Canada needs to revamp retirement age: report

Hi I will turn 52 in Nov it hard to get a job that some people can not get should retired 55.
Best RGS

We are bailing Greece out of their Financial crisis & they retire at 56,
you got to be kidding,is that our reward for being so helpfull?

This is the kind of discussion which makes me want to stop contributions to the Canadian Pension Plan and manage my own funds as I do my RRSP. There is no way anyone should accept the government changing the rules in this manner. We work long enough to be entitled to the pitiful pension which we get. It's a scary thought when people start talking about a floating retirement age especially when you're at the end of a baby boom generation and labour shortages are anticipated. I've known too many people who didn't make it to retirement or who died shortly after....somehow I don't think we were put on this earth just to serve the man. Where is the reward for a life of toil. Don't let the government manage your money....plan for your own retirement (preferably early) and enjoy life.

if we wish to put our canada back on the right road , we should not be picking on those who have worked all their lives to support the system. I have spent ten years of my life in municipal govt , where we are forced to run a balanced budget .If that can be done on that level , it can also happen at all govt levels .It is time we take our heads out of the sand , and demand honest , responsible , capable people to run this country . It is time we say no to the financial waste and greed we see every day in the way our current govt operates . It is common knowledge the more you increase the retirement age , the smaller number of people will be there to collect .Also , with the ridiculous use of credit cards today , this generation is broke and deep in debt . Time we encouraged people to start putting some of their own money away for their future . I am 70 yrs old , and retired , but some of my income comes from long years of saving , insurance policies ,rrsps , investments . I might also add , in order to do those things , it meant i did not waste money on a lot of junk through credit . I learned that cash talks when you are a consumer,and saves you a lot if you are willng to save to acquire it .

Keep retirement age the same but allow those who want to work longer do so.

Also if pension age is raised make sure goverment starts drawing their penion at 67 as well.

I think it should be revamped all right. The penalty should be removed for retiring at 60 if a person has paid into it for 35 years, not reduce by 36%. The figure I hear is people are living only 1 to 2 years longer, but more people are dying before they reach retirement and get nothing what about them? Those that do get on pension only exist not live like they should be able, it's not much money. There should be no shortage in the CPP pension fund because 2 years ago there was so much money the CEO's in charge of CPP investments they all received half million dollars in bonuses besides there gross wages. Who wants to have baby's only to pay and get riped off by investors and government CEO's, MP's who get full pensions after working only 6 years. I understand in the last 10 years most government people wages increased by 4 times, that is alot of money. Why this country is taxing the working people to dead.

Canada pension programs for people of the working class not the MP's or the CEO'S of big companies, should have had their pension payment invested in a protected fund where it would earn enough for the average person to live comfortably.
When I started drawing my pension I lost 300 + $ from my military pension that i had served 23 years. this theft as i call it really cut down on my ready cash.I'll bet you the Parlement Hill boys don have happen to them an they don't really earn the outragious amounts of cash that we the people pay them through taxes or what ever scams they work.These people are afraid to show the normal people how much an how they spend the money we overpay them after the first dollar they get from us.
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I think the Government staff can work until 70 and 75, in the way how they working. But for non government workers, even that 65 it is too much.

Unless the politicians stole money from CPP, there is more than enough in the fund, to out last the baby boomers. Thank the Liberals for this, remember the large contributions increase in the 90's. We are being fed aline.

I totally agree with Darlene's comments.It is so typical for these so called experts to start changing the rules as we go along. Just by using the actuary tables its very easy to figure out what this govt will need in the future for pension requirements. What we really need is some straight answers as to how our pension funds have been managed to date.One so called expert will tell us our CPP program is solvent and doing well and another expert will tell us the exact opposite.All I know is that I have paid the maximum amount each year for the past 30 years and should be entitled to the same kind of payments that our retirees are being paid today,regardless of how much other money I have saved over the years.If not,give me my moneyback.They tell us that its selfsupporting,prove it.

When will people get it? We are entitled to NOTHING. Lets just spend and spend ourselves into the ground with our self righteous belief of entitlement. I would like to retire as soon as possible. Clear and simple. But I don't want my kids to inherit a nation so bankrupt that they have no hope for a life that I enjoyed. All the initiatives for environment, taking care of the old etc will mean nothing when things get so tight that we can't even afford decent education and healthcare period. We have not been having enough kids, very simple. Now the working population cannot support all of the programs we have come to rely on so much unless they are taxed beyond what they can endure. Forget all of this and make it law immediately that the government cannot spend on cent more than what a balanced budget will allow. If everyone wants to use the latest bandwagon trend word of sustainable, they better start using it with respect to the economy soon or in 20 years all that they have been lobbying for will mean absolutely nothing. Stop the spending.

Waste and more waste Thats where all the money has gone . and now they want you to wait longer and probably get less money Its time to revolt and stop the waste of our taxes.

Maybe the govt. should let someone else invest our funds so that they actually make money for us!

I am a 47 year old man and have taken for granted that I will never be able to retire since I was in my late teens early twenties… all the numbers point in that direction. I have never been able to save any substantial amount of monies, I have been inundated with all the info about how at the tail edge of the baby boom that the money in the old age security will not last until I am eligible for it, the younger generations are much smaller than the baby boom leaving gaps in the workforce that must be filled by someone and who better than the older skilled and capable older workers. Due to changes in our society children are living at home much longer, often into their early thirties now, when I was young children used to move out in their late teens most of the time. This is adding to the expenses I have to pay each month that my patents did not putting me under even greater financial pressure with less potential income to look forward to… what choice do I have? Continue to work, that’s it unless I win the lottery ;-)

I do not know why they have official retirement ages anyway… as long as someone is healthy and wants to work, who cares how old thy are? I get that there must be an official age for receiving retirement benefits but even that is rather liquid now days with the ability to draw pensions early or later depending on ones situation and choices… so what is the big deal? Simply remove any retirement ages and let people do what they wish or need to do and allow people to draw their retirement pension as early or late as they wish once they reach a minimum age with amounts they get tied to how much they have contributed… what I have always found ridiculous is the concept of forced retirement… why force someone who is good at there job our of work just because another day has gone by???

People in Canada should try Capitalism. Don't wait for goverment funds or your own money put in through the goverment to pay you back. Look at all the scandals the government is involved in. The business loans, the expense accounts, stacking government offices and jobs with friends. Have they ever done anything right with your money over the long term? Remember folks...the government is run by people. It is people. There is no such thing as getting screwed by government .... You are getting screwed by people......your fellow Canadians......Your neighbours, your friends, your co-workers ...They are the government. The same people (Canadians) stealing from you are your neighbours and fellow Canadians. Next time you run into a government worker, keep your hand on your wallet, They are the same ones (collectively) ripping you off. Don't wait to get ripped off. Take a chance. Try investing in a small business with good potential. Small business makes up the country, not big business. Small business owners are the ones working hard everyday to make payroll, to stay afloat. Take a look at "home Assist Canada" (www.homeassistcanada.ca) now there is a business worth looking into. Its taking off in leaps and bounds and its a good honest business looking out for the homeowner!

He's not talking about CPP, which is a contributory plan and quite solvent. He's talking about OAS and GIS which are typically paid at age 65 from overall tax dollars. Big difference.

Are we kidding?
The economic environment is killing most of us.
Personally, I am in the remnants of life savings after
layoff and termination and temporoary home revival.
Pension income is all I have to look forward to.
When you are out you will be really out.Threre are no jobs
for the 60 year old.

If Canadians retire at an age over 65, how will young, educated people ever get a job? Perhaps older workers - those over 65- could work part time and mentor younger persons for a few years before complete retirement. It would be a win win situation for the retiree , the younger person and the employer.

It's time to revamp our ENTIRE system.....and I mean ENTIRE system. Starting with no longer bailing out irresponsible governments (Greece) that live beyond their means or simply steal all the aid funds (Haiti)...not to mention our own. Let's start by cutting the ridiculous super pension funding to bureaucrats (all civil servants) and politicians...and put them on the same plan that exsists for those of us that actually produce something of value and pay the bills (and their hyper inflated salaries). Cutoff anyone retired with an income exceeding $120,000 from CPP and cap those who have never contributed (chronic welfare) to a max of $1,000 per month. Better still, scrap the system entirely, reduce the taxes required to maintain this insanity and let everyone fend for themselves.....Oh...and scrap the biggest retirement program going...the Canadian Senate.

Perhaps our government(s) should manage their or should I say our money better. Instead of giving millions to other countries, padding their wallets, etc. This is because of the increase in the amount of pentitioners entering into the system? So what should happen when the baby boomers are no longer in the system to collect. Which will roughly be in about 20 years. Do we get a kick back? Will the retirment age go back? Of course not. Because our governement(s) figured out a way to get more money out of us. But of course a politicain will still get his/her full pention after serving 8 years! Our world is in a lot of trouble. And, our political leaders are just masking it over.