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Ontario's NDP retirement plan


Topaz

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I didn't know about this plan the NDP has but I would like views on the plan. It seems its like the CPP and the max benefit would be between $600-700 monthly. Thoughts? http://ontariondp.com/en/wp-content/uploads/2010/01/Pension_backgrounder.pdf

We simply cannot afford to pay any more. People need to take responsibility to do their own saving. I don't know why people want or expect government to fix all the problems in their lives.

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I didn't know about this plan the NDP has but I would like views on the plan. It seems its like the CPP and the max benefit would be between $600-700 monthly. Thoughts? http://ontariondp.com/en/wp-content/uploads/2010/01/Pension_backgrounder.pdf

Quebec has something similar do they not? The Québec Pension Plan

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We simply cannot afford to pay any more. People need to take responsibility to do their own saving. I don't know why people want or expect government to fix all the problems in their lives.

It is an opt in plan dummy. You want to pay more into CPP and have them take care of it you can. CPP has performed well and some may want to invest in it.

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We simply cannot afford to pay any more. People need to take responsibility to do their own saving. I don't know why people want or expect government to fix all the problems in their lives.

What happens when people don't have benefits in the older life? They usually have to turn to welfare and who pays for that? YOU and me and everyone else so what is the difference? Sometimes its government policies that throw people into the situations they never thought they be in.

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What happens when people don't have benefits in the older life? They usually have to turn to welfare and who pays for that? YOU and me and everyone else so what is the difference? Sometimes its government policies that throw people into the situations they never thought they be in.

People need to plan for their own retirement. OAS has never been enough to retire on and never will be. Stop depending on the government to fix every facet of your lives and take some personal responsibility. These socialists won't stop until the government is tucking them in at night.

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Quebec has something similar do they not? The Québec Pension Plan

Minor note: I don't think this is quite the same thing.

The Quebec Pension Plan is a replacement for the CPP. Quebec people pay into the QPP instead of the CPP.

On the other hand, this proposed "Ontario Retirement Plan" appears to be an addition to the CPP. i.e. Ontario residents (those who don't have their own pension plans) would pay into both the CPP and the ORP.

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It is an opt in plan dummy.

Actually, I think its actually an opt-out plan. People get enrolled automatically if their company doesn't offer a pension. They can withdraw from the plan if they want, but they have to be the ones to act to withdraw.

You want to pay more into CPP and have them take care of it you can. CPP has performed well and some may want to invest in it.

Yes it has performed well. But then, so have a lot of other investments.

If you compare the performance of the CPP investment portfolio with the TSE over a 5 year stretch (I found the data for 2003-2008) and add the yearly returns, you get:

CPP: 46%

TSE: 56%

(Note that this comparison isn't perfect, as each of these has a different year end date, but its a pretty good guide line since I incorporated multiple years.)

So, if you want a 'good investment', you're better off to invest in a good indexed fund based on one of the stock exchanges.

http://en.wikipedia.org/wiki/Canada_Pension_Plan#Performance

http://www.canadianbusiness.com/my_money/investing/article.jsp?content=20070124_101555_4368&ref=related

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