Quote:
Originally Posted by RavYak
I think retirement age should increase, it should be tied to life expectancy. Back when it first came into effect it was 70 years old which was higher then the average life expectancy...
In 1965 when the pension age was reduced to 65 years the life expectancy was only 72. Now it is well over 80 with most people living much healthier longer lives.
It should be bumped back up to 70 imo. I know that is easy for a young whipper snapper like myself to say but I think it is fair. Have reduced amounts available like they currently do at 60 or at a minimum greater incentives to wait until 70+.
I would be interested to know what the average person retiring now has paid into the system vs what they are likely to receive. No luck finding that info though.
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Anyone can find out what they have contributed. Open an account:
https://www.canada.ca/en/employment-...t/log-out.html
From 1973 to 2015 I contributed: $43,548.65
I have been collecting since 2015 (age 60). I collected $8453.88 in 2016.
In four more years I will have collected more than I contributed.
This is not taking into account how much I would have made in interest over those 42 years had I invested $43,548.65 somewhere else.