Quote:
Originally Posted by WideReceiver
Under the topic of misinformation, someone is insisting that we only get back 20% of our CPP contributions, which I don’t think is true. Roughly how much do we get returned?
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It's nothing close to that low. Its a pretty dynamic target and there's a nearly unlimited amount of variables. If you were to contribute today's maximum for 42 years and average 8% growth...the money would grow to around 1.3 million which if stuffed in a bag that day would let you withdraw 3700 a month for 30 years. So based on today's maximum and what people contributed...it's a lot closer to 100 than it is to 20.
I used to see BS stuff like if you contribute $1500 a year for 25 years and got average growth you would have $3000 a month for 20 years, why does CPP knly pay $875 a month...do the math, it isn't even close.
That said...I was really annoyed when I had a CPP2 deduction last year after the CPP was maxed out.