4 ms·
I'm not familiar with Canada's public pensions. Do you know the difference between them and US social security?
by Consultant32452 7y ago
I'm not familiar with Canada's public pensions. Do you know the difference between them and US social security?
- Scoundreller 7y agoI’m not sure what he’s talking about. We have a social security equivalent, and then you may have an employer pension. Private companies have mostly stopped their pensions. Government employees usually have pensions, and they’re very well managed.
- seanmcdirmid 7y agohttps://en.wikipedia.org/wiki/Canada_Pension_Plan https://en.wikipedia.org/wiki/Canada_Pension_Plan
- a-priori 7y agoWe have basically three programs to provide income to retirees: 1) Canada Pension Plan, a worker-funded defined benefit pension managed by the government via an arms-length investment board. 2) Old Age Security, a guaranteed income program for everyone 65 and older. 3) Registered Retirement Savings Plan, an income tax sheltering program where you can contribute up to 18% of your income into registered accounts and have the contributions deducted from your taxable income. This gets drawn down during retirement for income.