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tj444 -> RE: Question for Canadians (10/28/2011 7:14:42 AM)
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quote:
ORIGINAL: DomYngBlk
So this works pretty well then? The investmen board? http://www.cppib.ca/
So maybe our Bush wasn't totally crazy after all. Who knew!
I have read that the boomer bulge is 10 years later than the US so i guess CPP has that extra time to build. That seems to fit with this-
"The CPP Fund is expected to grow significantly between now and 2021."
Canada also did a revamp in 1998 to ensure its solvency. From wiki-
"A growing challenge for many nations is population ageing. As birth rates drop and life expectancy increases an ever-larger portion of the population is elderly. This leaves fewer workers for each retired person. In almost all developed countries this means that government and public sector pensions could collapse their economies unless pension systems are reformed or taxes are increased. One method of reforming the pension system is to increase the retirement age. Two exceptions are Australia and Canada, where the pension system is forecast to be solvent for the foreseeable future. In Canada, for instance, the annual payments were increased by some 70% in 1998 to achieve this. These two nations also have an advantage from their relative openness to immigration."
"Another growing challenge is the recent trend of states and businesses in the United States purposely under-funding their pension schemes in order to push the costs onto the federal government."
http://en.wikipedia.org/wiki/Pension#United_States
eta- Pension plans only work as well as the politicians allow it to.. imo there is no comparision between Canadian politicians and American politicians. Canadian politicians (while far from perfect) are much more reasonable and sane imo. I'm sorry to say, I look at the US parties and politicians and just shake my head..
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