CPP Poor Investment? Your Opinion? #cdnpoli

Kawartha Lakes Mums Asks Where Did Our CPP Funds Go?

Canadian seniors are wondering where their pension funds have gone. The following article was posted first via email and has been circulating through message boards and online. Perhaps you have seen this, already. Are there any political pundits or accountants out there who could comment on this? How do we fix this situation?

CPP SCAM

By an Anonymous Senior Woman

This is something I never thought about: the men and women who die BEFORE drawing on their Canada Pension Plan who died before they collected Canadian Pension Plan (CPP)?

The only thing wrong with the government's calculation of available CPP is that they forgot to figure in the people who died before they ever collected a CPP cheque!

Where did that money go?

Remember, not only did you and I contribute to CPP but your employer did too.
It totalled 15% of your income before taxes.
If you averaged only $30K over your working life, that's close to $220,500.
Read that again.
Did you see where the government paid in one single penny?

We are talking about the money you and your employer put in a government bank to insure you and I that we would have a retirement cheque from the money we put in, not the government.
Now they are calling the money we put in an "entitlement" when we reach the age to take it back.
If you calculate the future invested value of $4,500 per year (your and your employer's contribution) at a simple 5% interest (less than what the government pays on the money that it borrows), after 49 years of working you'd have $892,919.98.

If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit!
If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.

Another thing with me... I have two deceased husbands who died in their 50's (one was 51 and the other one was 59 before one percent of their CPP could be drawn). I worked all my life and I'm drawing 100% from my own CPP, so I am receiving the maximum allowable payment per month. My two deceased husband's CPP money will never have one cent drawn from what they paid into the CPP plan all their lives.

The folks in Ottawa have pulled off a bigger ponzi scheme than Bernie Madoff ever did!

Entitlement my foot.
I paid cash for my CPP!
Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout.

Remember senator's benefits? - Free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days. Now that's welfare, and they have the nerve to call my CPP retirement payments entitlements?

We're "broke" and the government can't help our own seniors, veterans, orphans, or homeless.
Yet in the past few years we have provided aid to Haiti, Chile, Turkey, Pakistan, etc, etc, etc. Literally, BILLIONS of DOLLARS! And they can't help our own citizens!

Our retired seniors living on a "fixed income" (CPP and OAS) receive no additional federal aid, nor do they get any financial breaks, while our government pours hundreds of billions of dollars and tons of food to foreign countries.

They call CPP an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money.
Why did the government borrow from it in the first place? It was supposed to be in a locked box, not part of the general fund.

Sad isn't it? 99% of people won't have the guts to forward this.

I'm in the 1% and I just did.

Keep passing this around until every one has had the opportunity to read it. This is sure something to think about!

http://www.thestar.com/business/personal_finance/2013/03/03/take_or_delay_cpp_read_this_retirees_2275_pension_shock.html

http://www.niagarafishing.net/forums/index.php?showtopic=28642