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Email this9:26 pm
August 5, 2014
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Loonie, you talk about people living longer and you want to say we are going to get pensions at 67. You don't like hearing reality. If you think that we are going to believe the same people that keep taking most of our money is looking out for our best interest then sorry to burst your bubble.
The older we all get they will keep pushing the pension, retirement age to 69, 71, 73, 75, 77, 79, 80. This is why they also made a law recently that workers can work past 65 and it is discrimination to force them to retire at 65 years old.
This is the oldest trick in the book. We are going to save and invest our brains out and retire on our own terms and not on some fictitious pension plan that keeps changing every year.
9:46 pm
October 21, 2013
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I am actually very much in touch with reality. Being retired, I live it every day. I worry that pension plans will not keep up with inflation. But I worry equally that my other investments won't keep up with inflation because, in most cases, I KNOW that they won't.
Pension plan terms will change. But so will everything else that determines income.
I hope you have some time to enjoy life while you are saving and "investing your brains out".
9:56 pm
August 5, 2014
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Loonie, I thought you said we are all living longer so what now you are not sure that we will get our C.P.P, OAS pensions at 75 years ole. This is what is going to happen and you don't want to admit it.
Once again, we have no choice to work 100 hours a week because unlike you and others, we don't believe that MR. government is going to take care of us. We live in reality and because you are already retired we are going to have to pay for the false promises the government you are so sure of has made.
They will not cut your pensions because it is too late to catch you guys but we are right for the picking. Loonie, ask the government your so sure of to pay you higher inflation on your pension. Wait, this is what happens when you believe in fairy tales called government to take care of you.
10:29 pm
October 21, 2013
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I have no idea where you got the idea that I have great confidence in government. For the record, I don't. But I have considered the alternative.
Nobody can say for sure when you are going to get your CPP, OAS. But we can say that there will be an uncontrollable outcry if they are taken away.
In this house we've done our 100+ hours/week. And one of us is still doing it.
10:35 pm
August 5, 2014
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Loonie, then you obviously failed to win financially if you worked and continue to work 100 hours a week. Financial literacy maybe your main household's weakness.
C.P.P. and OAS is already not that great and many people have no clue what pension they are going to get. This another part of our clueless society that believes government will save the day. Pensions are a socialistic policy and it is was introduced by government many decades ago.
So, Loonie, if you believe so much in pension plans then you are much more confident in government then we are.
10:44 pm
August 5, 2014
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Loonie, another point you fail to realize is once the government takes money away and turns that money into a pension plan or contributes it into a pension plan then it becomes the government's money to distribute as it sees fit.
When money is voluntarily deposited or invested, Loonie, you see it is by my choice, nobody forced me to do this, this is a major distinction here, it is my property and my family's property if I so choose to name them as beneficiaries or heirs.
Pensions are not are property and are just an income source that can be changed anytime. This is why governments love them. They are a sneaky way of taking our money and not giving all of it back plus more of its growth, interest in value.
A socialistic government policy would be to tax us all to death and make sure we have little to no property of our own. This is how the game is played, Loonie.
11:11 pm
October 21, 2013
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Jack Manning said
Loonie, then you obviously failed to win financially if you worked and continue to work 100 hours a week. Financial literacy maybe your main household's weakness.
C.P.P. and OAS is already not that great and many people have no clue what pension they are going to get. This another part of our clueless society that believes government will save the day. Pensions are a socialistic policy and it is was introduced by government many decades ago.
So, Loonie, if you believe so much in pension plans then you are much more confident in government then we are.
Our financial situation is fine, actually, far better than most, and pensions are only a minority portion. For privacy reasons, I don't want to get into the details. One of is still working, and has always worked long hours for organizations that we believe will contribute to society. We have not worked solely for the money.
Investing is substantially more complex than basic financial literacy can ever address or that most people will ever be able to absorb. People get "taken" when they are in over their heels into investments they can't understand, which happens regularly. If you think government is not acting in your best interests, investment houses are much worse, as they are beholden to shareholders and owners, and one must be hyper-aware of what is going on all the time. It is often difficult to even find an advisor who will accept a fiduciary duty to the client.
11:20 pm
August 5, 2014
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Loonie, you did not win financially because you should be both retired. Also, inflation should not be such a problem if you were prudent and planned far ahead financially.
Just being fine is just like your acceptance and being so sure of pension plans run by governments first and other plans run by an employer or union.
I don't know where you got the idea that a bank, financial institution, advisers etc. are working in your best interest or government is working in your best interest. People are so naive and don't take the basic understanding of how to take care of their money but will spend months planning a vacation.
It is my money, my family's money and we are responsible for our decisions. If you don't understand what you are doing with your money then don't invest it in that type of investment. Loonie, the problem is greed and everyone that wants to make easy money. This is when everyone takes advantage of people and abuses their power.
Pension plans are part of this to a lesser extent giving false promises of larger, unsustainable monthly checks based on the life and death of others. They are like hedge funds, mutual funds, ETF's, REIT's, stocks etc. of 8%, 9%, 10% a year in and year out, no matter what happens.
11:27 pm
August 5, 2014
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Loonie, if people were to take simple steps of debt reduction and being debt free, maximizing RRSP's, RRSP tax refunds, TFSA's, RESP's if applicable to one's circumstances and invest conservatively, this would cover at least 80% of a decent financial and retirement plan.
Governments and the financial institutions, financial industry, advisers thrive on making things more complex then they really are.
11:32 pm
October 21, 2013
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You assume that "winning financially" is the sole criterion to decide on date of retirement. It is not your job to say when others "should" retire. You know next to nothing about our personal situation, and that's the way it will remain.
Inflation is always a potential problem because we never know what it is going to be. You're the one who thought a couple could live on about $61,000 in retirement, starting today, and made no reference to inflation; it was not me. Inflation may not continue to hum along at 1 to 3%. It has far exceeded that in some countries at times.
I specifically said that financial institutions did NOT act in our best interests.
11:42 pm
August 5, 2014
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Loonie, you are really clueless when it comes to financial affairs. If you and your spouse had had a decent income in retirement and then had 100 hours of working income you would be taxed to death and would be going backwards.
What do you think I don't know how income taxes work and when I am being fooled. Your household has to work because you are both poor financial planners of your future.
The $61,000 a year is in a current low interest rate environment and if rates rise even 2013 levels that would easily be $72,000 a year. Also, that does not include $27,000 a year in C.P.P., OAS that they are receiving. It is $88,000 a year and potentially $100,000 a year in the next 1 or so.
Yes, I forgot, I am talking to Mr. rich guy here. You would be lucky making $61,000 a year with a no to low risk portfolio. Most Canadians are lucky if they are earning in retirement $2,000 to $3,000 a month without C.P.P, OAS and are in debt with probably $25,000 or more and investments less than $100,000.
Good luck with your monthly peanuts plans, Loonie!
11:46 pm
August 5, 2014
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I said it again Loonie, take all your money and let the government take care of it. You are so confident with their results, do it. It is because once you give all your money to the government, it is not your property anymore. What an inflation rate protection is that? It is 100% gone if people don't reach their retirement age.
12:06 am
October 21, 2013
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Sorry, Jack, but you know next to nothing about my financial or family situation, and it is ridiculous for you to continue to speculate about it. Your assumptions, and they are indeed assumptions, are inaccurate and have misled you. Why do you bother to try to undermine my personal situation?
As I said elsewhere, money is not the only reason that people may continue to work.
12:23 am
August 5, 2014
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Loonie, you are not fooling anyone. You like pensions and other socialistic policies because your family will benefit from them greatly. Work or don't work, I don't care. If money is no object then volunteer.
For someone that does not make money a priority in work and retirement, you sure are concerned about future needs of money called higher prices, inflation.
You told me two prior comments against myself, how long I could live and unless I hit some financial problems, avalanche and then saying I'm entitled to government benefits which I will never see in my lifetime. Stop making assumptions about my life and why do you care what I say about pensions.
If their so great let people decide for themselves. The financially successful in life have property, investments, a business and not pensions. Pensions are for those that are not financially literate and financially intelligent.
It is a skill like any other. It takes discipline, time and prudence and it is not easy for most as I am amazingly finding out people are really financially lazy and uninterested. The easy way out is just put money in a pot called a pension and hope that it will pay one day as they say.
It almost sounds like the lottery but winners are the longest living people at the expense of younger, deceased people. Probably about 70% lose and 30% gain. Just better odds than the lottery that is all.
12:34 am
October 21, 2013
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Jack's comments speak for themselves. No further comment is needed by me, and clearly will not be listened to.
12:39 am
August 5, 2014
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Loonie, what, are you out of comments. You are not getting tired of me, not already. Pensions are the best thing in the world and I am going to live to 150 years old. The Ontario retirement pension plan is going to make everyone live like kings when they are 75, 80 years old if they live that long.
7:49 am
May 15, 2007
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Jack -- please stop making personal attacks and please treat others respectfully on this forum.
3:31 pm
February 17, 2013
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Holy Crap. I can't believe this started from a AMEX / Costco thread! You both have valid points, and are obviously in different stages in your financial strategy. Jack...everyone works for different reasons. My brother-in-law loves his job and jokingly quips he is on the "FREEDOM 95" plan. He doesn't need the money but loves his work. I am about 4 years away from retirement and am totally counting on CPP and OAS in my retirement plan as well as my (and the wife's) company pensions and our RSPs to survive. We won't live like kings, but that was never the plan to begin with. Loonie, Jack makes valid points about pension plans for the younger generation. I am not confident that they will be able to continue on their current path so that my kids can rely on them as a part of their retirement plan in 40 or 50 years. We are in a "Boomer" bubble right now that will last for the next 30 years or so, after that....whole new ball game. Governments come and governments go, and along with them go the polices and circumstances that determine our financial future. The TFSA is a good example. This is a Harper plan and the rules governing it my be totally different once he leaves and a new vision comes into play. All we can do is work with the parameters we have now and hope for the best. If either one of you think you can tell me with any certainty what the government, world, banks or economy will do in the next ten years, I always willing to listen. Not going to bet the farm on it though. Thanx to both of you for your points of views.
8:30 pm
October 21, 2013
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Thanks for your balanced views, Rick. I don't disagree with you.
I'm afraid my crystal ball had to be sent away for repairs quite a while ago now and never came back, so I can't help with your dilemma! 
Diversify. Learn. Prepare for the unexpected. Lobby for sustainable policies that will continue to make this a country people want to live in. Best wishes to all.
1:55 am
August 5, 2014
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Peter, tell Loonie not to point out anything about how long I might live and that I will have an avalanche of financial problems. Tell Loonie to make assumptions about his own family and not mine.
Peter, if you want to be like any other authority like government and show your power, delete all my posts and ban me. This is what cheaters do when they can't win.
Rick, believe the fantasy of government is going to take care of you because you can't look at reality.
Please write your comments in the forum.