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[bigblue]

My wife just told me that Old Age Pension eligibility was changed from age 65 to 67 for most people.
I checked on-line and sure enough it was changed for our age bracket.
Looks like I am going to have to work two more years than expected to be able to fish full time.

[Fish Assassin]

I noticed the MP's still got their gold plated pension plan. Politicians are all a bunch of crooks

[alwaysfishn]

The changes to OAS will not affect anyone 54 years or older. The changes make sense as people are living longer and are capable of working longer. The budget also addresses public service employee pensions.

I also can't understand how the MP's can continue providing themselves with the best pensions in the country.

[fic]

You can still take your CPP at age 65. If you wait until 67 for CPP, you actually get like 12% more for the rest of your life.  Wonder how many of us would wait until 70 for CPP and get the maximum 130% CPP. It's really worth it if you live to 100+, but sucks if you die before 70.

[CohoMan]

Changes doesn't come into effect until 2027...but as a financial planner, I will have to make adjustments to clients strategies.

[bigblue]

You can still take your CPP at age 65. If you wait until 67 for CPP, you actually get like 12% more for the rest of your life.  Wonder how many of us would wait until 70 for CPP and get the maximum 130% CPP. It's really worth it if you live to 100+, but sucks if you die before 70.

Good to hear that CPP can still be tapped at age 65 if needed, but strong incentives are provided to defer to age 67 or 70.
Looks like I am going to have to save up more if I want to retire with reasonable level of health to fish full time for several years.

[Fish Assassin]

I also can't understand how the MP's can continue providing themselves with the best pensions in the country.

Because they bloody can The only way it's going to change is a huge public outcry

[milo]

I noticed the MP's still got their gold plated pension plan. Politicians are all a bunch of crooks

Not all of them are.
But they do tend to reward themselves for doing a VERY thankless job which makes them an easy target of the taxpayer's wrath.

If a gold plated pension plan is what you are after, run for government. You can start low, in your neighborhood, and take it from there.

What? You'd rather spend your time fishing?
Don't complain then about politicians being a bunch of crooks. 

[chris gadsden]

My wife just told me that Old Age Pension eligibility was changed from age 65 to 67 for most people.
I checked on-line and sure enough it was changed for our age bracket.
Looks like I am going to have to work two more years than expected to be able to fish full time.

You can always pick up bottles and tins until you are 65, put all he money each year into an investment and you can retire at 65 if not sooner.

[leapin' tyee]

Changes doesn't come into effect until 2027...but as a financial planner, I will have to make adjustments to clients strategies.

I checked the government web site and it starts in 2023.  Are you sure about 2027???

[typhoon]

Here's the deal.
Every person who has taken a dime from CPP or OAS has NOT paid for their share.
Every person who will take money from CPP or OAS in the next 20 years has NOT paid for their share.

Boomers are NOT entitled to CPP or OAS.
 
CPP and OAS were built as ponzi schemes at a time when contributions from 7 current workers covered the CPP and OAS for retired people.
By 2023 the ratio will be 2 workers contributing for each retired person.
 
As with all ponzi schemes this one will collapse.
The government is merely trying to kick this can down the road by making tiny cuts to a program that is clearly unsustainable.

I fully expect to NOT receive a cent from CPP and OAS even though I have maxed my contributions for over 20 years.

[bcguy]

Not all of them are.
But they do tend to reward themselves for doing a VERY thankless job which makes them an easy target of the taxpayer's wrath.

If a gold plated pension plan is what you are after, run for government. You can start low, in your neighborhood, and take it from there.

What? You'd rather spend your time fishing?
Don't complain then about politicians being a bunch of crooks. 

No...he was right, remember when the reform party were telling everyone they were going to opt out of the gold plated pension plan if elected.
That sure didn't last when they all got into office, nope, I don't think you'll ever see any of this current group of trough suckers, opt out of anything that benefits them.
You are right though, it is a rather thankless job, but it is called public service for a reason, with an emphasis on service. Long gone are the days, if they ever really existed, of a man willing to make a personal sacrifice(read:financial) for the betterment of society.  It would seem they are always just worried about what they would be making if they worked in the private sector. Well, guess what, much like buying a house next to a prison...you knew going in, and if you are not willing to personally sacrifice anything you saw fit to pass on to the taxpayer...then I would imagine it simply re enforces my belief that without personal strength and integrity, this job will turn you into a liar and hypocrite, and that is not the type of person I am intrested in running this great country. 

[winter steel]

Typhoon, contributing to a pension plan entitles you to the principal of the amount contributed once you decide to withdraw (unless it goes bankrupt of which you can then go after the assets). OAS is supplemental to those who qualify, thus if they take away your OAS you've done well enough in life that you do not need it and since you did not contribute to it directly, unlike your CPP, are not necessarily entitled to it. CPP will always be there, justy don't count on it to provide you the lap of luxury or trips up to Langara Lodge , cheers WS

[typhoon]

Typhoon, contributing to a pension plan entitles you to the principal of the amount contributed once you decide to withdraw (unless it goes bankrupt of which you can then go after the assets). OAS is supplemental to those who qualify, thus if they take away your OAS you've done well enough in life that you do not need it and since you did not contribute to it directly, unlike your CPP, are not necessarily entitled to it. CPP will always be there, justy don't count on it to provide you the lap of luxury or trips up to Langara Lodge , cheers WS

An unfunded defined benefit pension plan does not allow you to withdraw your principal when it is cut. Just ask the good folks at Nortel.  There won't be any money left in CPP long before I reach 65.

Also I pay more than my equal share of taxes. Where do you think OAS funds come from?

[alwaysfishn]

An unfunded defined benefit pension plan does not allow you to withdraw your principal when it is cut. Just ask the good folks at Nortel.  There won't be any money left in CPP long before I reach 65.

Also I pay more than my equal share of taxes. Where do you think OAS funds come from?

There will be no problem at all with the CPP plan unless there is consistently negative market returns for at least the next 10 years.  If funded properly (and it is), and the growth rate is 4-5% over any 10 year period, then the CPP will remain solid. If on the other hand market returns are negative for 10 years in row, the CPP will be in trouble, however that will be the least of your worries. 

The OAS on the other hand is funded out of current tax payer dollars. Currently there are more than 4 working people paying taxes in order to pay the OAS to the country's retired folks. Projections show that in 25 years the ratio of working folks to retirees will be 2:1. When OAS was initially introduced, entitlement didn't start till age 70. At that time people didn't live as long as they do today.  It's hard to believe that more changes won't be made to OAS program.