Inflation | Page 15 | GTAMotorcycle.com

Inflation

mimico_polak said:
I know we got nothing but ballers here, but this can’t be a good sign anywhere (taken with a grain of salt of course)…

globalnews.ca

22% of Canadians say they’re ‘completely out of money’ as inflation bites: poll - National | Globalnews.ca

More than one in five Canadians polled by Ipsos said they couldn't afford to pay more for household necessities as high inflation and interest rates bite.
globalnews.ca globalnews.ca
Click to expand...
Wingboy's post of a while back get's me thinking of senior couples. One dies and their CPP and OAS disappears.

If they didn't have investments or RRSPs the survivor is screwed.
 
nobbie48 said:
Wingboy's post of a while back get's me thinking of senior couples. One dies and their CPP and OAS disappears.

If they didn't have investments or RRSPs the survivor is screwed.
Click to expand...
100%

One of the benefits in my current job is that should I do...65% of my OMERS pension goes to my wife.
 
crankcall said:
From the time your about 10 mowing lawns , till you pull the retire trigger at 60, you knew that some day you would retire , or die. If your dead stop reading , otherwise your 50 yr F'up is nobodies problem but yours . Tough love Grandma ...
Click to expand...
I had coffee with a 50 YO that makes most of his income under the table. His visible asset is his used SUV.

He's never made a mortgage payment in his life. He was explaining how to build a house on a tear down lot using other people's money and the equity of the lot, not putting in any of his non existent money. Go for it but insure your knee caps.
 
mimico_polak said:
I know we got nothing but ballers here, but this can’t be a good sign anywhere (taken with a grain of salt of course)…

globalnews.ca

22% of Canadians say they’re ‘completely out of money’ as inflation bites: poll - National | Globalnews.ca

More than one in five Canadians polled by Ipsos said they couldn't afford to pay more for household necessities as high inflation and interest rates bite.
globalnews.ca globalnews.ca
Click to expand...
How many of these people were living beyond their means?
How many of these "completely out of money" folks are driving a new car with the latest Iphone by their side?
It's like the people with big pickups complaining about the price of gas. Zero sympathy.
 
timtune said:
How many of these people were living beyond their means?
How many of these "completely out of money" folks are driving a new car with the latest Iphone by their side?
It's like the people with big pickups complaining about the price of gas. Zero sympathy.
Click to expand...
Housing can be a big driver of this. Either they felt the need to buy and they were right on the edge (cant buy much with the recommended 30% of income) or they are renting and being bled dry by the same thing with a profit margin on top. Sure, there are some making stupid and unnecessary choices but I doubt it's 22%. Natural gas price doubling puts a real squeeze on monthly cash flow too. Our gas bill exceeded our cell phone/internet bills combined for december. Cant do much about that one other than pay a fortune for a heat pump and hope for mild weather and low electricity prices.
 
How many of those houses have two newer cars in the driveway and are filled with new furniture.

The Squeeze and I were empty nesters before we bought our first new couch (but usually had more than one bike in the garage).
 
timtune said:
How many of those houses have two newer cars in the driveway and are filled with new furniture.

The Squeeze and I were empty nesters before we bought our first new couch (but usually had more than one bike in the garage).
Click to expand...
I know lots of people driving 5-10 yo vehicles with hand me down furniture. Monthly housing costs hurt. I may need to help at least one have an intervention as they are in a rental house and monthly gas bill was $1000. Not sealed well and return air duct through crawlspace. Landlord has no incentive to improve house. Tenants dont normally spend money to improve house but we are quickly getting to that point.
 
From the time your about 10 mowing lawns , till you pull the retire trigger at 60, you knew that some day you would retire , or die. If your dead stop reading , otherwise your 50 yr F'up is nobodies problem but yours . Tough love Grandma ...
Click to expand...
I've never bought into that mind set.
The changes over 50 years are far too erratic.
People living on OAC/CPP are bloodying their fingernails just in the last few years and who called that?

Australian structure sets up your retirement funding from the day you start work to when you decide to call it.
9% coming from the employer - 6-8% from the employee, totally portable and the funds have had a reasonable return over time.

Now if you ****** THAT up ( as some have done by self managing ) then no tears. Self inflicted.
Managing an aging population and providing living income and shelter is becoming a huge issue world wide - especially in Japan.

Even China.

You want a 16 yr old to plan for some foggy retirement??? fugetaboudit.
 
It was fairly well known in Canada 25yrs ago if OAS/CPP alone was your only income stream your life would be hard. My costs have gone up, yes traditionally the cost of living has increased steadily for the last 1,000 yrs.
 
And you are going to convince a 16 year old ??'
25 years ago

The national median income for Canada was $18 891.
House prices were 150k and rent circa $800 for a 2 bedroom.....strangley enough 25% of income. :rolleyes:
$3k a month in pension for a couple was "okay"
....we still get by on that as few expenses and watch our dollars and have some travel and rainy day reserves.
You can still buy a 3 bedroom villa here for $320k and wages far better than Canada.

Very difficult if not impossible for many that thought they were okay.

then it went stupid....glad I'm gone. :coffee:
 
MacDoc said:
And you are going to convince a 16 year old ??'
25 years ago

The national median income for Canada was $18 891.
House prices were 150k and rent circa $800 for a 2 bedroom.....strangley enough 25% of income. :rolleyes:
$3k a month in pension for a couple was "okay"
....we still get by on that as few expenses and watch our dollars and have some travel and rainy day reserves.
You can still buy a 3 bedroom villa here for $320k and wages far better than Canada.

Very difficult if not impossible for many that thought they were okay.

then it went stupid....glad I'm gone. :coffee:
Click to expand...

Australia tends to look after its elderly a fair bit better too. As a pensioner the government give a heap of subsidies including transportation, your vehicle registration, property taxes, electricity subsidies etc etc etc. It all adds up to helping people live in their own homes.

I've had a bit of contact with people in nursing homes here that were still physically and mentally in great shape. When asked why they were in a place like that the answer was always "I couldn't afford to live in my own house anymore". It feels like Canada just discards their elderly once their "service" life is over.
 
CPP & OAS for two = about $3850

A modest house, paid for, costs about $1200 a month to run. Power, Gas, Phones, Cell phones and internet, taxes, water.

Repairs are extra and if you're not handy tradesmen don't show up for $50 anymore. If you DIY, our car dependent shopping means a car or taxi to get a repair part at HD. Cars are money hoovers.

Major appliances, Maytags don't last decades anymore. Refrigerators aren't simple to fix with all the nifty gadgets.

Our stove is a coil top. DIY just about anything for $50. Try that on a Meile.

Furnaces, roofs, air conditioning units hot water tanks all fail.

Garden and lawn care, snow clearing, leaves and eaves. Ignore them at your peril.

Food: Need I say more.

Clothing, entertainment, gifts are extra.
 
I just paid my mortgage off a couple of weeks ago...did in just 12.5 years! :D

Seriously thinking of retiring early from teaching as it's getting harder every year and I want to enjoy life sooner rather than later. My house expenses without the mortgage including food, internet, utilities, insurance etc. are about $1,250 (not including car insurance, fuel, donations, personal stuff). Hubby is handy (as am I to a certain extent) and I have no kids to worry about.

Only thing stopping me is how much lower my pension is if I start taking it now, versus waiting the six years I have left for full payout.

Looking at going part time come the fall.
 
ifiddles said:
I just paid my mortgage off a couple of weeks ago...did in just 12.5 years! :D

Seriously thinking of retiring early from teaching as it's getting harder every year and I want to enjoy life sooner rather than later. My house expenses without the mortgage including food, internet, utilities, insurance etc. are about $1,250 (not including car insurance, fuel, donations, personal stuff). Hubby is handy (as am I to a certain extent) and I have no kids to worry about.

Only thing stopping me is how much lower my pension is if I start taking it now, versus waiting the six years I have left for full payout.

Looking at going part time come the fall.
Click to expand...
Jump in the water's fine!!
 
ifiddles said:
I just paid my mortgage off a couple of weeks ago...did in just 12.5 years! :D

Seriously thinking of retiring early from teaching as it's getting harder every year and I want to enjoy life sooner rather than later. My house expenses without the mortgage including food, internet, utilities, insurance etc. are about $1,250 (not including car insurance, fuel, donations, personal stuff). Hubby is handy (as am I to a certain extent) and I have no kids to worry about.

Only thing stopping me is how much lower my pension is if I start taking it now, versus waiting the six years I have left for full payout.

Looking at going part time come the fall.
Click to expand...
I was thinking of calling it quits now that I have sold my company but will keep going for a while.

Sent from the future
 
ifiddles said:
I just paid my mortgage off a couple of weeks ago...did in just 12.5 years! :D

Seriously thinking of retiring early from teaching as it's getting harder every year and I want to enjoy life sooner rather than later. My house expenses without the mortgage including food, internet, utilities, insurance etc. are about $1,250 (not including car insurance, fuel, donations, personal stuff). Hubby is handy (as am I to a certain extent) and I have no kids to worry about.

Only thing stopping me is how much lower my pension is if I start taking it now, versus waiting the six years I have left for full payout.

Looking at going part time come the fall.
Click to expand...
Good job. Mortgage on the last house was almost gone but we decided to upgrade. Another 20 years to go. Mortgage is our biggest single expense. Very happy days when it's gone. That changes everything wrt cashflow. As for pension hit, they are good at showing you the numbers. I was aiming for 10 years out but wifes pension is useless unless she does 15. It's better if she does 20 but 15 is the magic line. Retiring in 10 years would be x, 15 years 3x, 20 years 4x.
 
@GreyGhost OTPP has an online calculator that lets you play with different scenarios...if I wait to my 85 factor which is at the end of 2029, I get around $49,000/year (before tax)...if I start collecting now, it goes down to $25 or $28,000/year...HUGE difference.
 
ifiddles said:
@GreyGhost OTPP has an online calculator that lets you play with different scenarios...if I wait to my 85 factor which is at the end of 2029, I get around $49,000/year (before tax)...if I start collecting now, it goes down to $25 or $28,000/year...HUGE difference.
Click to expand...
But if you take it now...does the 28k/year go up to 49k/year once you hit your 85 factor?

I actually need to call OMERS and see what's the situation with my current salary and when I can retire, take my pension, and enjoy some semblance of retirement.
 
ifiddles said:
@GreyGhost OTPP has an online calculator that lets you play with different scenarios...if I wait to my 85 factor which is at the end of 2029, I get around $49,000/year (before tax)...if I start collecting now, it goes down to $25 or $28,000/year...HUGE difference.
Click to expand...
Depends on how you invest and how long you live

Sent from the future
 
You must log in or register to reply here.

Back
Top Bottom