Originally Posted by
walter
Not that I will get a pension but I got this sent to me the other day and it fits in here.
: How many died Before Collecting Their CPP??
WHAT WE NEED IS A LAWYER THAT IS NOT A POLITICIAN AND IS HONEST , IS THAT AN OXYMORON?
WE COULD START A CLASS ACTION LAW SUIT AGAINST THE CANADIAN GOVERNMENT SHYSTERS.
A point to ponder.
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE CPP IS THAT THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A CPP CHEQUE!!!! WHERE DID OUR MONEY GO?
Remember, not only did you and I contribute to CPP but your employer did too. It totaled 15% of your income before taxes.
If you averaged only $30K over your working life, that's close to $220,500. Read that again.
Did you see where the Government paid in one single penny?
We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement cheque from the money we put in, not the Government. Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
Another thing, I know someone who had two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their CPP could be drawn). She worked all her life and is drawing 100% from her own CPP so is receiving the maximum allowable payment per month.
Her two deceased husband's CPP money will never have one cent drawn from what they paid into the CPP plan all their lives.
THE FOLKS IN OTTAWA HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID.
Entitlement my foot, I paid cash for my CPP! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Remember Senator's benefits? --- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days.
Now that's welfare, and they have the nerve to call my CPP retirement payments entitlements?
They call CPP an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? It was supposed to be in a locked box, like in TRUST not part of the general fund.
WE HAVE BEEN HAD... And SHOULD BE MAD AS HELL, I AM. If you are 65 or older you should be Too.