Mail from the Feds duh duh duhhhh🎹

Two things form the bulk of my mail; fliers and official communication from the Federal government. This time it's from Service Canada and since I haven't put in for a passport renewal I was puzzled. Oh yeah, this year I turn 60 - not only a time for seniors discounts but early CPP application.

Growing up it was pretty common knowledge that by the time I got to retire, there would be no fund left because the "tax and spend" Liberal Party would have spent it all (and the boomers would have been the only benefactors in spite of barely contributing). Happily, the portfolio was given over to an independent management group, that could not be influenced by any political parties and is due to slowly increase contributions to better support current workers in their retirement. At the Federal level at least, it seems all Parties want seniors to have a chance to not starve on the streets.

As part of my CPP retirement package, my retirement contributions (aka savings) are listed by year and it's quite interesting to look back at how things have changed. I first maxed out on pensionable earnings in 1983 when I was making just over $8/hr. For context - I was living in Ft Mac at the time. $8/hr was not enough to be able to live alone in a one-bedroom apartment and studios were almost impossible to come by. Consumer interest rates were well over 20%. To max out in 2017, the hourly wage had to be nearly $27/hr.  It seems that's what the Feds would consider middle class for people without education expenses or mortgages? There's Old Age Security and Guaranteed Income Supplement in the mix too. 

For those who like to call any money given to the government a "tax" - this is a deposit. Everyone that survives gets money back and there are survivor benefits. For those who think everything is better managed through a private equity firm, you can work and take your CPP from age 60 and put it another account. Just remember it's taxable income.