bigugli Posted June 26, 2013 Report Share Posted June 26, 2013 Would one of you accountant types verify the following information please? If true, it really blows your mind. Personally I hope Jesus returns before the government totally runs out of Pension Money. How about you? P KEEP PASSING THIS AROUND .. FYI This is something I never thought about: the men and women who die BEFORE drawing on their Canada Pension Plan. 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 $$$ and tons of food to foreign countries!They call CPP an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a locked box, not part of the general fund. Link to comment Share on other sites More sharing options...
smerchly Posted June 26, 2013 Report Share Posted June 26, 2013 Right on the money Bruce ! I have thought about this for years , as well as the mandatory unemployment insurance scam which many pay into but never collect ......something like the Mafia business . My pension is reduced every year ,although I took a retirement plan with certain terms that was agreed upon and changed by them. We would be better off opting out of these government schemes that throw our "contributions" all over the planet to help others . But we Canucks are known to be generous people eh ! The senior population is huge and growing . They have a lot of $$$ influence & could start their own auto/home insurance companies , grocery stores etc etc . Every day my spending power drops as I see prices rising & watching my box of cheerios getting skinnier with a price increase to boot . It is no wonder the lineups at the border are getting longer every year . Young people are heading out west by the droves from Ontario ....no future here . Personally , I have 21 years of retirement in , if I can squeeze in another 30 years , I may be close to breaking even with the government fraud squad . Link to comment Share on other sites More sharing options...
rickyy33 Posted June 26, 2013 Report Share Posted June 26, 2013 This is why people should invest in real estate. Not RRSP's RESP's, mutual funds list goes on... This CCP is really screwing my dad, at 59 years old and after being with a company for nearly 20 years his position was "outsourced." Sure he got a nice severance package, but it's not enough. He's obviously looked into retiring now but if he takes his ccp earlly they tax the hell out of ya, its nearly half of what its worth.. He is a chartered accountant and believe it he can't find a job anywhere from here to burlington, imagine that. I simply don't believe in ccp. gov't is gonna take it regardless, but i'm not relying on it. So my advise to any young folk like myself, If you want to retire at 55, real estate real estate real estate Link to comment Share on other sites More sharing options...
bigugli Posted June 26, 2013 Author Report Share Posted June 26, 2013 This is why people should invest in real estate. Not RRSP's RESP's, mutual funds list goes on... This CCP is really screwing my dad, at 59 years old and after being with a company for nearly 20 years his position was "outsourced." Sure he got a nice severance package, but it's not enough. He's obviously looked into retiring now but if he takes his ccp earlly they tax the hell out of ya, its nearly half of what its worth.. He is a chartered accountant and believe it he can't find a job anywhere from here to burlington, imagine that. I simply don't believe in ccp. gov't is gonna take it regardless, but i'm not relying on it. So my advise to any young folk like myself, If you want to retire at 55, real estate real estate real estate Not necessarily. At the moment, it's a good time to buy, But real estate has had its booms and busts over the past 40 years. In the late 70's, the building boom came crashing around peoples ears. In 2 1/2 years interest rates went from 7% to 21%. You should have seen the defaults and foreclosures then. Fast forward to the next stall in the early 90's. Housing prices dropped from 15-25%. If you have surplus assets, you can ride out these glitches. But if you rely on the real estate as your prime source of future income, you are just as vulnerable as those relying on pension plans and investment funds. You still need to diversify. The moment you have a good thing going, either everyone jumps on the bandwagon and flood the market or the government finds a way to tax it to death As for your dad, he should simply put out his shingle doing small business and taxes. The brother in law is doing good after being in the same boat and putting up an open for business shingle. Link to comment Share on other sites More sharing options...
smerchly Posted June 26, 2013 Report Share Posted June 26, 2013 My house was built in 1953 and cost 10 grand to buy brand new . It is worth 200 grand today . Not a bad return , after figuring out the taxes , repairs and improvements . But I don't think a new $200,000 home today will be worth 20X that in 50 years .... Link to comment Share on other sites More sharing options...
rickyy33 Posted June 26, 2013 Report Share Posted June 26, 2013 Not necessarily. At the moment, it's a good time to buy, But real estate has had its booms and busts over the past 40 years. In the late 70's, the building boom came crashing around peoples ears. In 2 1/2 years interest rates went from 7% to 21%. You should have seen the defaults and foreclosures then. Fast forward to the next stall in the early 90's. Housing prices dropped from 15-25%. If you have surplus assets, you can ride out these glitches. But if you rely on the real estate as your prime source of future income, you are just as vulnerable as those relying on pension plans and investment funds. You still need to diversify. The moment you have a good thing going, either everyone jumps on the bandwagon and flood the market or the government finds a way to tax it to death As for your dad, he should simply put out his shingle doing small business and taxes. The brother in law is doing good after being in the same boat and putting up an open for business shingle. Yea, it can be sketchy but than again so are mutual funds, they way I see it, a lot if people have to rent, and it's a damn good business to be in Link to comment Share on other sites More sharing options...
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