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Wealth Professional | 12 May 2014, 10:48 AM Agree 0
Advisors share their thoughts on why this proposed provincial pension plan is a financial disaster waiting to happen.
  • Mark Matsumoto | 13 May 2014, 12:32 PM Agree 0
    The Ontario government's plan will make life much more difficult for the younger people and will put Ontario's finances in a worse position for many decades.
    I haven't looked closely at the proposal, but they are essentially setting up huge future liabilities without having the ability to pay for them.
    If a baby boomer (55 or 67 years old) comes to me and says that he wants to start saving for retirement, he has to save a huge amount or settle for a minimal retirement income. The Ontario government is proposing to pay the bulk of the population an income without having the money to pay for the proposal. They will have to either charge huge premiums or pay for it with more debt.
    I am a baby boomer and will benefit from the plan. I will receive much more than I have to pay into their plan.
    The proposal is like being financially responsible for your parents and their actions and commitments forever, even after they're gone. It is like them spending more than they make, running up their limitless Visa accounts to supplement their income, make their lives better and leaving the next generation to pay for it.
    I expect that there will be a crisis in elder care and health care and huge deficits when the baby boomers retire when you have more retired people than working people and the Liberals want to add to the problems.
    It is similar to what happened in Greece where they have been living on debt forever and they finally ran out of credit. It is like the stagnant economy in Japan where they have the oldest population in the world.
  • John Davis | 13 May 2014, 04:11 PM Agree 0
    I believed this a most ill conceived the Liberal Government has proposed and feel it is all about securing another term - In the past 40 years I have saved in my RRSP (self-employed) and during that time had to go without things and a lower lifestyle - I am pleased to say today that I have sufficient funds in my RRSP to produce a monthly income in excess of $6,000 - Honestly, I do feel sorry for those who were not prepared to sacrifice a bit today to have a great tomorrow - on this basis coupled with the Liberals past history, my vote will go to another party - not sure which one yet as they all are promising everything which costs the taxpayer, you and I more.
  • Murray Schultz | 15 May 2014, 12:01 PM Agree 0
    Once again an Ontario government with a significantly diminished mandate concocts a plan to save its own skin while pretending to have superior financial acumen. Of course the politicians who propose to set this plan in motion have zero exposure to its consequences; intended or otherwise.
  • John Kok | 23 May 2014, 12:44 PM Agree 0
    I agree with everyone's comments to date. There is no end to all levels of government attempting to buy votes and to kick the can down the road on serious issues such as their inability to fund future pension of government employees. Someone will ultimately have to pay for all of this "generosity"and it will likely be the younger generations. At that point, the government will be looking for someone to blame and that someone will likely be the boomers and business people in general.
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