Retirement in Canada

[Gerry Mac]

Prime Minister Stephen Harper has indicated his intent to raise the retirement age in Canada to 67 from 65.



Gerry Mac

 

[Kevin Lang]

Geez, I thought the increase to 62 in the USA was brutal. It's like a carrot on a stick.

 

[EddieS'04]

Does' canada have a SS system? Or a government paid pension. Is there any private pensions in canada? That allow an age 62 retirement.

 

[H D]

Wonder why?



That may be addressed in the article. I have to much to read right now. I needed a procrastination destination but can't detour that much.

 

[Allan Reed]

Canada has Old Age Security ( OAS ) government funded which was being referred to in article



It has Canada Pension Plan ( CPP ) based on payroll contributions and sponsored and backed by federal government.



In Alberta we have a provincial supplement for pensioners who fall below a specified level, pensioners who collect this also have certain medical coverages paid for.



Most larger companies have pension plan and some are definitely better than others

I retired on a company pension plan at 53 ( 90 points - age plus years of service)



We also have RRSPs ( Registered Retirement Savings Plan ) Contributions are income tax deductable and at retirement can be converted to a RRIF (Registered Retirement Income Fund)



Although age change sounds bad, any Canadian who has been able to look after his finances is not in that bad of shape and although some depend on OAS it would not be adequate for most.

 

[Gavin Allan]

My Social Security retirement age is 67. I am surprized they don't make it 75.

 

[H D]

I'm pretty confident I won't be collecting social security. That's fine. I'll just give away money I didn't need to the government and I'll save what they let me keep so that I can retire with whatever dignity is allowed.

 

[EddieS'04]

Allan, thanks for the info.