REVscene Automotive Forum - View Single Post - CPP proposed increases and why you should care

taylor192 · 06-14-2010, 08:27 AM

http://www.cbc.ca/canada/prince-edwa...nsion-584.html

There has been a lot of discussion about retirement and how many current Canadians, including boomers, may not be able to afford it.

Here are some interesting stats:
http://www.statcan.gc.ca/daily-quoti...61122f-eng.htm
86% of tax filers qualify for RRSP contributions
31% of tax filers contribute to a RRSP
7% of all RRSP contribution room is used

A "fact" tossed around is that 6 of 10 Canadians don't have a pension. Consider there's 2.9M government workers (15% of tax filers) and that there are still union jobs with pensions, and that seems about correct. Thus 40% + 31% == 71% of Canadians have some sort of retirement savings. Then consider 14% cannot contribute cause they don't make enough, and that only leaves 15% of Canadians with nothing for retirement.

I say 15% is fine, there's always going to be stupid people who don't plan ahead.

06-14-2010, 08:27 AM	#1
taylor192 Banned (ABWS) Join Date: Feb 2009 Location: Kits/Richmond Posts: 4,409 Thanked 1,105 Times in 540 Posts Failed 555 Times in 222 Posts	CPP proposed increases and why you should care http://www.cbc.ca/canada/prince-edwa...nsion-584.html There has been a lot of discussion about retirement and how many current Canadians, including boomers, may not be able to afford it. Here are some interesting stats: http://www.statcan.gc.ca/daily-quoti...61122f-eng.htm 86% of tax filers qualify for RRSP contributions 31% of tax filers contribute to a RRSP 7% of all RRSP contribution room is used A "fact" tossed around is that 6 of 10 Canadians don't have a pension. Consider there's 2.9M government workers (15% of tax filers) and that there are still union jobs with pensions, and that seems about correct. Thus 40% + 31% == 71% of Canadians have some sort of retirement savings. Then consider 14% cannot contribute cause they don't make enough, and that only leaves 15% of Canadians with nothing for retirement. I say 15% is fine, there's always going to be stupid people who don't plan ahead.