never underestimate the rate of depression in elderly when they dont feel useful anymore
there has been studies on people who live to 100 and one of the factors is they found an excuse be it their hobby or a job that was equal to their hobby giving them something to look forward to doing every day was actually beneficial for their overall health to stay more cognisant as they grow older.
Not all work stress is bad stress. bad stress such as having abusive people around is not the same as a mental challenge stress that keeps a person’s brain working.
we are in these bodies to move them.
so i dont think its just people are living longer, they are feeling more relevant to live better for longer.
Which further gets to pension age being low is bullshit as it is lol. It’s meant as a general guideline it’s why I don’t plan on taking my pension until I’m 70. Means I can. Get more money by delaying. Unfortunately not all people can do that though.
Regardless, the point is demanding a pension age of 55 is insane as is expecting the pension age to stay at 65. The average person born in 2000 is expected to live about 80 years which means most people will live well beyond that. The system is not designed to support someone for 25+ years because when it was designed we did not live that long!
Which gets to the underlying problem. UBI. We keep addressing all these fractured issues when they would all be solved with a fucking UBI but God forbid politicians ask corporations and millionaires/billionaires to pay for it.
We can’t even get our politicians to fund education and healthcare properly.
If you are indeed continueing to work and be active i would assume rrsp:rrif (or equivelent) personal contribution has been considered which does play a significant factor. this is where canada might slip behind places like australia where a superannuation(rrsp) is compulsory. Not an option. it is supposed to be for this exact thing.
though some people invest in houses instead but in this day and age i would strongly advise that not be the option anymore. lots of loss in value. depreciates an estate significantly.
offtopic: voting is compulsory as well. They change their PM more than their underwear as a result.
Back on topic: everyone should just keep in mind you will be still charged tax on an rrsp upon using it. so if you are going this route just know there is virtually no difference on just making your own investments and paying that tax up front. (probably better as taking an rrsp out all at once gets a much heftier tax)
‘rrsp’ is just brandnaming investments. taxation still happens.
I personally decided to do this route of just handling it myself as i learned the hardway via dealing with estates rrsps are not a magical parachute as advertised. i would rather be taxed up front while i am physically and mentally able. and i want to have full control of moving the money to where i want. I would rather not be surprised later to have half of it disappear if im unable to work for an income.
Also : do your Will. have two executors. assign two POAs. Do not ever share a bank account with someone(just sign someone as a poa cuz that bank account switches to the other person’s estate to easily if their name is shared on an account). Read up on probate. name explicit people on things like houses to avoid probate if you can. prepare should anything happen where you ever become incapacitated. i know shit can happen regardless (with banks especially)but prepare any loved ones with some battle gear against it.
Sorry for the tangent. when you speak about aging, it is a rocky road ahead to keep aware of. Canada is a real mess for this part and you dont know it til you are going through it.
and what did your dad have to say about retiring?
and feelings of retiring before and after ?
Depending on how the person likes their job or what they get from it can add to why a person lives so long and healthier to be able to. they find their reason to get up in the morning. https://www.cnbc.com/make-it/2024/07/20/100-year-olds-not-retiring-is-what-keeps-us-going.html
never underestimate the rate of depression in elderly when they dont feel useful anymore
there has been studies on people who live to 100 and one of the factors is they found an excuse be it their hobby or a job that was equal to their hobby giving them something to look forward to doing every day was actually beneficial for their overall health to stay more cognisant as they grow older.
Not all work stress is bad stress. bad stress such as having abusive people around is not the same as a mental challenge stress that keeps a person’s brain working.
we are in these bodies to move them.
so i dont think its just people are living longer, they are feeling more relevant to live better for longer.
Which further gets to pension age being low is bullshit as it is lol. It’s meant as a general guideline it’s why I don’t plan on taking my pension until I’m 70. Means I can. Get more money by delaying. Unfortunately not all people can do that though.
Regardless, the point is demanding a pension age of 55 is insane as is expecting the pension age to stay at 65. The average person born in 2000 is expected to live about 80 years which means most people will live well beyond that. The system is not designed to support someone for 25+ years because when it was designed we did not live that long!
Which gets to the underlying problem. UBI. We keep addressing all these fractured issues when they would all be solved with a fucking UBI but God forbid politicians ask corporations and millionaires/billionaires to pay for it.
We can’t even get our politicians to fund education and healthcare properly.
We are cooked chat.
If you are indeed continueing to work and be active i would assume rrsp:rrif (or equivelent) personal contribution has been considered which does play a significant factor. this is where canada might slip behind places like australia where a superannuation(rrsp) is compulsory. Not an option. it is supposed to be for this exact thing.
though some people invest in houses instead but in this day and age i would strongly advise that not be the option anymore. lots of loss in value. depreciates an estate significantly.
TIL that RRSP in AUS is compulsory. If true that’s amazing and a bigger step than Canada has ever done.
offtopic: voting is compulsory as well. They change their PM more than their underwear as a result.
Back on topic: everyone should just keep in mind you will be still charged tax on an rrsp upon using it. so if you are going this route just know there is virtually no difference on just making your own investments and paying that tax up front. (probably better as taking an rrsp out all at once gets a much heftier tax)
‘rrsp’ is just brandnaming investments. taxation still happens.
I personally decided to do this route of just handling it myself as i learned the hardway via dealing with estates rrsps are not a magical parachute as advertised. i would rather be taxed up front while i am physically and mentally able. and i want to have full control of moving the money to where i want. I would rather not be surprised later to have half of it disappear if im unable to work for an income.
Also : do your Will. have two executors. assign two POAs. Do not ever share a bank account with someone(just sign someone as a poa cuz that bank account switches to the other person’s estate to easily if their name is shared on an account). Read up on probate. name explicit people on things like houses to avoid probate if you can. prepare should anything happen where you ever become incapacitated. i know shit can happen regardless (with banks especially)but prepare any loved ones with some battle gear against it.
Sorry for the tangent. when you speak about aging, it is a rocky road ahead to keep aware of. Canada is a real mess for this part and you dont know it til you are going through it.