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02-08-2017, 09:29 PM
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Join Date: Jun 2008
Location: Lacombe
Posts: 2,464
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Quote:
Originally Posted by CNP
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.
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Does this take into account what an employer would have contributed to your CCP plan as well. or would the total contributions be doubled ?
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02-08-2017, 09:49 PM
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Join Date: May 2007
Location: WMU 303
Posts: 8,508
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Quote:
Originally Posted by rottie
Does this take into account what an employer would have contributed to your CCP plan as well. or would the total contributions be doubled ?
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That is what I contributed. I worked for the federal govt that entire period. Did the fed govt match my contributions? Dunno
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02-08-2017, 09:54 PM
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Join Date: Jun 2008
Location: Lacombe
Posts: 2,464
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Quote:
Originally Posted by CNP
That is what I contributed. I worked for the federal govt that entire period. Did the fed govt match my contributions? Dunno
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Yes your employer matched your contributions, still see your point on the average age rising. It does make a huge difference
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02-09-2017, 05:16 AM
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Join Date: May 2007
Location: Calgary
Posts: 5,154
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Sure makes you wonder what happens to all that money paid into the plan and not collected by people who die before retirement age.
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Former Ford Fan
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02-09-2017, 11:22 AM
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Join Date: Jun 2008
Location: Lacombe
Posts: 2,464
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Quote:
Originally Posted by Unregistered user
Sure makes you wonder what happens to all that money paid into the plan and not collected by people who die before retirement age.
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Survivors benefits kick in then, they are reduced though
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02-09-2017, 02:15 PM
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Moderator
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Join Date: Jul 2008
Location: A bit North o' Center...
Posts: 11,277
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Quote:
Originally Posted by rugatika
Trudeau should just apologize to Canada and beg Harper to take back the reins.
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You know, I think we could crowdfund a billboard in Ottawa that says just that!
Who's on board?
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02-09-2017, 04:44 PM
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Join Date: May 2007
Location: Calgary
Posts: 5,154
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Quote:
Originally Posted by rottie
Survivors benefits kick in then, they are reduced though
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If there are no dependants a "Death Benefit" of about $3000 is paid to the estate.
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Former Ford Fan
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04-20-2017, 05:25 PM
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Join Date: Feb 2008
Posts: 3,098
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Pension Reform Brazil
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04-21-2017, 11:16 AM
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Join Date: May 2007
Location: Uh, guess? :)
Posts: 26,739
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If when you retire is based on when you can draw OAS, you are in deep doo do. If I was in that situation, I would want to work as long as I possibly could.
Daycare, immigration... they basically have to continually up the number of workers paying taxes to afford to support seniors who live for 30 years after retiring. Yet continue the Harper TFSA limits so people are encouraged to save for heir own retirement? Oh gawd, we can't have that!
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Quote:
Originally Posted by DevilsAdvocate
In this case Oki has cut to to the exact heart of the matter!
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04-21-2017, 05:38 PM
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Join Date: Jul 2007
Posts: 6,750
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Quote:
Originally Posted by bobinthesky
The baby boomers are generally considered to have been borne from 1946 to 1964 and they had lots of offspring. It's the generations since then that have decided not to have kids.
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Don't think so.... The pill came in around 1966 after that birth rates went way down.
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04-21-2017, 07:34 PM
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Join Date: Nov 2009
Location: East Central Alberta
Posts: 8,315
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Quote:
Originally Posted by jstubbs
This sort of stuff scares the wits out of me as a young guy. All the baby boomers going into elder age on CPP are going to fully bankrupt this country (never mind the healthcare costs!) and I have zero faith in any governmental aptitude in figuring out a solution beyond taxing my future earnings to the moon and back.
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Us baby boomers paid for your schoolin ... it was an investment...we are simply collecting dividends
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04-21-2017, 08:21 PM
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Join Date: Sep 2009
Posts: 73
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Cpp
Quote:
Originally Posted by rottie
Does this take into account what an employer would have contributed to your CCP plan as well. or would the total contributions be doubled ?
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A simple TFSA calculator with only $1000/yr contribution for 42 years with a rate of return of 7% would have added up to $230,000. That doesn't even factor in employer contribution!!
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04-21-2017, 08:31 PM
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Join Date: Jun 2008
Location: Lacombe
Posts: 2,464
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Quote:
Originally Posted by blacktailslayer
A simple TFSA calculator with only $1000/yr contribution for 42 years with a rate of return of 7% would have added up to $230,000. That doesn't even factor in employer contribution!!
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Employers are not required to match or add to a TFSA. CPP rules are entirely different. But you are right, the compound interest adds up in a hurry.
It would be nice if CPP was self administered, we could get rid of the middle man ( Government ) and save that cost, as well tailor make our own plan based on our own needs
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04-23-2017, 09:15 PM
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Join Date: Sep 2009
Posts: 73
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I wasn't talking about a TSFA, just using the calculators that are available online to calculate a CPP contribution over a career. They work just as well for for other things.
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04-23-2017, 09:34 PM
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Join Date: Jun 2008
Location: Lacombe
Posts: 2,464
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Quote:
Originally Posted by blacktailslayer
I wasn't talking about a TSFA, just using the calculators that are available online to calculate a CPP contribution over a career. They work just as well for for other things.
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Thxs, it is surprising how fast the compound interest adds up isn't it.
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04-25-2017, 10:45 PM
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Join Date: Jun 2016
Posts: 261
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Quote:
Originally Posted by Sneeze
Increase the retirement age so public sector workers can retire earlier!
Makes sense actually.
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Ya right. Guess you must have missed Bill C-27!
http://canadianlabour.ca/letter-fina...u-re-bill-c-27
But keep on sheepling on.
We nit pick the person working to the left and the right of us while people Like bill morneau Worth 10's of millions
http://ottawacitizen.com/news/politi...r-cabinet-post
Pass new laws and bills to pass on the wealth to himself and his buddies.
Maybe you should look at whos getting richer and richer and not worry about your neighbor.
FYI I just wish I had a public sector job. I would be fighting like a madman as well to keep something I paid 30 years into.
Funny thing is you never see a new bill come in that stops an MP from collecting a $55,000 a year pension after only 8 years of service!
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04-25-2017, 10:46 PM
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Join Date: Jun 2016
Posts: 261
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Quote:
Originally Posted by rottie
Employers are not required to match or add to a TFSA. CPP rules are entirely different. But you are right, the compound interest adds up in a hurry.
It would be nice if CPP was self administered, we could get rid of the middle man ( Government ) and save that cost, as well tailor make our own plan based on our own needs
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Yes and in today's economy where are we to get a return after fees that adds up to anything? not being snarky, I would really like to know!
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04-26-2017, 05:58 AM
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Banned
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Join Date: Jan 2016
Posts: 4,134
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I'm opposed to working longer before retirement but I'm all for a national childcare program. As it stands for my family to have another child and put him or her in day care we would be looking at a bill just shy of $2000 a month. Sure there are cheaper rates such as day homes but one never knows what exactly goes on. Day cares have regulated standards.
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04-26-2017, 06:19 AM
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Join Date: May 2007
Location: Calgary
Posts: 5,154
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Quote:
Originally Posted by ^v^Tinda wolf^v^
I'm opposed to working longer before retirement but I'm all for a national childcare program. As it stands for my family to have another child and put him or her in day care we would be looking at a bill just shy of $2000 a month. Sure there are cheaper rates such as day homes but one never knows what exactly goes on. Day cares have regulated standards.
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Hell no! How about a real tax break for families that have a stay at home parent? Best for the kids and best for everyone else.
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Former Ford Fan
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04-26-2017, 06:25 AM
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Banned
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Join Date: Oct 2013
Posts: 5,326
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Quote:
Originally Posted by Unregistered user
Hell no! How about a real tax break for families that have a stay at home parent? Best for the kids and best for everyone else.
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That would encourage a healthy family atmosphere, which we know is not the goal anymore in Western society. The traditional family must disappear.
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04-26-2017, 06:40 AM
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Join Date: May 2007
Posts: 1,801
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RRSP Tax
Just a little tidbit! Just going through this with a passing of a family member!
If you and your spouse were in a car wreck, and both killed. The government
takes 48% right off the top of your RRSP's!
No Questions asked. Then the rest is split in the estate.
I will be getting rid of my RRSP's Before anything else
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04-26-2017, 06:45 AM
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Join Date: Dec 2012
Location: At the end of the Thirsty Beaver Trail, Pinsky lake, Alberta.
Posts: 24,843
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Financial word of advice if there is such thing because in order to be advice there has to be a listener but anyways plan YOUR retirement and don't rely on a outside source it's not all that hard to do.
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Be careful when you follow the masses, sometimes the "M" is silent...
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04-26-2017, 07:38 AM
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Join Date: Aug 2008
Location: Between the mountains and the prairies.
Posts: 1,949
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Quote:
Originally Posted by calgarychef
Don't think so.... The pill came in around 1966 after that birth rates went way down.
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Yes, and the boomers are considered to have been born from 1946 to 1964 so the tail end of them would have had the pill but that would really make Gen X to be the ones who started the decline in birth rates, not the boomers.
It seems to me you've drank the government koolade and are blaming taxpayers for the failures of this country instead of the politicians. That's where the blame squarely lies and it wasn't the boomers that voted in the boy PM either!
http://www.med.uottawa.ca/sim/data/birth_rates_e.htm
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Life is too short too shoot ugly guns.
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04-26-2017, 07:53 AM
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Join Date: Jun 2011
Posts: 98
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Quote:
Originally Posted by badbrass
Just a little tidbit! Just going through this with a passing of a family member!
If you and your spouse were in a car wreck, and both killed. The government
takes 48% right off the top of your RRSP's!
No Questions asked. Then the rest is split in the estate.
I will be getting rid of my RRSP's Before anything else
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Ultra rare that both spouses die at same time but yes, if the rrsp amount puts you over $200,000 income in year you die big tax bill ensues. But, that's what life insurance is for if that's a an issue.
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04-27-2017, 09:50 AM
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Join Date: Sep 2012
Posts: 6,304
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Just another concern with your TFSA and RRSp's etc Who do you give the money to, I trust bankers about as much as lawyers. Will the $$$ be their when you want to draw it out. I like to keep my retirement money in 2-3 banks so maybe some will be their when I try to cash it out.
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04-27-2017, 10:35 AM
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Join Date: May 2007
Location: Stony Plain
Posts: 6,433
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Quote:
Originally Posted by Skybuster
I love it when politicians spin their ideas. They are looking at putting an incentive in place to encourage older workers to stay in the work force longer.
The Oxford dictionary defines “Incentive” as “a motive or incitement; a payment or concession to stimulate greater output in workers”
I don’t see raising the age of eligibility for retirement benefits as being an incentive. It certainly could be effective, but it is a stick, not a carrot.
Additionally my workplace currently stope all the health benefits at age 65. I sure hope that gets changed along with the incentive.
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Well the government doesn't control how your employee group benefits are handled and second the only benefit that stops at 65 is disability and life insurance decreases by 50% at age 65. Otherwise benefit typically go until and 70 or retirement but often that is being opened up to 75 or 85 even as our workforce is remaining working for longer.
I personally don't mind the retirement rollback as its simple that people are living healthier for longer, working longer and living longer. I honestly don't understand how someone can retire in their 50's unless they have a pile of money and in that case they shouldn't care much about this either.
If I didn't work I would be out of money in no time unless you make significant lifestyle changes with all the free time spending money would be too easy. Only in my 30's myself I know I shouldn't talk much on this but in my mind I plan to work as long as possible maybe a semi retirement or something but I plan for that to go into my 70's.
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04-27-2017, 10:40 AM
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Join Date: May 2007
Location: Stony Plain
Posts: 6,433
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Quote:
Originally Posted by badbrass
Just a little tidbit! Just going through this with a passing of a family member!
If you and your spouse were in a car wreck, and both killed. The government
takes 48% right off the top of your RRSP's!
No Questions asked. Then the rest is split in the estate.
I will be getting rid of my RRSP's Before anything else
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Well its not quite like that as taxes are paid on a graded schedule but if someone earns over $300,000 in a year everything over $303,900 would be taxed at 48%.
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04-27-2017, 10:41 AM
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Join Date: Feb 2008
Posts: 3,098
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Quote:
Originally Posted by Big Grey Wolf
Just another concern with your TFSA and RRSp's etc Who do you give the money to, I trust bankers about as much as lawyers. Will the $$$ be their when you want to draw it out. I like to keep my retirement money in 2-3 banks so maybe some will be their when I try to cash it out.
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Ontario Health care workers fund (government) bailing out Housing Home Mortgage.
http://www.zerohedge.com/news/2017-0...althcare-worke
Watch where your $$ retirement money is invested. It might be gone.
And in case you are one of the 321,000 retirees who are nervous about your pension managers' actions, don't worry: The loan is secured by a pool of mortgages originated by Home Trust, and as everyone knows, in Canada home prices never go down.
How is this even possible? Conflict?
As Bloomberg reports, the Healthcare of Ontario Pension Plan (HOOPP) is the lender behind Home Capital Group’s C$2 billion loan ($1.5 billion) to shore up liquidity, citing people familiar with the matter.
HOOPP President and Chief Executive Officer Jim Keohane sits on Home Capital’s board and is a shareholder.
Last edited by lmtada; 04-27-2017 at 11:06 AM.
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04-27-2017, 10:55 AM
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Join Date: Jan 2012
Location: On the border in Lloydminster
Posts: 8,393
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In the oil crunch most company's retired workers over 55 allowing the younger workers to keep their jobs. Losing your job 7-8 years before your planned retirement date can be a crushing blow, there are thousands of people in the same position with the same job skills looking for jobs. Years ago you could pull your retirement early supplementing your income with a part time job now all these jobs are filled by the new Canadians. Retiring at 67 sounds good if your job lasts that long.
__________________
Si vis pacem, para bellum
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