They don't want people to retire (just got a glimpse of what I would make retiring at different ages)

[vanhamm]

I was talking to my financial advisor about early retirement being 52 I have an RRSP, mutual fronds, I buy actions at work (which could be a pension plan), but he tells me that If i want to retire i need 1 million dollars in the bank. I started laughing and told him who as that in there accounts.

When I sold my condo back in 2022 I was in the right time I still can't believe the profit i made, instead of going nuts and spending a large chuck I invested it. And that kind of set the tone for the rest, now I save more invest more in RRSP etc.

But I feel bad looking at people I work with approaching retirement but with the cost of life won't be able to. Those cost for rent are insane, pricing I am not sure if the government can do something to make the cost of everything go down. Yes I know Trudeau is the cause of all this. Next election is he out and some other parties need to work on this.

From what I seen even if you retire at 65 you make less than 2000$ per month which is insane if you have debs, mortgage car payment, people won't be able to retire.

We are far from the time when my father retired at 55 and played golf everyday until he passed from cancer in 2006

 

[NFLMEL]

I retired Oct.2023 and plan to spend winter months overseas where they do not have snow. To get OAS which is $917 a month to me I have to be in Canada for 180 days ( easy as I only want to be gone during winter ) and my CPP is $1,374, have a house and investments. So far being in Asia I have not spent the $2,291 a month I receive and next winter plan to be in South America. I have met many seniors here ( Vietnam ) who are here basically due to the cost of living in Australia, UK, USA, Canada etc is too high for them. A person I met from Scotland has been in Phu Quoc island the last 10 years ( wife Vietnamese ) and their monthly costs run about $1,200 CAD. I can see why many leave their countries to live elsewhere. The rising house prices ( I have read a few reports about a massive correction may happen ) will ruin the retirement of people who will never be able to afford a house, once a house is paid for you have a good cushion if needed. I worry about kids under 25 now, they will have a hard life if it keeps going this way.

 

[Fradi]

I firmly believe in you make your own luck in life and the government doesn’t owe you a luxury lifestyle when you retire.
They provide the bare minimum and you have free health care ( which is not great but it is free). It is more than in most other countries.
I have been retired for quite some time and don’t receive anything from Canada only from Quebec, but I don’t mind, I would rather be in this position.

I could spend winters basically anywhere I hate the cold but I will not leave Montreal for more than a month, my life revolves around my children and grandchildren and I don’t want to be away from them too long. I prefer taking them on vacations instead whenever they have the time away from work and their busy lives.

 

[NFLMEL]

I firmly believe in you make your own luck in life and the government doesn’t owe you a luxury lifestyle when you retire.

No but now they are making life more difficult, pre 2020 before massive immigration life was pretty good, young kids had a far better chance to set themselves up better.

 

[Fradi]

No but now they are making life more difficult, pre 2020 before massive immigration life was pretty good, young kids had a far better chance to set themselves up better.

Trudeau has been a disaster for sure.
You are right young people in their 20-30 are going to have a tough time especially with housing. Everything has skyrocketed in price after COVID and income hasn’t kept pace. The only comfort is that unemployment is still quite low but you need to have special skills to be able to afford a comfortable life style.

 

[CLOUD 500]

The only comfort is that unemployment is still quite low but you need to have special skills to be able to afford a comfortable life style.

Not so much anymore. Unemployment has skyrocketed mostly for young ppl. Toronto has a 8.1% unemployment. I hear many stories of young ppl sending out hundreds of resumes and not getting much callbacks. One reason is the lagging economy thanks to Trudeau's stupid policies, but also due to the TFW. Trudeau is subsidizing the wages of recent immigrants so businesses are passing up Canadians to hire cheap foreign labor subsidized by Canadian taxpayers. Young peoples future is very bleak and will be paying this debt for decades to come all thanks to Trudope.

 

[NFLMEL]

The only comfort is that unemployment is still quite low but you need to have special skills to be able to afford a comfortable life style.

Unemployment numbers are a bit tainted, if someone has not looked for a job in the last 4 weeks they are not included. People who ran out their EI and on welfare are not included.

What groups of people are not counted in the unemployment rate?
The unemployment rate measures the share of workers in the labor force who do not currently have a job but are actively looking for work. People who have not looked for work in the past four weeks are not included in this measure.

Pretty sure private contractors out of work are not included either.