You may think otherwise, but I don’t imagine pension plans are going to get stronger in Conservative Canada. The whole idea of working hard for 40 years (thereabouts) and retiring in a good-sized house with a secure pension has seen its day, in my opinion, now that most corporations pretty well have their way with employees, primarily put profits ahead of people and communities, and earn tax cuts as if its their inevitable right.
Tax cuts for corporations are sacrosanct as far as most Conservative politicians are concerned. It’s Rule 1 in their song book. Does that seem right to you, especially as the gap between the haves and have nots is growing?
Because of such short-sighted, unsustainable thinking and its prevalence today, I now throw out a few more ideas about pensions.
Number Four. A very good idea. Reduce current spending. Good jobs seem to be fleeing the country and they will likely be a long time coming back. Our excessive lifestyle was built on the back of cheap oil over the last 7 - 10 decades and oil’s current price (approx. $100 per barrel) will not be coming down as the resource becomes scarcer and as production costs rise. Canada’s petro-dollar comes with no guarantee related to its stability.
["I think the new rule is... 99% of us are on our own."]
Idea Five. Another very good idea. Pay down debt in the next year or two - really go at it - in order to apply idea six.
Idea Six. A most excellent idea. Save money for tough times ahead. Since our Conservative government would like to move people toward voluntary private pension plans, weaken the veracity of the CPP and OAS, and put no energy into encouraging corporations to develop pension plans to assist workers once they leave their jobs, a significant portion of every pay cheque needs to be saved and sheltered inside an interest bearing savings account, Registered Retirement Savings Plan (RRSP), or some other trustworthy money-making vehicle (and not just under the mattress). What is a significant portion? As much as possible... then double it.
Idea Seven. Another excellent idea. Decrease household expenses by moving to a smaller home or apartment close to public transit and eating smaller portions at most meals. The Canadian Dream is dust and our government and wealthy corporations have no sustainable plans for a future that includes the average Canadian.
I apologize for not creating a guaranteed pension plan for you up to this point. I think is out of my hands anyway. But, as people reduce their financial costs and burdens now, they’ll be better able to prepare for life after work.
***
Please click here to read The Canadian Dream is dust: Pensions are political footballs
.
No comments:
Post a Comment