Opinion

EDITORIAL: Retirement dreams postponed

As February turns to March, so ends the annual barrage of advertisements from financial institutions that urge Canadians to contribute to a Registered Retirement Savings Plan and then reap the immediate tax savings.

Most of us likely turn the page or zap through those ads. We’ve got enough on our plates already, with rising fuel prices, the most expensive housing in the country, and making plans for summer vacation.

Sure the tax break we get for contributing to an RRSP is nice, but who’s really thinking 20 or 30 years down the road when that money could be used toward a new plasma TV today?

We all should.

As it stands, the money deducted from our paycheques for the Canada Pension Plan won’t go very far to sustain a middle class lifestyle by the time we retire. In fact, there are doubts whether the national pension plan itself can survive the approaching huge bubble of retiring baby boomers.

Just ask workers in France, Germany, Spain and England, who’ve seen their government pension plans so depleted, they’re now being told they’ll have to work a few years longer before they can claim what is rightfully theirs. Many of those countries have been crippled by strikes and protests as workers ponder a future when they’ll be lucky to enjoy Freedom 75 rather than Freedom 55.

And don’t think your employer’s private plan will make up the difference.

For years some companies have been whittling benefits or deferring their share of contributions to tide them through tough times, or make their books look better.

Most Canadian workers spend their employment lives looking forward to the day they’ll no longer have to answer to a boss and punch a clock.

They dream of languid afternoons on the golf course, cross country trips in the RV, extended travels to Europe.

But increasingly and worryingly, that dream is becoming more remote.

—New Westminster NewsLeader

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

TIMELINE: An interactive history of terrorist attacks and plots in Canada
 
UPDATE: 2 confirmed dead in Marysville, Washington school shooting
 
A short getaway
B.C. Muslim Association speaks out on gunman
 
Election 2014: South Surrey ‘family group’ targets pro-gay policy
 
CRMG issues challenge to candidates
Police seek Surrey taxi robbery suspect
 
Metro Vancouver to pay $3m more for incinerator ash disposal
 
Wire thieves hit home

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 23 edition online now. Browse the archives.