Six percent of nothing at all
The rules are clear. If you are poor and getting older, you’d better plan on keeping that part time minimum wage job until you die. And you’d better die old. After all, there’s a shortage of cheap labour right now.
In checking the newspaper this evening (I left for work before the gentleman who delivers our copy, as a way to supplement his retirement income), the headline in the financial section struck fear into my heart. “Soon, retirement will be at the age of 68!” But. That isn’t in my plan!
Actually, after reading the article (that was the intention all along), I learned that the government is (just a little) afraid of running out of money before all promised benefits have been disbursed. That’s a polite way of saying the we’re living longer than forecast. Actuarial hiccup. If we all got on the Freedom Fifty-five train, the rails would have to be sold to pay for fuel.
Instead, sometime soon, anyone who decides to retire while they’re still spry enough to enjoy the third period of life’s hockey game will just have to do it with lowered expectations. Wait; let me redefine the “anyone”. The CPP/QPP (go ahead, Google it) plans are not nearly enough to pay for a life of leisure. Best that you save, a lot, before kicking back and relaxing. Or win the lottery (all profits go directly to your favourite government, so buy tickets!)
I’m not going to lose sleep. The new rules mean that I will lose 6% of just about nothing. My math skills are improving, and I’m going to continue with my present projection.
