Securing your retirement - or their profits?
Jack Layton
For many Canadians, working life will end with a sudden drop through our social safety net into an old age of crushing poverty. The majority have no workplace pension, and one in three Canadians will retire with no savings at all. Public pensions should be a life-saving cushion, but the maximum Canada Pension Plan (CPP) benefit is only $11,000.This crisis in retirement security is what the federal, provincial and territorial finance ministers are discussing in Lakeside, P.E.I., today. They're meeting because millions of Canadians could be headed for serious trouble at age 65.
Those without a workplace pension are being told by the "experts" that they'd better be putting aside 15 per cent of their income - or else. Feeding an RRSP is hard when you're struggling to make ends meet. It gets harder after watching your retirement investment lose a distressing portion of its value in this lingering financial crisis. Our pensions critic, Wayne Marston, heard that message loud, clear and often when he consulted with citizens across the country last year.
It all adds up to serious trouble. Millions could be forced to work well into their retirement years. Millions may never experience that precious time to reflect and enjoy life with family and friends.
It doesn't have to be this way.
One part of our pensions system has never failed us: Canada's public pensions. That's why New Democrats, alongside Canada's labour movement, are proposing two practical steps that build entirely on their rock-solid foundation.
Opposition to these ideas will come from the financial services industry because the RRSP business is a major profit centre for them. One estimate shows mutual fund fees taking as much as $25 billion a year out of Canadians' savings each year, a gravy train that financial-company lobbyists will work overtime to protect.
Canadians overwhelmingly backed the idea of improving the CPP when we proposed it in consultations. People just intuitively see that some challenges are best tackled together, to share risk and increase benefits.
That's why New Democrats helped create public pensions a generation ago. Our current proposal brings that vision into the 21st century and will ensure that those who are building this country don't spend their retirement years in line at the nearest food bank.
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I hardly call an important issue like this that is going to impact so many people in Canada fluff. However if you have any questions my email is attached to every post I do and I would be happy to respond to any concerns or questions you may have. Thanks again for posting your comment.
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I thought it was going to be some boring old post, but it really compensated for my time. I will post a link to this page on my blog.
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