Canada may raise the Retirement Age

[JOE]

...which is a reason I'm glad I retired now than later.

So it may soon be more difficult to retire for you younger folk here.

Ya'll might be working til yer 67 or older.

I know in the USA where Lokmar lives his St Trump wants to raise the retirement age ta 70...or 75!

I know Lokmar has often talked about retiring, but he'd better do it soon before it's all gone. USA's retirement plan is in much worse shape than Canada's eh?

[Oliver the Second]

70 is considered 'full' retirement age here. You can retire at 62 but you'll be getting a much smaller monthly payment and you're also restricted on how much money you can earn without penalty. As you get closer to 70 the payments increase and the penalty decreases, and if you wait until 70 you get full payment and no restriction on how much you can earn.

I waited until 65 to retire because I wanted a larger payment. I'm not working until 70 though, I did my fifty years and I'm done. Now every morning I grab a cup of coffee, turn on the news, and laugh at everyone stuck in traffic. 

[Thiel]

...which is a reason I'm glad I retired now than later.


So it may soon be more difficult to retire for you younger folk here.

Ya'll might be working til yer 67 or older.

I know in the USA where Lokmar lives his St Trump wants to raise the retirement age ta 70...or 75!

I know Lokmar has often talked about retiring, but he'd better do it soon before it's all gone. USA's retirement plan is in much worse shape than Canada's eh?

Sweetie, remember I explained to you after our wild night of passionate sex last night, that the maximum OAS pays is only $8500 per year year. If you did not have me, you could not have retired on that when you turned sixty five ten years ago.

Canada's OAS probably will not be around in it's current form in twenty five years. Every developed country's government retirement income scheme is in trouble.

In the future retirees will need assistance from the parents or find a well to do man to live off of like you did.

[JOE]

70 is considered 'full' retirement age here. You can retire at 62 but you'll be getting a much smaller monthly payment and you're also restricted on how much money you can earn without penalty. As you get closer to 70 the payments increase and the penalty decreases, and if you wait until 70 you get full payment and no restriction on how much you can earn.

I waited until 65 to retire because I wanted a larger payment. I'm not working until 70 though, I did my fifty years and I'm done. Now every morning I grab a cup of coffee, turn on the news, and laugh at everyone stuck in traffic. 

The government in Canada provides that incentive too Oliver the Second llie. Give higher payments if people retire later. It's like a carrot on the stick.

But what they don't inform retirees is how their dollars are constantly getting devalued through inflation every day. So if they wait 5 more years to retire, adjusted for inflation the retiree will get only the same amount if he/she had retired at 65.

And so the guy/woman who works those extra years could have retired earlier and used the pension money at 65 to invest & come out further ahead than the one who retires at 70.

5 years is a long time to wait and forgo a pension. 12x5=60 months of pension cheques/social security. That's at least $100,000.

May as well take it now while the money is still available. From news reports they say that it might not be there in 10 years.

[Lokmar]

I'll retire at 62. IDGAF. I have the ability to work in the electrical field for cash under the table as I did before. For the record, I fully endorse tax fraud.

[Oliver the Second]

The government in Canada provides that incentive too Oliver the Second llie. Give higher payments if people retire later. It's like a carrot on the stick.

But what they don't inform retirees is how their dollars are constantly getting devalued through inflation every day. So if they wait 5 more years to retire, adjusted for inflation the retiree will get only the same amount if he/she had retired at 65.

And so the guy/woman who works those extra years could have retired earlier and used the pension money at 65 to invest & come out further ahead than the one who retires at 70.

5 years is a long time to wait and forgo a pension. 12x5=60 months of pension cheques/social security. That's at least $100,000.

May as well take it now while the money is still available. From news reports they say that it might not be there in 10 years.

It's going to take about seven years for me to hit the break even point and after that it's extra cash in my pocket.

And I intend to live forever!

Or die trying.