Canadian Old Age Pension Plan
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Canadian Old Age Pension Plan
by retired2 Sun Feb 02, 2014 10:12 am
Seems we constantly hear about how the Canadian Old Age Pension Plan could run out of money. How come we never hear about welfare running out of money? What's interesting is the first group "worked for" their money, but the second group didn't.
Think about it.....
Think about it.....
retired2- Bonfire Tilter
- Posts : 5986
Join date : 2012-02-24
Re: Canadian Old Age Pension Plan
by rbw Sun Feb 02, 2014 4:05 pm
Who died before they collected Canadian Pension Plan? (CPP)
KEEP PASSING THIS AROUND UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURE SOMETHING TO THINK ABOUT!!!!
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE CPP IS THAT THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A CPP CHEQUE!!!
WHERE DID THAT MONEY GO?
Remember, not only did you and I contribute to CPP but your employer did, too. It totalled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. Read that again. Did you see where the Government paid in one single penny?
We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement cheque from the money we put in, not the Government. Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
Another thing with me.... I have two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their CPP could be drawn). I worked all my life and am drawing 100% from my own CPP so I am receiving the maximum allowable payment per month. My two deceased husband's CPP money will never have one cent drawn from what they paid into the CPP plan all their lives.
THE FOLKS IN OTTAWA HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID.
Entitlement my foot, I paid cash for my CPP! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Remember Senator's benefits? --- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days. Now that's welfare, and they have the nerve to call my CPP retirement payments entitlements?
We're "broke" and the government can't help our own Seniors, Veterans, Orphans, or Homeless. Yet in the past few years we have provided aid to Haiti , Chile, Turkey, Pakistan, etc, etc, etc. Literally, BILLIONS of DOLLARS!!! And they can't help our own citizens !
Our retired seniors living on a 'fixed income' (CPP and OAS) receive no additional federal aid nor do they get any financial breaks, while our government and religious organizations pour hundreds of billions of $$$ and tons of food to foreign countries!
They call CPP an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a locked box, not part of the general fund.
Sad isn't it? 99% of people won't have the guts to forward this.
I'm in the 1% and I just did.
KEEP PASSING THIS AROUND UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURE SOMETHING TO THINK ABOUT!!!!
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE CPP IS THAT THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A CPP CHEQUE!!!
WHERE DID THAT MONEY GO?
Remember, not only did you and I contribute to CPP but your employer did, too. It totalled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. Read that again. Did you see where the Government paid in one single penny?
We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement cheque from the money we put in, not the Government. Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
Another thing with me.... I have two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their CPP could be drawn). I worked all my life and am drawing 100% from my own CPP so I am receiving the maximum allowable payment per month. My two deceased husband's CPP money will never have one cent drawn from what they paid into the CPP plan all their lives.
THE FOLKS IN OTTAWA HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID.
Entitlement my foot, I paid cash for my CPP! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Remember Senator's benefits? --- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days. Now that's welfare, and they have the nerve to call my CPP retirement payments entitlements?
We're "broke" and the government can't help our own Seniors, Veterans, Orphans, or Homeless. Yet in the past few years we have provided aid to Haiti , Chile, Turkey, Pakistan, etc, etc, etc. Literally, BILLIONS of DOLLARS!!! And they can't help our own citizens !
Our retired seniors living on a 'fixed income' (CPP and OAS) receive no additional federal aid nor do they get any financial breaks, while our government and religious organizations pour hundreds of billions of $$$ and tons of food to foreign countries!
They call CPP an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a locked box, not part of the general fund.
Sad isn't it? 99% of people won't have the guts to forward this.
I'm in the 1% and I just did.
rbw- Posts : 410
Join date : 2012-02-24
Age : 86
Location : Simcoe..North end
Re: Canadian Old Age Pension Plan
by Ruby Tuesday Mon Feb 03, 2014 7:21 pm
Ticks me off... I want my pension!
Ruby Tuesday- Posts : 768
Join date : 2012-02-24
Re: Canadian Old Age Pension Plan
by kishgo Tue Feb 04, 2014 11:51 am
Exactly why I took the early pension offer.
kishgo- Record Breaker
- Posts : 1893
Join date : 2012-02-24
Location : It's hard to remember
Re: Canadian Old Age Pension Plan
by rbw Tue Feb 04, 2014 4:24 pm
I did the same kishgo, you get a little less that way
but hopefully you draw it longer. I have been drawing
CPP for 15 years now so I feel I am ahead of the game..
I noticed we got a raise this month, I netted a grand
total of $8.07...I guess I'll go and take a look at that
new truck I have been drooling over...LOL..
rbw- Posts : 410
Join date : 2012-02-24
Age : 86
Location : Simcoe..North end
Re: Canadian Old Age Pension Plan
by retired2 Tue Feb 04, 2014 5:09 pm
And now you are spending it all down in Florida. How is the reno coming??? No updates latelykishgo wrote:Exactly why I took the early pension offer.
retired2- Bonfire Tilter
- Posts : 5986
Join date : 2012-02-24
Re: Canadian Old Age Pension Plan
by Ruby Tuesday Sat Feb 08, 2014 9:16 pm
The snowbirds are going to need more of an increase to help compensate for the exchange difference. Big change this year with that. Won't hold me back from cross border shopping tho!
Ruby Tuesday- Posts : 768
Join date : 2012-02-24
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