tag:blogger.com,1999:blog-5465015914589377788.post1920762054466951517..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Retirement Dreams Clash with Economic RealityMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5465015914589377788.post-32727724968553540252020-11-01T09:26:22.557-05:002020-11-01T09:26:22.557-05:00The comment above is a reply to Dale Rathgeber'...The comment above is a reply to Dale Rathgeber's comment:<br /><br />Sadly, I suspect that you are wrong in your hope that this will not be a wealth transfer to the politically important boomers from their children.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-80676723390343916272020-11-01T09:02:36.735-05:002020-11-01T09:02:36.735-05:00The first reply above is to Doctor Stock's com...The first reply above is to Doctor Stock's comment:<br /><br />I'm still hoping we'll see a "opt out" option become available... but I doubt it.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-77368674589875212172020-11-01T09:01:53.412-05:002020-11-01T09:01:53.412-05:00The comment above is a reply to Canadian Capitalis...The comment above is a reply to Canadian Capitalist's comment:<br /><br />The CPP proposals are very sketchy but I would be extremely surprised if "phased in" doesn't mean that only those who pay the extra premiums would earn the extra benefits. A retiree who is now collecting CPP won't see any increase in their benefits.<br /><br />Even then, even "modest" proposals face an uphill battle in adoption. CPP changes must be approved by 2/3rds of provinces representing 2/3rds of the population. How easy is it to get the provinces to agree on anything? Not very.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-37618501242619466522010-06-16T14:29:22.763-04:002010-06-16T14:29:22.763-04:00@Doctor Stock: Those concerned with protecting pe...@Doctor Stock: Those concerned with protecting people who choose not to protect themselves prefer that there be no opt-out. I'm on the fence.<br /><br />@Big Cajun Man: The way I think of it is that CPP benefits for a given individual should be based on how much he or she paid into the CPP system. So, if you paid into CPP under the old rules for 35 years and under the new rules (with higher CPP contributions) for 5 years, you'd get a blended amount of CPP benefits when you retire. You'd get a little more than you would have under the old rules, but not much.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-38143568286921200992010-06-16T13:53:58.641-04:002010-06-16T13:53:58.641-04:00There is a lot of discussions about Grandfathering...There is a lot of discussions about Grandfathering IN to Pensions but also now Grandfathering OUT of systems too, where the original members will be excluded from NEW "better" benefits.<br /><br />Will our generation ever get to retire? Why do we think we will only 2 generations have been able to do this, why are we sure we can?Big Cajun Manhttp://www.canajunfinances.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-14551279363142551322010-06-16T11:26:47.877-04:002010-06-16T11:26:47.877-04:00@CC: I agree that "phased in" implies t...@CC: I agree that "phased in" implies that extra benefits will only be available to those who make extra contributions. However, if CPP changes are made and then boomers figure out that the changes won't help them, I expect some howling. You're right that the 2/3 hurdle is a tough one.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-27382639727575162892010-06-16T11:00:25.652-04:002010-06-16T11:00:25.652-04:00@Dale: Hopes can't be wrong :-)
But, I agree...@Dale: Hopes can't be wrong :-)<br /><br />But, I agree that boomers are likely to get more than they put into CPP. I just want those who propose expanded benefits to see them for what they are: an inter-generational transfer. I find it laughable that so many boomers seem to think that being forced to enter retirement without enough income to support a big house, two cars, and frequent travel is some sort of disaster. For those who save enough money to have these things in retirement, well done. Those who haven't saved enough should be supported to cover basic life needs, but not a middle-class lifestyle.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.com