Delaying cpp to age 70 globe and mail
You're referring to the recent article in The Globe and Mail about delaying the Canada Pension Plan (CPP) to age 70.
The article suggests that increasing the CPP eligibility age to 70 could be a viable option to address the financial sustainability of the plan. Here are some key points to consider:
Why delay CPP to age 70?
- Demographic changes: Canada's population is aging, and the number of workers supporting each retiree is decreasing. Delaying CPP could help reduce the financial burden on the plan.
- Increased life expectancy: With people living longer, delaying CPP could ensure that the plan remains sustainable and that retirees receive a more generous pension.
- Economic benefits: Delaying CPP could also have economic benefits, such as encouraging people to continue working and contributing to the economy for longer.
Potential implications
- Impact on low-income seniors: Delaying CPP could disproportionately affect low-income seniors who may not have the means to continue working or save for retirement.
- Impact on disability benefits: Delaying CPP could also affect disability benefits, as some individuals may not be able to work until age 70 due to their condition.
- Impact on employer contributions: Delaying CPP could also lead to increased employer contributions, as employers would need to continue paying into the plan for longer.
What do you think?
Do you think delaying the CPP to age 70 is a good idea? Would it have a significant impact on your retirement plans? Share your thoughts!