Teachers’ Pension Plan CEO offers ‘dose of reality’

By Bill Tufts

This year in Canada 1,000 people will reach age 65 every day.

This will continue every day until the year 2029. This aging tsunami sweeping over Canada will bring changes that we cannot even envision today.

Last year the first of the Baby Boomers turned age 65, many retiring into golden entitlements that they have been promised and expect to collect. These entitlements include lower taxes, free health care and for some, golden pensions.

It is the public sector that has been promised the most and it remains to be seen if the next generations will pay on the promises this generation has made to itself.

Despite decades of predictions about the impact of aging Boomers, the first year of this demographic tsunami is already starting to break the pension system. Pension promises are starting to cause grief for all levels of government – and ultimately the taxpayer, who is on the

... read more at: https://business.financialpost.com/personal-finance/retirement/teachers-pension-plan-ceo-offers-dose-of-reality

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