Yeah I’m just saying that by the time I reach 67 (I am currently 33) there might not be ANY OAS!

by Jex Opolis3/30/2012 10:20:07 PM March 30 at 6:20 PM

All the more reason that we oppose these changes and keep the social safety is intact until we are sure that people have been able to save adequately for their own retirement

by Susan Eng – CARP3/30/2012 10:21:41 PM March 30 at 6:21 PM

Jex — the budget’s focus on shifting the responsibility to Canadians to take care of their own financial future seems like a hedge against exactly that possibility.

by andy.johnson3/30/2012 10:21:47 PM March 30 at 6:21 PM

As a retired investment adviser if you do not have the income to max your rrsp it basically useless to most.

by Ken Lawson3/30/2012 10:22:15 PM March 30 at 6:22 PM

Susan made some excellent points.The savings has to start early, and it has to be forced savings. Modeling out what your retirement will look like, and figuring out how to get there is a good start.

by Leigh Vyn3/30/2012 10:22:17 PM March 30 at 6:22 PM

I agree with you Andy. For sure it is shifting, and I think that’s good. We all need to be more responsible.

by Jex Opolis3/30/2012 10:23:18 PM March 30 at 6:23 PM

Canada Pension should allow for extra contributions if the employee wants, after all it is your own plan someone in government missed on these

by Ken Lawson3/30/2012 10:23:33 PM March 30 at 6:23 PM

Quick question for Leigh (Susan feel free to chime in as well). The government says there are no new taxes or tax increases in this budget. Is that true?

by andy.johnson3/30/2012 10:23:42 PM March 30 at 6:23 PM

So much for my Canada Goose tracksuit, iPhone 4s and iPad 3 updates tho!

by Jex Opolis3/30/2012 10:24:08 PM March 30 at 6:24 PM

The tax savings may not be the only reason for making contributions to an RRSP. For some, its that forced savings, and the mind set behind thinking, this is here for my RRSP — I’m not going to take some money out. This thinking may not be true for a person saving in another vehicle.

by Leigh Vyn3/30/2012 10:24:17 PM March 30 at 6:24 PM

There aren’t any per say, that’s true. But I’m of the mindset that cutting things hurts just as hard. When Canadians lose out, it really doesn’t matter what you call it.

by Leigh Vyn3/30/2012 10:26:14 PM March 30 at 6:26 PM

Leigh, what advice do you give Canadians who have started saving for their retirement too late — say, in their late 30s or 40s.

by michael.stittle3/30/2012 10:28:27 PM March 30 at 6:28 PM

Andy, I see our EI premiums went up to a max of $22 per year.

by Jeff3/30/2012 10:29:27 PM March 30 at 6:29 PM

Stocks or Mutual Funds

by Ken Lawson3/30/2012 10:29:55 PM March 30 at 6:29 PM

Ken: The CPP is considered one of the best ways to save for retirement and the opposition parties have suggested allowing for voluntary contributions [Liberals] or required a mandatory increase for both employers and employees [NDP]

by Susan Eng – CARP3/30/2012 10:29:59 PM March 30 at 6:29 PM

Yes I agree Susan

by Ken Lawson3/30/2012 10:30:55 PM March 30 at 6:30 PM

If you start saving in your 30s or 40s, you are late, but its never too late. Whatever they can save per month, take that amount out automatically, and leave it. People find that they spend less, when its not available to them in the first place. Start small, and build that monthly savings amount up as you go. And do some number crunching, or visit a finanaical planner. They can help put you on the right path.

by Leigh Vyn3/30/2012 10:31:20 PM March 30 at 6:31 PM

Susan and Leigh, thanks very much. Our chat is coming to a close… Any last thoughts on yesterday’s budget and how it affects the financial security of Canadians?

by michael.stittle3/30/2012 10:34:34 PM March 30 at 6:34 PM

Thanks for the insght into a more fiscally secure future.Good evening

by Allan3/30/2012 10:36:56 PM March 30 at 6:36 PM

As we mentioned earlier, it puts the onus on Canadians to take a good look at their plans, and make changes if needed. The good news is, there a long time before its implemented, but everyone needs to take matters into their own hands and start that savings plan right away.

by Leigh Vyn3/30/2012 10:37:09 PM March 30 at 6:37 PM

I think I was a budget created to go over our heads. The impact on individual Canadians was indirect. The things we need to make our lives better will depend on economic forces rather than anything the government actually does. We needed more leadership on issues like health care reform and keeping good jobs in Canada.

by Susan Eng – CARP3/30/2012 10:37:25 PM March 30 at 6:37 PM

Thanks for having me.

by Leigh Vyn3/30/2012 10:37:26 PM March 30 at 6:37 PM

Once again, I want to thank our guests for taking the time to share their expertise, and answer our readers’ questions. This has been a very informative chat!

by michael.stittle3/30/2012 10:38:15 PM March 30 at 6:38 PM

Thanks everyone.

by michael.stittle3/30/2012 10:38:19 PM March 30 at 6:38 PM