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Joe worked for 40 years and took care of himself and his family. He did nothing wrong and lived within his means.
Are you on life's last lap and have yet to make a real difference? That's the angst of some boomers who came of age believing they would change the world, but then life got in the way. Now retiring from the jobs that derailed them from their dreams, they're hoping it's not too late to leave a legacy.
The order of the day was to question the very existence of defined benefit pension plans. Yet these plans not only provide much-needed income to hundreds of thousands of retirees, they also benefit society as a whole. People who have paid into these plans throughout their lives acquire a level of financial independence that makes them much less dependent on government assistance in old age.
While every individual situation is different, there are some things one can do to prepare for their retirement, especially with the RRSP deadline just around the corner. This is a time of year we all think about saving and it is a good reminder, however a well thought out plan can help you ensure you save regularly and are not playing catch up when time is running out.
The solutions are to either improve government transfers or to improve access to viable retirement savings vehicles. So what has Canada done? The opposite. In the name of more sustainable government budgets, the eligibility age for OAS has been raised from 65 to 67 leaving those who cannot hang on for the extra two years without a safety net.
As our political leaders deliberate expanding the CPP, they would do well to consider the evidence which does not support the notion of a broad retirement income crisis. They also need to consider that a compulsory expansion to CPP could reduce private savings and the flexibility they afford Canadians.
In two weeks, we're going to face our dream -- or our nightmare. That's when we're going to actually start living part-time in our Canadian farmhouse.