This is an uncomfortable topic for those approaching retirement years and seeing their purchasing power go down the drain.
“Freedom 55” is a great idea for those with means, but it is risky for someone who will live to be 98. The OAS isn’t meant to backstop people who live to have as many years of pensionable income as working years contributing towards their retirement.
I think that raising the OAS to age 67 was prudent and done for actuarial purposes. If people are living 15 years longer than they were in 1947, pension earnings should reflect that. There has to be adjustments in the workforce to accommodate older workers. A 67 year old male who has been working construction for years isn’t the same labourer that he was 10 years ago.
You raise a very important point about manual labour. That type of work can be hard to maintain later in life, which is why a supplemental pension program might be very smart policy.
I don't know how to make that more fair but making an office worker like me work longer than someone that is doing more physical work in worse environments. I'd suggest more focus on improving work environments and creating opportunities for different work as you age. It's also a bit on the individual to give this some thought and prepare for something different even if it's fewer hours per week with pay reduction to match.
It doesn't guarantee however that someone in the office can't suffer worse health and a shorter life after retirement, nothing is guaranteed.
Wow...what a great and easily understandable summary of senior age programs for income support in Canada. I am affected by this so read the whole thing with great interest. I hope that when the Conservatives are successful in the next federal election, that the leader of the party or whoever makes these kind of decisions in parliament will consider O'Toole for Minister of Economic success or something similar. The Conservatives did the public 'dirty' when they enacted their internal party policy and voted to end O'Toole's leadership. I thought so at the time and continue to see this issue as a negative. Much better though that the lack of any like policy in the Liberal government which has led to the debacle of a continued Liberal PM who few people still believe in as a leader and the party's current ability to mandate that he step down...so we're stuck with him for the time being. I believe that a tightening up of eligibility rules for OAS such as for those who resided occasionally in Canada but now do not. I also believe OAS eligibility should be raised to 70 to really make an impact. That said if this stupid Liberal government that we are currently saddled with gives in to the Blocs demands, well fine. I will benefit from that quite soon but I would also be happy to not have the extra 'pension' funding for the benefit of our country and our children. Good going Erin. I'm so glad you are keeping strong.
I worked for my local candidate in Waterloo in 2021. I was disappointed in the loss the country suffered, we would be in a much better place has you won.
Thanks Mr O'Toole for this detailed article. I was not aware of what had happened with regards to Mulroney making a proposal for change and then backing off. I have asked my MP, from the CPC, why they supported this, and have not received an answer. But from the sounds of it, few if any politicians are tackling this issue with a seriousness that it deserves.
This is an uncomfortable topic for those approaching retirement years and seeing their purchasing power go down the drain.
“Freedom 55” is a great idea for those with means, but it is risky for someone who will live to be 98. The OAS isn’t meant to backstop people who live to have as many years of pensionable income as working years contributing towards their retirement.
I think that raising the OAS to age 67 was prudent and done for actuarial purposes. If people are living 15 years longer than they were in 1947, pension earnings should reflect that. There has to be adjustments in the workforce to accommodate older workers. A 67 year old male who has been working construction for years isn’t the same labourer that he was 10 years ago.
You raise a very important point about manual labour. That type of work can be hard to maintain later in life, which is why a supplemental pension program might be very smart policy.
I don't know how to make that more fair but making an office worker like me work longer than someone that is doing more physical work in worse environments. I'd suggest more focus on improving work environments and creating opportunities for different work as you age. It's also a bit on the individual to give this some thought and prepare for something different even if it's fewer hours per week with pay reduction to match.
It doesn't guarantee however that someone in the office can't suffer worse health and a shorter life after retirement, nothing is guaranteed.
Wow...what a great and easily understandable summary of senior age programs for income support in Canada. I am affected by this so read the whole thing with great interest. I hope that when the Conservatives are successful in the next federal election, that the leader of the party or whoever makes these kind of decisions in parliament will consider O'Toole for Minister of Economic success or something similar. The Conservatives did the public 'dirty' when they enacted their internal party policy and voted to end O'Toole's leadership. I thought so at the time and continue to see this issue as a negative. Much better though that the lack of any like policy in the Liberal government which has led to the debacle of a continued Liberal PM who few people still believe in as a leader and the party's current ability to mandate that he step down...so we're stuck with him for the time being. I believe that a tightening up of eligibility rules for OAS such as for those who resided occasionally in Canada but now do not. I also believe OAS eligibility should be raised to 70 to really make an impact. That said if this stupid Liberal government that we are currently saddled with gives in to the Blocs demands, well fine. I will benefit from that quite soon but I would also be happy to not have the extra 'pension' funding for the benefit of our country and our children. Good going Erin. I'm so glad you are keeping strong.
I worked for my local candidate in Waterloo in 2021. I was disappointed in the loss the country suffered, we would be in a much better place has you won.
The best prime minister we never had. What a different landscape we would be in had Erin O’Toole been our leader.
Yes, another wise commentary by he who should still lead the centrists, the normies.
Sometimes I wish I could be leading a Cyclone to its next dipping location Rick ;) thanks
I wish they had given Erin a second chance. I liked him a lot more than the current alternative.
Thanks Mr O'Toole for this detailed article. I was not aware of what had happened with regards to Mulroney making a proposal for change and then backing off. I have asked my MP, from the CPC, why they supported this, and have not received an answer. But from the sounds of it, few if any politicians are tackling this issue with a seriousness that it deserves.
ERIN OTOOL DRAGGED HIS FEET
YOU SET UP SOCIALISM FOR SUCCESS
YOU ARE TREASONOUS OTOOL
I got love and respect for the Canadian people, but I hate the Canadian government for treating me
as no human being.
I assisted the Canadian military forces on 2006 till 2011,through all those years it' was hard cord missions ambushes,
at the end what did the Canadian military did, lefted me behind amongst the enemy.