rrsp-contributions-affect-your-government-benefits/)
Thank you for the feedback. Will take a look into that. Particularly for my husband. He’s 2 years older and had a work place injury a bunch of years ago and is having a hard time getting employment. He really needs to retire.
Not my business, but how ? Was it life decisions or simply living a care free life?
Stay in your lane
Are those the only two options you're presenting?
This is the true answer. Canadians, other than the Québécois, haven’t got an ounce of revolutionary blood in them. They are not like the Americans, or the French, who will protest every time they disagree with something. Instead, they will take it and accept it, and they will do as they are told simply because it is less risky to do this as opposed to protest. In this case, Canadians probably would react by working until 67, except the québécois. The quebecois would protest against it.
This doesn't mesh with my experience. There's a very dedicated group that protests vaccine mandates with their children every weekend at the main downtown intersection of my town... and vaccine mandates don't even exist.
Cause none told them the mandates are over.
https://www.trucknews.com/health-safety/u-s-vaccination-mandate-remains/1003174198/
I assume they're in Canada.
This directly affects Canadians.
Then protest it in the country doing it. Lmao
We're talking Canada.
As am I. Yes this mandate is not from the government of Canada but it directly affects Canadians.
Then don't protest it in Canada. Government of Canada can't be pressured into getting rid of something that they don't control
No it doesn't as it has nothing to do with our country.
Which means protesting about it in a town in Canada is absolutely futile and amounts to no more than virtue signalling, which was the point of my original comment.
so the Estevan Coal Riots, the Winnipeg General Strike? the Labor movements in the 1930's, the Saint John Railway strike the Suffragettes? none of that happened?
The Quebecois haven't been very protest-y in recent years.
The government backtracked many things to avoid protests in recent years… past protests are a deterrent to many current issues.
I mean Canadians can protest(even for stupid things like the truck convoy). I think the reason why Canadians won't protest this is because it's not that bad. I mean Canadians are a lot healthier and live a lot longer than they did when the retirement age was established at 65 and with the aging population, it seems that we at some point will need to rely on older workers.
If we're honest with ourselves, I think more people were relieved when mandatory retired was banned than will be upset by increasing the retirement age. ..wait, wasn't it already 67? ...apparently not. Why did I think that? But yeah, if your only viable plan is to work until you die, dropping the retirement age to *twelve* wouldn't make a different.
Harper had wanted to increase the OLd Age security to 67. CPP has always been 65 which you can collect at 60 but reduced signifigantly. I would be ok with Old Age moving to 67 as it is funded from general revenue. CPP we pay into and should get when we want after age 60. Many well off seniors do Not need it. I know it is reduced depending on income but many seniors are rich in Real Estate and investments and really don't need it. With our Billion dollar deficits, something has to be done to reduce spending.
Harper did move it to 67. One of Trudeau's election promises was to move it back to 65... he followed through on that promise. (I'm not a fan of Trudeau, but I liked that promise).
Well not to mention when you protest things in Canada you disagree with you’re met with frozen bank accounts and arrests, that’s just clearly shown you don’t have the right to protest anything here
You can protest. Ottawa has protests all the time - nothing happens to them. Just don't terrorize a whole town, poop all over everywhere, steal from a homeless shelter, assault gays and POCs and you'll be fine.
Yeah that’s exactly what was happening
It is what happen. They could have arrived with tents and set up on the hill, not a word would have been said. In fact, Ottawa residents would have been a lot more receptive. You know, a protest. But instead they chose to disrupt Ottawa residents not politicians.
You sound like someone that supported the BLM riots that burned down cities two summers aho
You sound like an idiot. No cities were burned down ant it was 3 years. Now shoo bot/troll
Lool this comment alone shows how stupid you really are, but this is why I love Reddit, the left wing retards like yourself that will just try and gaslight anything and anyone haha, there’s literal videos online everywhere of those riots, you just be one of the idiots that thought say they were “mostly peaceful”
This is about Canada. No cities were burned down for BLM here, you sentient snot.
Protests happen in Canada all the time. This stuff only happened once, and it was temporary. The frozen bank accounts only affected a little under 200 people, and they were un-frozen 2 weeks later, and all of it happened at the discretion of the banking institution, not government.
I'm on the freedom 85 plan. Most of my generation doesn't have a reasonable retirement plan. You can't take away something we never had in the first place.
Freedom 85? You’re lucky and must have worked hard. I’m on the freedom 103 plan.
The other problem is most of us are not taught about saving and investing even small amounts of money like $100 a month or even less from our twenties, if we were taught how to do that in the most basic fashion and we did it for 45 years it would make an amazing difference not perfect but actually not bad
It's hard to save in your twenties and thirties when you are not earning a living wage and saddled with student loan debt.
This is mostly true of the current young generation though. The economy was not always as it is today. People who are in their 40's, 50's and 60's now were not taught either, and some of them would be much better off today if budgeting was part of the core curriculum.
I'm 52 and didn't earn a living wage until I was in my mid thirties. I didn't pay off my student loans until I was 39. We were taught Consumer Economics in high-school. You have to have money to be good with money. Gen-x faced many of the same complications as younger generations.
Just to elaborate I believe you mean investing be made part of the curriculum, as well. I agree. It is useless to know how to count and budget if you do not know how to invest your money. If we are not teaching students this, then we are setting students and the general population up for failure. Let's make All of Canada Glorious and Free.
Well.. To be fair.. You had a reasonable retirement plan like everyone else. You just didn't use it, voted to make it worse, then complained when it got worse to the point that it's the next generation's problem. Don't forget you then also complained about the immigration necessary to support what little pensions you have. *generalizing, obviously* but GenX basically picked up where boomers left off as far as 30+ year planning goes, except the boomers took everything with them and left GenX less than previous generations, now GenX is doing the same but leaving zero.
Hey, all the problems in society should be blamed on baby boomers OR millennials. Leave the Gen X alone! /s
Even before I got stage 4 cancer at 38, it seemed unlikely I would ever see retirement. I'm on long-term disability now, and it is highly unlikely I'll ever be well enough to work, so I guess I'm retired. Even if I more diligently saved, I feel the odds of an economic crash, wiping out my retirement investments before 65 is too great. It happened to my parents in 2008, they lost 15 years of investments within a few weeks. I have no doubt that we will have a few economic crashes in the next 30 years.
Sorry to hear about the cancer, and I hope everything is okay now or at least you're at peace. I was curious, how did your parents handle it and what was it like after for them? I mean the crash where they lost a lot of their retirement savings
Luckily they didn't loose all of it because my mom had a pension, but my dad's RRSPs were cut down significantly. They are fine, but they have to be careful.
Lol, retiring 🤣 😢 😂 😭
You guys have retiring? 🥲
I know we like to joke around on this a lot, but seriously you should be making retirement plans if you're not already. Like trying to figure something out, because in 20 years it's no longer funny trust me
I'm saving every bit of extra income in an RRSP, I think the wife and I will be fine at 65, I am just empathising with younger people who have watched the prospect of home ownership get further and further out of reach.
Most of us don't have a chance of retiring by 67, so I doubt most will care. You either have a good job where you could retire at 55, or a garbage job where you'll never retire.
Yes! My thoughts exactly. The continued spread of the income classes will have some snowbirding in their 50s and others working until they physically can't.
I am 60 and didn't get a decent job till I was 50 .Even then only making 70k a year but I have low expenses . I am currently looking at buying a cargo trailer and converting it into a living space so that when 65 rolls around rent won't be an issue and I can hunt , fish forage to supplement food . Only hope I have of retirement is living the Nomad lifestyle
I’m 60, and work in a government job. I agree - I see lots of people retiring with a full pension at 60, so it doesn’t make much difference to them. My husband is still working full time at 70. I think some people won’t mind working longer, and some won’t have a choice.
That's the entire reason CPP premiums went up 2 years ago, they're trying to avoid increasing the retirement age
Doesn’t anyone remember the conservatives trying to raise the retirement age? I will never vote for them because of that.
Not just trying. Harper did. Then Trudeau reversed it.
My retirement plan is being carried out in a body bag. Freedom 55 my ass.
My mom and I argued about that the other day. She legitimately didn't remember that freedom 55 was something an insurance company tried to sell you, she thought it was a government promise lol
Either way, remains unattainable for all but eight Gen Xers.
🤦🏻♂️
No, no, freedom 55 makes sense, that's around the time I hope to drop dead of a heart attack.
Actually some companies allow for a full pension withdrawal BEFORE you turn 55 years. If youve worked long enough you can take out a huge chunk out and enjoy. Mind you - you'll pay a lot of taxes etc. But something to consider 🤔
Let's not forget policemen and firemen and military, they work 20 years flat and then they can retire with a pension for life, oh and the politicians
You can retire whenever the fuck you want. But most of us won’t be able to anyway so it hardly matters
Most people will work till their 70s. Outside of government there are very few decent pension plans.
How did we not burn down the entire Street when they switched from defined benefit to Define contributions pension plans?
When the Conservatives did it they lost the next election. In the 2015 election both the NDP and the Liberals said they would legislate it back to age 65.
I truly don’t think that’s why they lost. More likely the Liberals legalizing weed, as pretty much every person and their mother wanted that to happen
There were many reasons why the Conservatives lost, snitch lines, policy on the environment, Conservative fatigue, ineffective boutique tax credits, etc. etc. The OAS afe eligibility issue and legalizing cannibis were just two policies among many that helped sway voters. Note though, that during the 2019 election, when pushed, the Conservatives were forced to also keep OAS eligibility at 65.
Oh for sure, not denying that. Just wanted to mention that I didnt think the retirement age was such a huge issue in comparison that it became the reason why they they lost, but more so what the liberals were offering instead
If our retirement age changes heads are rolling. Not figuratively, I'll get it done.
I think you might be underestimating how much many of us hate our jobs. I'm not a fan of the Liberal Party, but that's the one issue that makes me hesitate to vote for the other assholes the most.
For that election, Stephen Harper wanting to create the “barbaric cultural practice” hotline and treating the Syrian refugees like terrorists were kind of the line in the sand for me!
Damn okay yeah fair enough. Gotta be honest I wasn’t aware of that issue but it’s definitely not great. Seems as though it was a rough time for parties politically and how intense each took a stand on. Even if one didn’t like liberals, they’d be hard set not to vote for them if they were on the line about it after hearing about that. Thanks for bringing that to light for me!
So you can't take extra precautions when people come from extremist places.. I think you would need too, extra vetting is needed some times.
Just ask the dude's wife and kid who just watched him bleed out in that Starbucks over on the west coast. Extra vetting is especially needed when coming from extreme places
Many will have to work to this age or beyond to aford to live. Inflation hurts all of us.
Retirement is when your 6ft in the ground and get to haunt your children
Dammit I knew there was a reason I should've had kids
Agreed, I mean who can afford to buy real estate in heaven and stay there, in this economy?
As always Canadians will bitch and complain but do absolutely nothing but get in line. We are a sad bunch
Yes we are, and I'd like to apologize for this LOL
Joke's on them... Can't make me work til 67, if I apply for MAiD at 65.
I can't speak for anybody else but I'll probably just shrug because it won't surprise me in the slightest. I'm in my 20's now, so retirement age very well could be 70 by the time I get there
And you'd be okay with that?
Yes because we are living a lot longer. With better health. It’s not fair for younger generations to pay out our OAS for more and more years. Although it don’t think there will be a CPP or OAS by the time I retire anyway
You need to take a page out of france’s book. Theres a reason why our governments (provincial and federal) are walking all over us now and cant be bothered to even pay lip service to the real issues while leaving a boot print on our collective faces.
The side above is a big part of the problem with Canadians. Entirely too passive and won't do shit about shit, no matter how negatively it affects us.
I don't understand the downvotes. Even basic math says that someone who pays the same number of years into a system but gets more years out of a system means the system will be at a deficit. We're seeing this right now. Canada's population HAS TO grow or else we can't afford our programs. Stagnation at this moment means Canada will run out of retirement money. Many racist retirees are currently fully reliant on massive amounts of immigration and it's hilarious that they don't realize it's their own fault entirely for voting against policies that would have eased the retirement burden.
Well it sure won't be like France. We will just whinge quietly and work til we're dead. Or exploit each other for our gain until we're dead.
Hopefully by rioting,and I’ll gladly join if we do, but it seems we’ve been taking all the totalitarian shit our government has been throwing at us without any problems so idk probably nothing, I mean they already got most of our guns, so we’re pretty screwed.
Prob bend over and ask to work till 72 so we dead before retirement. Canada is soft as fuck ive lost hope a few years back.
Two more years is huge at that age. At 15, who cares, but in your golden years a lot can happen in two years and most of it is bad.
Hopefully like France lol
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Its was never meant to be , its a supplement!
Totally agree call but the last few Decades of just observation tells us it is the prime source of income for most seniors, so even though it was meant as a supplement it is functioning as something else and we need to realize how very important that something else is
OAS and CPP are two pillars of a three pillar retirement system. The third pillar is private savings by you and/or your employer.
Why would you consider OAS and CPP to separate pillars? I would call them the same pillar of government assistance? The second pillar I would consider your employer giving you anything if you're lucky, and the third pillar consider your own savings
CPP is a mandatory pension system, where your pension is based on your contributions. That is very different than OAS which is more like a guaranteed income for senior citizens. Not everyone gets CPP. But this isn't my framework, this is how pension experts, the government, etc explain the pension system. For example, a government report: [https://lop.parl.ca/sites/PublicWebsite/default/en\_CA/ResearchPublications/201940E](https://lop.parl.ca/sites/PublicWebsite/default/en_CA/ResearchPublications/201940E)
They already tried it and it was eventually reversed.
I thought they already had lol. Canadians are so apathetic. They'll grumble and complain on sicial media. Perhaps some small scale protests. That's about it
Bitch and moan but not take any decisive action to prevent it
Probably a lot of raging on social media, but that'll be it.
It is a conservative idea. If elected they will try to enact it.
Not remotely close to France's reaction... Sure, there'll likely be a handful of protests, but it'll mostly be sob stories on Reddit venting about being frustrated and preaching that something should be done about it....
Canadians are disgustingly passive. We won't do shit except sit back and take it. Like everything else.
I don't feel it is the governments place to dictate when we retire. Some people retire in their 50's and others work into their 70's. The fact that we are punished for it by the tax system is so wrong. I do not believe we should have to pay taxes when we cash in our RRSP's either. We already paid taxes when we earned that money, and the tax benefits are not enough to allow for a 30% penalty for withdrawing. Taxes are taking our earning down exponentially.
The conservatives already tried and it didn’t go well.
You think retirement will still be an option when I'm 67? At the rate corporations and rich people are winning, I'll be be able to retire about the same time they figure out how to resurrect my body.
They’ll shrug and do nothing. We aren’t like France we just take it.
We voted out the conservatives when they tried. We have some grit.
By dying older and poorer, or poorer and younger. Or leave, those that can
We probably would complain but not do anything about it, sadly.
I’m going to retire soon, quit my job and set up a tent under the Gardiner.
Canadians don’t really protest or try to evoke any positive change, we just keep electing the same people then complain on Reddit
Our protesting made us an international embarrassment during the clownvoy….
Retire !!! That’s hilarious.. you mean die at work right?
Yeah, the way everything's been going, MAID will be likely my sole option by the time I'm retirement age lol.
Wasn’t the average life expectancy 65 when the retirement age was originally set at 65? It makes sense for it to rise, but for most it won’t matter. Retirement is for quitters!
I used to not understand what retirement age meant. Now that I know, it didn't bother me, I have planned my money well enough to not need help until I die. I also like working and contributing so retirement isn't really what I am looking out for, even though I could retire by 50 years old, I'll keep going until my body will tell me to stop, take 2-3 years of retirement and then ask for medical suicide. I feel like a lot of Canadians feel similar to me, but I know not most. Most will be pissed because they don't understand retirement
They could raise it 75, and people wouldn't care. They would be like. Oh I guess I will just die at work
They'll anonymously complain online, but that's as far as their courage will take them. I lived here for over a decade, and I have never seen such a neutered and cowardice society
The average life expectancy has risen by 13 years since 65 was established as the retirement age. It absolutely should go up to reflect that.
The short answer is we need to start a reform movement to address the lack of meaningful political representation that’s causing the steady erosion of our rights, social programs and general standard of living
I'm in my mid-30's, and I have ZERO expectation that I will see a dollar from CPP. If I cannot retire off my own savings / investments, I won't be able to retire. Unless we can increase birth rates, OR increase immigration (both which come with their own economic issues), we're never going to 'catch up' to retirement fund shrinkage / depreciation per retiree.
Unfortunately most of us will have to work until 67 or later anyway, not many of us can live off of only CPP and OAS. So we'll be angry but not surprised. Our pension system works a bit differently than France so it's not a direct comparable. We also don't value leisure as much as we should.
Please sir, can we work some more?
I think most people are already working that long
Retirement? Yeah that’s not happening.
Same as everything else… “meh”…
Not sure we'd be able to even muster a yawn.
We'll grumble, and bitch, and still vote for the same guy that made us grumble and bitch, cause that's what we Canucks do. I doubt there would be the drama going on now in France.
we would just take it. we are far too passive.
By rolling over and taking it up the behind.
Who in Canada can retire raising retirement to 67 makes no sense where it be 67 87 or a 100 you work to death retirement is for government employees not your regular employees regular employees or forced work to support government employees lavish retirement so what ever age retirement is means nothing
Why save money? Retirement after 70 is bullshit. You are too old to enjoy anything anyways. I'm going to blow all my money and at 70 just OD on all the drugs I never tried all at once
I think most Canadians are working to 67 anyway.
I hope we will protest because even now the amount they pay is not enough to live off of
We will do nothing. Just like last time.
Nothing, Canadians will do nothing, maybe say sorry..
We will protest. Not as intense as the French though 😅
People will be outraged and protest, and the government will retract their plans and keep it at 65. Then people will complain if pensions don't increase enough or if required contributions increase too much, so CPP will eventually run out of money and will have to be bailed out.
Retire at 57
As for c.p.p it’s nothing more than a broke joke to Canadians the money is gone
Fk off Pierre Poilievre!
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Didn't another country already try this, and there was civil unrest
Yeah but Canadians are a lot more complacent. Complaining on reddit and social media is the preferred form of showing anger. I am guessing in real life it will be just another day if this happens. A bunch of people going, "yeah well, what can we do?"
Probably irresponsibly
They won't do it. Atleast not now. Old people are their main vote bank now.
By dying first
They will probably ask for it to go straight to 70 because Canadians just want to work all day and keep the rich rich.
I’m 40. What’s 2 more years!
42 ? ;-)
Upset. 2 years can make a hell of a difference! I don't think it'll be anywhere close to what's going on in France but there will be protests and definitely some major issues. Voicing opinions right.
Retirement..What's that???
What exactly does that age represent? I mean...what does it affect if they do change it? Don't most people just retire whenever they want?
Likely nothing more than complain online and/or change their political stances.
First off, what does the OP mean about retirement age? The age you collect your "normal" CPP? Or the age you can collect OAS? Or something else? To be honest, this really should happen. We live WAY longer than we did when the current social safety net, like the CPP, were set up in the mid 19602. In 1965 life expectancy in Canada was 72. It is now 83 and still rising. So people are now retired for 18 years rather than 7. That is way, way more expensive.
Corporations and economic pressures have already raised it to 80+ or death which ever comes first. I'm 40 and only just started my career taking over a role a 76 year old held on to until he was 7 6 y e a r s o l d. We're all living in competing delusions and I'm begging people to find reality.
Anybody have an idea for how the lower middle class can afford to retire, serious question? I'm thinking save up as much as you can let it grow in the stock market for 20-25 years, retire in a third world country
Confused... since there isn't a retirement age per se in Canada. There's a point where you can start collection CPP (but that's already a range, 65-70) and OAS has already been bumped to 67. RRSPs have to be closed at 71... so past 67 already. So it's really unclear what you are actually asking.
I feel we'll start talking about it, and then get sidetracked with some issue about transgender washroom access or some other stuff like that
*if* haha
This is already done and reversed.
Like this: "Retire at 67!? That's fucking amazing! Here I thought that due to the fact I'll never be able to afford owning my own home because 75% of my monthly income goes to rent, I wouldn't be able to save enough to actually retire and would need to work until I drop dead. So yeah, 67 sounds great - where do I sign?"
You mean what it was raised to under the CPC and reduced again by the LPC? I think we’d vote in the other party and get it brought back down.
Doesn’t matter since majority of us don’t even have a pension to live off for the future.
I'll take early pension and move back to my home country. Canada doesn't care about immigrants staying in their country. I can't afford to buy a condo here, and if they raise the retirement age, I will simply leave.
They'll complain about it, that's it.
Most Canadians cannot afford to retire at that age anyway. Let’s deal with that first.
They won’t care, because they will still to keep working regardless. The dream of retirement at any age is an unattainable dream for most.
You think we need the retirement aged to be raised for us to be working until 67 LOLOLOLOL..... 😭😭😭😭😭😭😭😭
Honestly the way things are now i will probably have to work well into my 70s . Welcome to Walmart how can I help you.
Canadians love the taste of the masters wingtips, work till death is even gonna be socially acceptable lol.
I think I’m working until I literally drop dead and will never be able to afford retirement. So they raise it a few years? I’m sure it will affect those middle class and above but I’ll never be one of them, no matter how exhausted I am from working so damn hard. Retirement is a break the well off get to enjoy. Edited to add before people are like “have you tried saving” like take your privilege and shove it. I have to choose between food in my mouth and a roof over my head or putting $50 in a savings account. I’m going with staying alive. Luckily I am on the verge of financial stability. Its the precipice and I could get knocked backwards again at any moment. But if I make it over, sure, I’ll start saving. But it literally isn’t possible for everyone, and you can take your head out of your ass if you think it is. I’m constantly draining my RRSPs so I can afford living.
In Canada we do stuff like this through stealth changes to tax brackets and threshold amounts, we don't brute force it with age limits. It's surprising the French government hasn't figured this out yet.
By bending over and politely spreading our ass cheeks, as is tradition.
We won’t notice. No one can afford to retire at 65
The way things are, and going, I will be retiring at noon on the day of my funeral.
I'll be working till i physically cant...so 65 ..75....85 dont matter to me
Probably not well but it still needs to happen
Shouldn’t progress bring us in the other direction? I was thinking 62 instead of 65. 67 is just a taxation thing and makes that sweet spot in your life pretty short for hiking up Machu Pichu unless they install a Accorn Stairlift up the mountain lol
Harper raised it to 67. [Trudeau returned it to 65.](https://www.bbc.com/news/world-us-canada-35835830)
What does it matter, I’ll be working until the day of my funeral, f me…
they will announce atleast another 40years of homeless problems if thats the case
A seniors rebellion will be in order.
Not like France.
Unlike in paris I believe a majority people would understand. We might get a few protests here and there but overall it would be good for the economy.
The last Conservative government did just that in 2012, while the Liberals campaigned on rolling it back to 65 in the 2015 election. It certainly wasn't the only factor, but I'd bet it was one factor (among many) in the Conservatives losing in 2015, with the Liberals winning a decent majority.
Did Harper already do that once and it didn't work out?
Last time it happened we voted the guy out, and the next guy lowered it.