The more pressing question is: can most retirement funds generate sufficient capital to sustain themselves for such a long period? I’ll hazard a guess that most government plans don’t have nearly enough. Speaking from personal experience, I’d go crazy if I stopped working completely.
Not only is retirement coming faster, Canadians are also living longer. Since 2023, life expectancy in Canada has risen two years to 83, and since 2001 the number of people over 100 has doubled, said the study. Globally, the number of centenarians is expected to grow by 800 per cent by 2050.
Instead of the 20 to 30 “golden years” of earlier generations, workers today are potentially looking at retirements that span 40 years or more.
I notice you didn’t stutter when you said that. Good thing … cause stutterers will cost the government even MORE $$$$ in medical care and speech therapy.
https://youtu.be/lJW_2wLt704?si=_rBL05a7K9D9sUu6
Instead of the 20 to 30 “golden years” of earlier generations, workers today are potentially looking at retirements that span 40 years or more.”
Or not. The health care system is going to hell. Boomers are villified as the worse generation in history. And there is MAID, one of the first option our medical system will suggest, if you are afflicted with something like PTSD. If you have a certain point of view and your only priority in life is “making the health care system more affordable” you may have the opinion that those old people contribute nothing to society and getting rid of them is a good thing, the sooner the better. Have you made the wrong life choices like smoking or being fat? Then health care may not be for you. Look at England.
Or perhaps not.
The growth in deaths seems to be in the younger generations. They are not dying of old age, they are dying of cancer and heart attacks.
Mind you my silent generation dad retired at 76 so he would be very lucky to make 40 years, but I expect to retire around the same age or later.
LIfe expectancy at birth isn’t particularly helpful for retirees. Look at expectancy at attained age 65, male and female.
Defined benefit pensions pay ‘lifetime’, defined contributions you’re on your own!
Some government pension schemes have no funds invested, as they are ‘pay as you go’. So it’s up to the taxpayers to fork over for this.
Good thing that CPP does such a good job, and doesn’t miss all sort of targets versus if they just invested in a S&P500 fund…
I mean returns of 6.5% YTD are awesome, much better than the 12.45% that the S&P500 is showing… and annualized returns of 8.8% per year must obviously outperform 9.3% of the S&P, let alone when you take compounding growth into account.
I was having this conversation with the wife yesterday, whether we would be the last generation to collect benefits, or the first one that doesn’t. I’m unfortunately leaning towards the latter, despite of decades of contributions.
As Dennis astutely alluded to in his “Talkin’ about my generation” heading….
Recall that Who tune…and a few cherry picked lines…
“Why don’t ya’ll f-f-fade away…”
Or how about…
“I hope I die before I get Old…”
My generation, baby.
Who’s next?
A seemingly throw-away tune from Who’s Next is one of my faves … and a sensational example of Keith Moon’s genius.
https://youtu.be/SKX6GOmTGBA?si=Z6kYJuV6w6bHIOME
I don’t care about pollution
I’m an air-conditioned gypsy
That’s my solution
Watch the police and the tax man miss me
I’m mobile
We’ll all be living in mobile homes … when the government funds run out
The Government Has a Plan.
Not to worry. The growth of MAID will cause Canadian life expectancy to plummet.
roadhog
Us’n olde goats are great for the medical/pharma bottom line, their bank accounts love us.