Even if I have no other income source.Canadian who has worked hard all his life to support welfare people and paid high taxes.
2007-11-17 11:08:58 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
old age pension = $$$??? ... then maybe someone can help you do some figureing
2007-11-17 11:16:22 · answer #1 · answered by brian d 2 · 0⤊ 1⤋
It depends on how you define comfortable.
We are facing retirement soon too but we do have small pensions in addition to CPP and some investments. But it is not going to be equal to our present income. At present we live comfortably but not extravagantly. We will have to make some changes and tighten our belts a bit.
Some things we have considered are moving to a small town and cashing in our more expensive real estate. Or we could keep the big place, live in part of it and rent out rooms to students. Or we could do a bed and breakfast. We could stay in the city and give up the car, that would save quite a lot.
If I were a single person I would seriously consider sharing housing with other people. There are seniors residences that have rent geared to income.
2007-11-17 12:45:49 · answer #2 · answered by hanora 6 · 0⤊ 0⤋
What you contributed to CPP will more than come back to you from age 62 and up - assuming you make it to your 70's. There is also old age pension that will add to that a few years later if your income is below a certain level. "Comfortable" - define it as you want, but no matter what country you live in, you need to plan for your retirement.
Canadian taxes aren't out of line considering what we get back from our society. At least we don't have to mortgage our house or declare bankruptcy to pay for an operation to save the life of a family member.
2007-11-17 12:24:25 · answer #3 · answered by db 3 · 0⤊ 1⤋
since you do not state any figure i will tell you that you will need at least 70% of you take home wages to live at the same level you live now === if you will not have that much in a pension looks like you will have to lower your life style or keep working!!!
2007-11-21 08:07:29 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
Need more info. Is your house paid off? How much do you need and how much is your pension? Can you get a reverse mortgage up there? Perhaps you should get some of your money back via welfare.
Socialism sucks, doesn't it?
2007-11-17 12:07:07 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Short form: You DON'T. If you plan to retire at all, you should be saving on your own.
2007-11-17 12:21:14 · answer #6 · answered by STEVEN F 7 · 0⤊ 0⤋