Many retirees these days are revisiting their retirement and pension
plans to see if they'll have enough funds to weather the global
recession. In Canada, 35% of seniors receive the federal Guaranteed
Income Supplement benefit, which ensures that individuals receive a
minimum annual income (including Old Age Security benefits) of at least
$13,683. This level is still below the level set by the government as
the deemed poverty level ($15,336 for 2008). CARP is now proposing that
the government revise the Canada Pension Plan (CPP)to guarantee Canadian workers receive an
adequate indexed pension for life. Currently, recipients of CPP receive a 25% benefit of pre-retirement income; however, this pre-retirement income figure is 'capped' at $46,300, the deemed average salary of Canadians.
Read more about what expanding the CPP could mean.[
Read More]
Written by eldering at News
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