Should struggling retirees consider going bankrupt?

Absolutely they should consider bankruptcy. Once past 55 and out of work you will never get hired again and certainly not for any salary near what you last made. Make the system pay for that. Remember, if you don't beat the system, the system will beat you. And it will beat the tar out of you, so make sure you hide every asset you can and even leave the country if possible.

We hear constantly about how 'rich' Canada & the US is and how much better off we're now doing but there are more and more stories and articles like this. Could it be that 'certain segments' which used to pay good wages and lots of tax in the 1950's & 1960's have all moved their headquarters 'offshore' and are now contributing much much less but still expecting societal protection and privileges? How much longer can things continue along this path if people do live into their 80's & 90's and the young people who are supposed to be paying those pensions have to divert all of their spare income to student debt costs?
Should OAP's go bankupt? Nah, quit playing the game, if enough of you do it the system will collapse and balance will have to be reintroduced (perhaps fewer man made islands in the Arabian Gulf for spoilt Kleptocrats)?

When I retired everything looked ok. However because I would not let my employer handle my pension they "locked it in" with the BC Gov. blessing. The reason I with drew it and wanted to self manage it is because if the comp. manage it my beneficiaries would only get 50%. By locking it in a RRSP they screwed me worse. My benf. only get 50% less taxesAND they must wait until they retire to get it. Essentialy my pension is worthless. I cannot use it for colateral because it is locked up. I cannot get social assistance because I have RRSP'S. I have manage to survive 2 1/2 yrs so far with my savings but they are gone. I cannot even think about drawing off MY PENSION until August.
I am able to invest the money, move it any where basically do everythibg but use it. I invested a large sum into the very comp. I worked for when their stock plummeted to $4.00. Today they are trading at $62.00. Who gets the profit the comp. & the gov.Who suffers the pensioners. Who cares NOBODY especially gov.

hey dennis:
if your rrsp s are locked in then they have to give you social assistance.
if they do not give it too you then appeal there decision---you will win--ok?
locked in rrsp s do not count as income as they are locked in and you cannot receive the benefits of that until a certain time---so make them ante up

I "retired" on September3rd, 2010, when my job was outsourced to India. I currently have just my OAS and CPP along with my wife's CPP. She is 62 and only works occasionally. Last year she worked for 5 weeks and earned $3000. When we get the GIS and Spousal allowance they will claw back $1512 off this year. When she retires in 2 1/2 years we will have enough to live frugally. Getting there is the problem. I was planning on working until the mortgage was paid off.....The best laid plans.....Lol. Thank goodness we paid off all our credit card debt, or we would be in deep trouble.
Note to younger people: Pay off debt as fast as you can, then live within your means. If you are buying TV sets on credit cards, you are in trouble already. The banks won't tell you this gem!

After 34 yrs of dedicated employment with a huge international company I decided to retire. The company wanted to administer my pension. I had a problem with that because when I passed away my beneficiaries would get 50% of what was left minus taxes. So I withdrew my pension money that way when I die I thought my beneficiary would get 100% minus taxes. The company reluctantly agreed. Unknown to me they "locked" my money into an rrsp that I cannot access for 2 more years!!! All with prov. Gov. blessing!!! Oh I can get MY MONEY. I must leave the country for 2 years.
I called a lawyer but have no money to pay him. I called my mla, and got fake sympathy. I called the gov. office in charge of pension administration and got nothing. Every one of the people I contacted said the same thing. Quote "you should have checked all the regulations before retiring". I called the BC Human Rights Tribunal and was told I did not have a case. I talked to a senior vice president of an accounting firm who has been on the job for 14 years. I asked him several questions including, "can I get my money if I leave the country for 2 years?" He did not know the answer but did find it. The answer is YES. Now, when I went to school it was ok to drop out and get a job. I did and for 34 years of my life I worked in a poison atmosphere. The people who worked in the PR Dept. could not explain all the regulations to me. My union pension rep. could not explain them. I had to take their little knowledge and make a decision. I made the decision to retire. Everything looked ok. However, today I cannot get my money. My MLA DOES NOT know the regulations and he used to be the pension rep for the party. The senior vice president of an accounting firm DOES NOT know the regulations. Law offices and court libraries have thousands of books & files on decisions because it is IMPOSSIBLE for any JUDGE or LAWYER to know all the laws. If all these professional people DO NOT know the regulations how can a high school dropout know them?
I am very thankful to the above mentioned accountant. He dug for information for me "free". Here is what he found in order for me to get my money.
I must leave for 2 years, sell any assets I have here, denounce my citizenship and only then I will receive 50% or I can DIE. If I die I have no further use for the money. It will go to my beneficiaries when they reach retirement age IN 40 YEARS!!! Then they will only receive it in the amounts that I would have received had I been able to draw on it & only if they remember (in 40 years) that their father had an rrsp. AND if the governments (prov. & fed) do not change the laws.
When new laws or changes to existing ones are made they do not get rid of the old one. The laws are "stacked" and working class people have become trapped.

In the time since I "retired" I have depleted my savings. I have looked for work but no-one will hire anybody my age. I have relatives who want me to join them in sunny Mexico where they have retired. I can't because I am a "Hostage in Canada" the place of my birth.

This country was giving the likes of Clifford Olson (a convicted serial killer of children) a pension. He has spent as many years in prison as I have in working, paying taxes etc. He gets a pension but I don't qualify!!! We take in ILLEGAL IMMAGRANTS and GIVE them housing, healthcare, food, lawyers etc. but I cannot get my pension!!!

This is BLATANT DISCIMMINATION from the FEDERAL & PROVINCIAL GOVERMENTS OF CANADA ALONG WITH A HUGE CORPORATION. THIS IS AGAINST MY FUNDAMENTAL HUMAN RIGHTS. I AS A BORN CANADIAN CITIZEN HAVE FAR LESS RIGHTS THAN AN ILLEGAL IMMAGRANT.
I am a proud person. That is my personality. I cannot be blamed for that. I cannot pay next month’s rent let alone other bills that are piling up. I cannot and will not live on the street. I have one choice and I am very scared. NO I AM NOT SUICIDAL.
I am sending this to you Mr. Peter Julian. Why?
• First to see if you even acknowledge getting it.
• Secondly because you are my representative.
• Thirdly to see if I can get any financial help immediately.(perhaps the government can “ bail me out” like they did billion dollar corporations.( my money cannot be used for collateral because for all intent and purposes it is not real)
• I cannot get social assistance because I have rrsp’s.

One final thought. No matter the ruling party each and every party has had the chance over the years to make this RIGHT for the people. If you a “real Canadian” born and raised, from the lower working class and retired then you have NO RIGHTS.
IS SUICIDE THE ANSWER?? THAT IS ABOUT ALL THAT WILL END THE TORMENT!!

There are too many pensioners in this country living below the poverty line and up to their eyeballs in debt. I know because I am one of them. Unfortunately too many other retiree's are doing quite nicely ( government workers, teachers etc ) therefore nothing will ever be done for us. There is just no mileage in it for politicians. They want us all to die and go away. If we ever wanted to see an Egyptian style revolt in Canada a lot more people would have to be starving.
Until then lets screw up their system as best we can EVERYONE GO BANKRUPT. I'm thinking about it.

re Dennis comments
You poor bastard. I really feel sorry for you . your elected mp or non elected senator wo'nt relate to a working class pheasnt like you. why should they , after all they have a 100,00o full index retirment payment plan all you have to do is be elected and serve 4 years in order to qualify and collect this for life. i am in the process of attending to my father in laws funeral . he died after working 30 years to raise his family at the age of 64 . So i dont even think he got any benifets from the crappy CPP. Of a further note.I talked to some guys from Germany who could't believe our barbaric system.After losing the war ever single Germain soilder recieved a 3- 4 thousand ductmark /month pension, and if you work in Germany for 10p15 years you are eintttled to recieve a full pension. on a side note i know a Korean war vet he get 300 /mo because he had been shot in the back by a sniper.....seems kinda fitting some how...
Regards
Dennis

i can not agree more with all being said, my spouse 5th generation canadian, now 60, in nursing home 4th stage of parkinsons, (there are only 5 stages), due to his age only receiving cpp disability, and guess WHAT,, no provincial, no federal, no municipal subsidies, or assistance, ALL because STUPID me actually has worked for over 30yrs, continue to work, and I HAVE to pay nursing home subsidy!!!! if i dont' work i will be out on the street, as my RRSP Locked in by my former BIG BANK employer, i cannot withdraw ANY monies unless i have 2 years to live which i have to prove, or my medication costs exceed my income!! can you believe this ?? i have seen my doctors office full of "new comers" who not only get full subsidies to everything and anything, disability income, oas, and have thier "buddies" at H & R block sign an affidavit stating they will be "disabled" for the rest of thier lives in thier new country and they ge disability Tax credit,, i cannot believe that pretty much anyone can sign the CRA form?? even a nurses aide!! where is the control? i cannot even contibute any more to an RRSP because i have no money,after all the invoices i get weekly!! do i quit my job and go work at TIm Hortons? then no one can ask for me to pay subsidy? my husband and i are being punished for working all our lives, between the 2 of us we collected 3 WEEKS of EI.. 3 WEEKS !!! over the years we have worked. So off to TIMMYS i should go, go bankrupt, at this point they can't kick my husband out of nursing home, they will have to settle just like we had to for the miserable amount of CPP disabilty !!!

It is time for a pension revolt in Canada.

I don't understand how you people say you can't receive your RRSP.I don't have any limits on mine other than to decide which investments to withdraw from and pay a Tiny bit of income tax 46%.The only time you have time restrictions if your RRSP is in an investment that has limits.

To be old, broke and white in Canada is not an enviable position to be in.
Jail might be an option : Low overheads, 3 meals a day, congenial company plus I read, with interest, that Clifford Olsen gets more in CPP/OAS than I do and I'm on the outside.Nice work Cliff.
Look out Flaherty, a pension revolt will happen one day.

I agree with the trend of this discussion. My parents farmed and worked in the forest industry while raising kids. Now in their 80's they struggle to make ends meet. They were frugel, no exotic vacations, parties etc. I believe the average govt pension and benefits should be the minimum public pension for the rest of us. If govt feels they need those funds to retire comfortably(paid for by the rest of us) don't we (the workers) also need those funds. If the govt can't afford it for all then they shouldn't recieve it either.Pisses me off!!!

The guy who calls himself `pissed` has said a mouthful! NO government employee should have any pension other that OAS and CPP....that way they would be a whole lot more interested in how the country was doing instead of nursing theircurrent attitude of: screw them, my ass is covered and devil take the rest!

If big corporations like NORTEL NETWORKS can file for Bankruptcy Protection then why can't retirees do the same!
Some retirees and former employees of this company were somehow affected by NORTEL
filing of BP and big BONUSES just went to top execs!

Have a large family, don't worry about it!

Come on!! Do your homework before you even consider retiring! We all should know what our CPP and OAS are when we are young.....we all need to stop thinking that we do not have to care for ourselves....these pensions are a small help but will never be an income to live on.

Stop shopping....do you really need yet another tv, a new couch...whatever.....probably not. Save your money for yourself because when you start relying on others to watch your back they will not!! Grow up, save your money, and don't spend quality time at the mall.

Stop whining about what others get....are you willing to do the work? The "poor me" attitude in this country is appalling....and bankrupcy...don't get me going on this....I know of a fellow who has charged his cards to the max, getting all kinds of stuff, and is hiding it all and declaring bankrupcy...that is friggin criminal!

All The "experts" tell us we need at least $1 million to retire. How in hell do I get $1million working. My yearly salary started at $6552.00 in 1974. ! finished work in 2009 with a yearly salary of $84,000.00 and damn near killed myself working overtime to get it. I want one of the so called "experts" to do the math and tell me how I was to save a million bucks on thoses wages. Even if I would have earned $84k every year for my 34 yrs it only comes to 2.8 million. Now take away taxes, EI premiums, CPP, and I am left with 1.7 million to buy a house , send my kids to school, food, transportation, utilities, medical and a host of other expenses. How am I to save a million bucks.
I AGREE WE NEED TO FOLLOW EGYPTS EXAMPLE.Not just a pension revolt but a general revolt against gov, utility companies, bailing out multi million $ companys and a host of others.

What does happen with Revenue Canada? I lost my job, and I'm working at a fraction of what I was used to making, to pay off debts. I want to go bankrupt but I'm afraid Revenue Canada will grab my old age and CPP, and I'll be on the street. Can they do that. Or does anyone know where I can find out the answer?

whistles-listen to the oldsters kiddies---plesae...anyone who makes over poverty level of 18000/yr or whatever it is now should be saving. I'm currently living on 10,000 this year. I can 'still' afford the vet bill, the dental bill and school trips for my child.

people who make 50-80000/year??..pulease.

here's my advice stop buying 'stuff', keep your bills low and pay them on time, save everypenny in a bank account and place those savings in a TFSA once a year. you can access your money and won't pay taxes when you withdraw it-b/c it's already after tax money.

Check with Revenue Canada to clarify questions. Personally-I can't keep up with the government or the Jones.