Canadian Bills Fan Posted July 30, 2015 Posted July 30, 2015 What do you guys think of this? We already have the federal Canada Pension Plan but now our new Premier of Ontario who introduced the new pornographic sex ed curriculum decided to introduce this to everyone starting in 2017 I am interested to see what you all think http://www.ontario.ca/government/ontario-retirement-pension-plan CBF
Chef Jim Posted July 30, 2015 Posted July 30, 2015 Bullcrap!! It's getting harder and harder for people to save for retirement because they are spending more and more money on things they think they need today. They are sacrificing their future for satisfaction today.
Canadian Bills Fan Posted July 30, 2015 Author Posted July 30, 2015 I agree I think it sucks! If the web site is correct and someone pays $2.00 per day into the plan say for 30 years, they would have contributed over $20,000 yet they will only get $6,400 per year! CBF
KD in CA Posted July 31, 2015 Posted July 31, 2015 I agree I think it sucks! If the web site is correct and someone pays $2.00 per day into the plan say for 30 years, they would have contributed over $20,000 yet they will only get $6,400 per year! CBF With an assumption of how many years of benefits? Kinda meaningless without that data point. I didn't read the fine print, but is this a quasi-defined contribution plan where your benefits are determined by what you have in the account at retirement and the gov't assumes the risk/reward of you outliving/under living the actuarial tables?
B-Large Posted July 31, 2015 Posted July 31, 2015 I'm terrified of defined contribution programs. Love the idea, terrified of the reality. Think airlines employees, domestic car workers, SS beneficiaries, broke ass municipalities, military benefits always a place for "reform"... I used to hate the idea of SS being privatized, but to be honest after seeing congress and our political scene the last decade, past promises and future payouts makes me nervous. I don't mind the idea of a forced savings, because I think most Americans are retarded whe it comes to saving, but government management of the money might be more retarded.
unbillievable Posted August 1, 2015 Posted August 1, 2015 Sounds like they figured out a way to force a 401k investment system with a Social Security pyramid scheme.
Chef Jim Posted August 1, 2015 Posted August 1, 2015 I'm terrified of defined contribution programs. Love the idea, terrified of the reality. Think airlines employees, domestic car workers, SS beneficiaries, broke ass municipalities, military benefits always a place for "reform"... I used to hate the idea of SS being privatized, but to be honest after seeing congress and our political scene the last decade, past promises and future payouts makes me nervous. I don't mind the idea of a forced savings, because I think most Americans are retarded whe it comes to saving, but government management of the money might be more retarded. I assume you meant defined benefit programs??
TakeYouToTasker Posted August 1, 2015 Posted August 1, 2015 I assume you meant defined benefit programs??Yeah, that was what I assumed as well given the context of his post. I think he must have misspoke?
B-Large Posted August 1, 2015 Posted August 1, 2015 I assume you meant defined benefit programs?? Lol, yes defined benefit- I was thinking defined contribution because my wife had to choose a few years back and we chose DC for her Colorado PERA. Terrified of defined benefit plans
unbillievable Posted August 3, 2015 Posted August 3, 2015 How do you justify lending money to a government that believes paying it's debts isn't a priority?
Nanker Posted August 3, 2015 Posted August 3, 2015 I agree I think it sucks! If the web site is correct and someone pays $2.00 per day into the plan say for 30 years, they would have contributed over $20,000 yet they will only get $6,400 per year! CBF In other words, you'd get back every penny you ever put into that system - plus interest in just four years. Every year past that, you'd be given other people's money. That's a pretty generous annuity if you ask me. You'd have to put about $150,000 into a regular annuity in order to get that kind of payout.
Pine Barrens Mafia Posted August 3, 2015 Posted August 3, 2015 In other words, you'd get back every penny you ever put into that system - plus interest in just four years. Every year past that, you'd be given other people's money. That's a pretty generous annuity if you ask me. You'd have to put about $150,000 into a regular annuity in order to get that kind of payout. ^ that, that's how the math worked out in my mind, too.
keepthefaith Posted August 3, 2015 Posted August 3, 2015 In other words, you'd get back every penny you ever put into that system - plus interest in just four years. Every year past that, you'd be given other people's money. That's a pretty generous annuity if you ask me. You'd have to put about $150,000 into a regular annuity in order to get that kind of payout. Hey, it's worked great with our own SS system here in the US. I'm sure Ontario is simply mimicking our great success and prudent financial decision making.
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