OAS Elegibility going up to 67

[darklord700]

Originally Posted by Red Ice Player

You seem to have a real disdain for the so called boomer generation. You also don't seem to place any value on the work done by the traditional homemaker.

I hardly disdain the boomers, I just use them as a convenient example. Every generation should pay their own bills. Would you want your children to pay off your debt when you pass away? This is what's happening to us right now. The last few generations raked up huge national debt they can't pay off, leaving this generation and the next few with interest and the principle repayment. Is it fair?

Keep in mind the ascension of the western civilization which the last few generations had enjoyed immensely is now officially over. It used to be that if you are white and live in the Northern hemisphere, you're entitled to a good living. This generation has to compete with bright young people all over the world. And then we'll have to worry about paying off the debt from generations past.

[MoneyGuy]

Originally Posted by freedogger

With 20+ years till my retirement I expect OAS, CPP and the CDN to be looted, pillaged, devalued to pretty much nuthin.

Independent actuarial reviews indicate otherwise.

[WilsonFourTwo]

Originally Posted by MoneyGuy

Independent actuarial reviews indicate otherwise.

I agree that CPP is in good shape (OAS as well, for the most part) but I don't believe for a second that the Boomers are going to leave that money alone for the next 20+ years.

Not only will the selfish generation consistently demand "More" during retirement, they will get their way (as usual) because they outnumber the rest of us....those funds will be raided in one form or another.

We are going to struggle to pay for both the "I demand everything" generation's retirement AND the massive debts that have already been left behind, all with a dramatically reduced workforce (size and competitiveness).

[Zevo]

Originally Posted by WilsonFourTwo

I agree that CPP is in good shape (OAS as well, for the most part) but I don't believe for a second that the Boomers are going to leave that money alone for the next 20+ years.

Not only will the selfish generation consistently demand "More" during retirement, they will get their way (as usual) because they outnumber the rest of us....those funds will be raided in one form or another.

We are going to struggle to pay for both the "I demand everything" generation's retirement AND the massive debts that have already been left behind, all with a dramatically reduced workforce (size and competitiveness).

If you think the boomers are the 'I demand everything' generation, what do you call the current one.

[Sylvanfan]

Originally Posted by Zevo

If you think the boomers are the 'I demand everything' generation, what do you call the current one.

Will be fun to see what happens when they have numbers, and it's their own parents they want to cut off....I feel like Canada during the 60's...a sandwich generation caught in the middle of a potential financial nuclear war. Either way I'm fata'd, I have no hope of retiring before 80. Best I can do is enjoy the fight.

[WilsonFourTwo]

Originally Posted by Zevo

If you think the boomers are the 'I demand everything' generation, what do you call the current one.

I think "I demand to do it my own way" probably fits?

The reality is that the current generation will never spend anywhere NEAR the amount of money that the Boomers spent. They couldn't do so even if they tried, because the boomers have already spent it.

I need to extricate myself from this topic, sorry. I'm a really laid back fella, but hearing boomers complain (a) about how hard their life is (b) how they deserve retirement (c) how they can't spend my great-grandchildren's money fast enough just drives me to the brink.

[MoneyGuy]

Originally Posted by Sylvanfan

Will be fun to see what happens when they have numbers, and it's their own parents they want to cut off....I feel like Canada during the 60's...a sandwich generation caught in the middle of a potential financial nuclear war. Either way I'm fata'd, I have no hope of retiring before 80. Best I can do is enjoy the fight.

Contact Slava without delay.

[MoneyGuy]

Originally Posted by WilsonFourTwo

I think "I demand to do it my own way" probably fits?

The reality is that the current generation will never spend anywhere NEAR the amount of money that the Boomers spent. They couldn't do so even if they tried, because the boomers have already spent it.

I need to extricate myself from this topic, sorry. I'm a really laid back fella, but hearing boomers complain (a) about how hard their life is (b) how they deserve retirement (c) how they can't spend my great-grandchildren's money fast enough just drives me to the brink.

I advise many boomers clients, because I am one and attract clients similar to me, and I don't know if I've ever heard anyone say this. Maybe you're upset because we were fortunate to be born at the right time, worked darn hard in well-paying careers and saved (not all of us, of course) and now we are reaping the rewards.

[Zevo]

Originally Posted by WilsonFourTwo

I think "I demand to do it my own way" probably fits?

The reality is that the current generation will never spend anywhere NEAR the amount of money that the Boomers spent. They couldn't do so even if they tried, because the boomers have already spent it.

I need to extricate myself from this topic, sorry. I'm a really laid back fella, but hearing boomers complain (a) about how hard their life is (b) how they deserve retirement (c) how they can't spend my great-grandchildren's money fast enough just drives me to the brink.

I honestly don't know where you get this from. Baby boomers, for the most part, worked their @sses off their whole lives so they could retire comfortably. I don't blame them for that one bit.

[Azure]

Originally Posted by Zevo

I honestly don't know where you get this from. Baby boomers, for the most part, worked their @sses off their whole lives so they could retire comfortably. I don't blame them for that one bit.

If they could retire comfortably, why does the government need to spend billions of 'our' money to help them?

They might have done everything you said, but they also spent money they never had, and now our generation will have to sacrifice in order to get our financial house back in order.

All over the world governments have to cut funding and social programs because the 'house' that the boomers created is falling apart.

[freedogger]

Originally Posted by MoneyGuy

I advise many boomers clients, because I am one and attract clients similar to me, and I don't know if I've ever heard anyone say this. Maybe you're upset because we were fortunate to be born at the right time, worked darn hard in well-paying careers and saved (not all of us, of course) and now we are reaping the rewards.

You lost me after born at the right time.

[Zevo]

Originally Posted by Azure

If they could retire comfortably, why does the government need to spend billions of 'our' money to help them?

They might have done everything you said, but they also spent money they never had, and now our generation will have to sacrifice in order to get our financial house back in order.

All over the world governments have to cut funding and social programs because the 'house' that the boomers created is falling apart.

Isn't it 'their' money too?

[bizaro86]

Originally Posted by Zevo

I honestly don't know where you get this from. Baby boomers, for the most part, worked their @sses off their whole lives so they could retire comfortably. I don't blame them for that one bit.

Excellent. Then the boomers shouldn't mind paying for their own retirements, and maybe they can cover some of the huge debts gov'ts have run up buying their votes for the last few decades.

[Azure]

Originally Posted by Zevo

Isn't it 'their' money too?

Programs like OAS operate on year to year government revenue. Mostly from the taxes that the 'working' class pay. So 20-30 years down the road when the baby boomers retire and OAS payments shoot up to $100 billion per year, who do you think will be responsible for those payments? Sure as hell not the baby boomers.

[MarchHare]

Maybe you're upset because we were fortunate to be born at the right time, worked darn hard in well-paying careers and saved (not all of us, of course) and now we are reaping the rewards.

Baby boomers did not save. Yes, you can anecdotally point to individual members of that generation who did properly plan for their retirement (my own parents, for example), but the average boomer has saved the least of any generation currently in the workforce. Far too many baby boomers are depending on the "inheritance" strategy for their retirement.

Statistically, members of Gen X are the most self-sufficient in terms of retirement savings, most likely because they've heard for their entire adult lives that the baby boomers are going to bleed government programs dry. Gen Y isn't that far behind Gen X and will likely close the gap even further as they get older.

[Sylvanfan]

Originally Posted by MoneyGuy

Contact Slava without delay.

My problem is 100% based on personal earning, and a terrible career choice. There isn't a financial planner around that can help a draftsman avoid poverty.

I'm sad to see old age security cut back..I will need it so badly. Hopefully food banks exist 40 years from now.

[GP_Matt]

What kind of drafting do you do?
We have had great drafters move up to drafting managers and then project managers with the salary going up with it.

[Mean Mr. Mustard]

Originally Posted by darklord700

If a senior woman didn't work her entire life, she can still collect OAS/GIS, why?

Because the other option can be horrifying with senior citizens starving and homeless. You are transferring your views onto other people, 30-40 years ago it wasn't as common for women to be in the work force and quite uncommon for them to be in high paying position which would be required in order for them to save money for retirement.

I think that people are mistaking the issue, it isn't that a group of people has been lazy, hasn't saved or has been foolish with their money - although I am sure that this has happened - it is that people are living longer, which is a good thing, particularly from a humanistic standpoint, however at the same time this has resulted in a situation in which people are drawing upon OAS for a longer period of time. Getting rid of things such as OAS/GIS mostly harm those on the bottom rungs of society.

[bizaro86]

Originally Posted by Mean Mr. Mustard

Because the other option can be horrifying with senior citizens starving and homeless. You are transferring your views onto other people, 30-40 years ago it wasn't as common for women to be in the work force and quite uncommon for them to be in high paying position which would be required in order for them to save money for retirement.

I think that people are mistaking the issue, it isn't that a group of people has been lazy, hasn't saved or has been foolish with their money - although I am sure that this has happened - it is that people are living longer, which is a good thing, particularly from a humanistic standpoint, however at the same time this has resulted in a situation in which people are drawing upon OAS for a longer period of time. Getting rid of things such as OAS/GIS mostly harm those on the bottom rungs of society.

Changing the eligibility age to 67 isn't the same as putting all the poor seniors out to sea on ice flows. Presumably the future poor seniors who are currently poor/not-saving 45 year olds can work another 2 years if they have 10-20 years of notice they'll have to do so.

Life expectancies have increased by a huge amount. Is there any reason that increase should be 100% retirement?

[darklord700]

Originally Posted by Mean Mr. Mustard

Because the other option can be horrifying with senior citizens starving and homeless.

I can point out many other countries without OAS and their seniors didn't suffer.