The Canadian dream is dust?: Initial thots about pensions

[Freedom 55... forget about it. Freedom 75 is now the norm, but only if you save 15 - 20 per cent of your monthly income “as if your house is on fire.” The Canadian Dream is dust. Jan. 30, G.Harrison]

I know how lucky I am. I retired at age 53 (Freedom 53 - who knew?) with almost a full, guaranteed pension after a stellar 32-year long teaching career.

[Definition: stellar, adj. - cool, brilliant, as in “he read to his students almost everyday and not once threw a rebellious child out an open door, or window even.]

I know nothing is actually guaranteed except death and taxes, as many people, for some reason, like to remind me. So, saying my pension is guaranteed, when it relies on the veracity of the economy and on-going good health of the stock markets, is really a bit of a stretch.

I also know not everyone is as lucky as me and I should shut up about my good fortune. Many have no pension now, or are not working toward one and have no guarantee of one - even a small one - in the future. No wonder discussions related to pensions raise the heat in the room for many people.


["I'm looking for ideas about pensions": 'Toon' by GH]

But they must be discussed because most Canadians will require some form of support after their working years. And few can organize their life as well as I can, i.e., to work part-time, as I do now, until my 87th birthday, dance at the party (I’ll do the fox-trot; easier on the knees), eat two big pieces of chocolate cake after opening gifts, and then pass away peacefully in the night with nothing but a smile and smidge of icing on my lips.

Many of us can agree that the number of Canadians requiring support will rise, e.g., perhaps double over the next 20 years, as more boomers reach retirement age. And we know that the number of workers in the workforce is declining (due in part to a weakening of the Canadian economy as good jobs go to cheaper labour markets), so the ratio of taxpayers to pensioners is declining. (Has the term ‘gray tsunami’ been taken? If not, I’m coining it here, and that’s what pension funds see over the horizon).

So, what can be done to support Canadians in their post-working life, their golden years (the ‘days of denim and T-shirts’ as I like to say), so that all our dreams don’t turn to dust?

Let’s throw some ideas out, like wet spaghetti against the wall, and see what sticks...

More to follow.

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