tag:blogger.com,1999:blog-5465015914589377788.post6186083739718350865..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Retirement Pipe DreamsMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-5465015914589377788.post-51242909723963926712020-10-30T14:34:45.314-04:002020-10-30T14:34:45.314-04:00The third reply above was to a comment from Canadi...The third reply above was to a comment from Canadian Capitalist:<br /><br />Maybe I misunderstood what CARP is proposing but I thought they are *not* proposing a plan where current workers will pay for current retirees, future workers will pay when current workers are retired and so on. Instead, what they are proposing is a genuine pension plan (like the CPP), where payouts depends on actual contributions made and length of contributions. In other words, someone who contributed to the UPP for one year won't get the collect maximum benefits.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-86559114971969352702009-05-01T16:04:00.000-04:002009-05-01T16:04:00.000-04:00Canadian Investor: I doubt it because then their c...Canadian Investor: I doubt it because then their current membership would save little and get little. A UPP of this type you describe only works if you start to contribute when you're young.<br /><br />Patrick: Certainly some retirees will be able to live off savings and some will be supported by family, but these factors will not be enough to influence what happens to the majority. I think the majority will either work of be fairly poor.<br /><br />CC: Regardless of what CARP is proposing, governments do not let huge pots of money just sit around. At any future time, retirees will be supported by those who are working at that time. However, even if we suppose that the government will act differently, then CARP's number don't add up. The forced savings rate would have to be higher to save enough for the level of benefits proposed. Their numbers right now are tuned to give UPP benefits to current retirees paid for by current workers.<br /><br />Four Pillars: I can't decide if they are daft or if they are just asking for the moon in the hopes of getting more for retirees at the expense of young people.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-81047654022939101412009-04-30T13:55:00.000-04:002009-04-30T13:55:00.000-04:00I really think that the CARP organization is compl...I really think that the CARP organization is completly daft.<br /><br />Their whole RIF campaign from last year was just stupid and now this?Four Pillarshttp://www.four-pillars.canoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-17388447091679207292009-04-30T09:33:00.000-04:002009-04-30T09:33:00.000-04:00"The inescapable conclusion is that either the maj..."The inescapable conclusion is that either the majority of people over 65 will work or the majority of them will live well below the middle class standard."<br /><br />...or they will live off their savings. Or they will be supported by family. Or some combination of the four.Patrickhttps://www.blogger.com/profile/16816252455472704262noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-85517477735916500662009-04-30T08:57:00.000-04:002009-04-30T08:57:00.000-04:00Not sure I follow the logic ... isn't CARP saying ...Not sure I follow the logic ... isn't CARP saying that people should fund their own UPP through enforced savings, specifically that workers would not fund current retirees?CanadianInvestorhttps://www.blogger.com/profile/05645767559302303541noreply@blogger.com