Retirement, Where Is, As Is

I have a question for you!

You have a vague idea of how much it costs to keep you in your current lifestyle (presumably). How much income will you make after you retire?

Here’s what the government tells you:

    O.A.S. (Old Age Security) is worth    $ 546.07 / month

    C.P.P. (Canada Pension) is worth    $ 986.67 / month

for low income seniors there is the Guaranteed Income Supplement

            G.I.S. is worth        $ 740.44 / month

This means you have the potential to receive    $2273.18 / month, right? This income would be reasonable and if you have paid off your debts, you could probably be comfortable in your retirement. Not a lot of fun expenditures but you can manage.

At the risk of being a killjoy, let me give you some other numbers you rarely hear, and you have to go looking to find:

        Average O.A.S. is actually    $ 510.17 / month

        Average G.I.S. is actually    $ 492.23 / month

        Average C.P.P. is actually    $ 527.96 / month

Depressing as it sounds, I have a sneaking suspicion I am actually just an average Canadian.

This means my income will actually be closer to   $1530.36  / month

This becomes a totally different picture for me, how about you? I will almost guarantee that if you live in one of most of Canada’s larger centres, you will not make ends meet on this income. If you live in a smaller community, you might manage but you will need to count on good health into extreme old age.

I will make this a short post today. But I am going to recommend that, armed with the above real numbers, you think seriously about developing an on-line business with residual income so that your pension cheques can be gravy, or donated to your favourite charity. Do not be dependent on a government who cannot even keep their own house in good fiscal order. Do not think your needs will ever come before their own election promises.

Developing a business is the dream of many pre-retirement boomers. Jump on board! It’s fun, it’s invigorating, it’s empowering. And it will be your ticket to a comfortable, sustainable retirement. Not where is, as is. Wherever you want, however you want.

I’ll be in touch.


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16 Responses to Retirement, Where Is, As Is

  • This is the best reason for starting an online business. I’m not Canadian, but as an American, I’m in the same boat! We can’t count on Big government to be there for us when we need them!
    Marty Simons recently posted…If I Only Touch His CloakMy Profile

  • YES !! People need to prepare now… it can take a bit of time to build up an online business and to be able to live comfortably then you need to plan NOW to start NOW.. Don’t want a single day..Other wise in 6 months time you will wish you had started NOW…
    WILLIAM O’TOOLE recently posted…I’m gonna be richMy Profile

  • Agnes,
    That’s just plain old depressing!

    When you look at the figures like that everyone needs an extra income. An online business is a perfect solution.
    Lorraine McNulty recently posted…Blog Subscribers – How To Stop Spam RegistrationsMy Profile

  • This shows the reality of life all too clearly and that having an online business these days is essential.
    Helen Willsher recently posted…Motivation, Ability and AttitudeMy Profile

  • I’ve never understood people’s attitudes about retirement. Ever since about the third grade, I’ve told people that they shouldn’t rely on Social Security or retirement plans through the government. I’ve always wanted to set up my own system to make sure I take care of myself. Guess I was WAY ahead of the curve on that one. 😉
    Amethyst recently posted…How to Search FacebookMy Profile

  • Those figures really say it all don’t they, All the more reason why people should have an extra income and should start their own online business, It is essential when you looks at the figures above. Thanks for sharing 😉
    Paudie Callaghan recently posted…Why Do We JudgeMy Profile

  • I thought only Americans had a #*^tty economy and low regard for government! It’s time for EVERYONE globally to wake up, start charting your own course and the best way is with an online business you control. Get busy!
    Eryn McCormick recently posted…Marketing Message Taken a Dump? Clean It Up!My Profile

  • Totally agree with folks having an online business. Here in the good ole USA it is even more depressing numbers. Having a plan for our retirement is just good common sense no matter the country you live in.

  • Hi Agnes
    Have to agree the economy is worrying and by taking control of your life you can manage once you retire. I have been shocked by how our standards of living has been dropping here in the UK. I find it unbelievable that in the 21st century we are seeing so many people struggling to make ends meet. Yet they do not want to do anything to get themselves out of poverty.
    Kerris recently posted…Ever Had One of Those DaysMy Profile

  • My father taught me from an early age to never rely on Social Security (the American version of retirement). Looking at what you actually receive from Social Security, about a $1,000 a month, hardly anyone could live off of that. If you were actually going to depend on that, you would have to live with someone else. I guess there’s nothing wrong with that as long as your children don’t mind and they can afford it.

    That’s not my plan though. I had the foundation from an early age to not even consider Social Security as an option. If I receive it, it will be my “play” money. I’ve decided I will make my own retirement, as I have a IRA currently, and, as I make more money, I will create other options for myself.

    I also know that I never want to stop working. All I need to do is create a job I love, and I won’t want to retire. 🙂

    Thank you Agnes!
    Keri Kight recently posted…4 Things I Learned from My GrandmotherMy Profile

  • I totally agree with everyone, here in the UK we are struggling to survive on our pensions and I would urge anyone below pension age to get into online marketing now to boost your pension.
    Merle Gibbins recently posted…Still Working 9-5pm? Sack The BossMy Profile

  • As some others have said, I also knew not to rely on government payments. I’m building my own income/business as well. Thanks for helping people to understand!
    Leanne Chesser recently posted…Paying It Forward With GratitudeMy Profile

  • Hi Agnes,
    Totally agree we need to do what we need to do 🙂
    Emi recently posted…Become the leader -3 questions to ask yourself.My Profile

  • So true Agnes. Relying on the government or a pension is very limiting – it turns your “Golden Years” into “Poverty Years!”
    Babis Gakis recently posted…How to Reduce Your Bounce RateMy Profile

  • You make a great point Agnes. I find that many people have not even bothered to work out the numbers during their “pre-retirement”. I do think most realize that they will not be able to rely on the government but then they seem to put their heads in the sand. We have to know the numbers!

    I love your blog’s tagline!
    Rachel Lavern recently posted…How to Make Time for MarketingMy Profile

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