The Cost to Retire Comfortably Around the World

[PPCLI Guy]

Where I work there is a ton of layoffs. I can’t believe some of these boomers who refuse to retire.

I get it if you need the money and need to work but there is guys refusing to retire who have 4 income properties, have no need for the money, and theres young guys with families needing to work losing their jobs because those boomers refuse to give up their social club.

Morally reprehensible behaviour even if it is all 100% legal.

Retirement is a long shot for me, the defined benefit pensions were done away with and now it is defined contribution pensions which are severely underfunded (someone did the math we would need about 10$ a hour into our pension to get the same, but we only get 3.50$).

There is a retirement crisis coming up in a couple decades, unfortunately there isn’t any good fix coming.

Have you offered to leave your job so that others less fortunate than you can work?

 

[Humphrey Bogart]

They may have earned their seniority but it shouldn’t mean holding down everyone under you just for the sake of it.

Some of these guys are the most vindictive people I have met, just screwing people over for no reason other than they can.

The older management is a curse, refusal to adapt, insistence on older less efficient processes just because they don’t understand newer ones. Resistant to change even in the slightest way possible.

Simple example I asked if we could get the schedule sent to our work email. Refused. Even though it is made digitally, emailed to management, then printed and stuck in the office. This isn’t cutting edge recommendations, this is just bringing us in line with 2004.

Completely agree it's a curse. I work in a data intensive industry. System proficiency is extremely lacking in certain portion of the workforce and it actually costs us big $$$. ⁰

 

[Brad Sallows]

Some people just enjoy their work.

For some their work is part of their identity and sense of self-worth, and of those some are aware of it and therefore reluctant to retire; the ones who don't anticipate it are the kinds of people who end up expressing feelings of loss and whatnot after retiring.

Some might actually need the money. High income isn't necessarily a guarantee a person has been saving enough for retirement. Well-off and even wealthy people often enough live right at the edge of their means.

There is a reverse image problem that exists in some places, especially where people have DB pensions and max pension eligibility is determined by a sum of age and years worked. Organizations bleed competent experienced people as soon as they hit the number for max pension. It's not the behaviour that is the problem; it's that the target number should often be greater so that people are putting in a few more working years to pay for their retirement years.

A rule of thumb I think rings true is that you need to save at least 20% of your gross income for your entire life, assuming RoI will be somewhere near 7% on average, to retire with an income that allows you to continue living approximately as you lived during your working years. That is money that you can't touch, ever, so your savings for emergencies and vacations and whatnot would have to be above that.

 

[Humphrey Bogart]

And they are backed by human rights legislation that says no one has to retire... ever...

News Release​

Ottawa, Ontario, December 14, 2012—A year ago tomorrow, Parliament passed the Keeping Canada's Economy and Jobs Growing Act which provides additional protection to older workers who wish to remain in the workforce. On December 15, 2012, the prohibition of mandatory retirement for federally regulated employees comes into force.

“Many Canadian seniors are living a healthy and active lifestyle and wish to remain active in the labour force,” said the Honourable Lisa Raitt, Canada’s Labour Minister. “Our government took action and removed potential barriers faced by older workers who enrich the workplace with their accumulated knowledge and experience.”

Specifically, the Act amended the Canada Labour Code to ensure employees receive severance pay upon involuntary termination regardless of age and pension eligibility.

“Canadian workers don’t come with ‘best before’ dates stamped on their foreheads,” said Mr. David Langtry, Acting Chief Commissioner of the Canadian Human Rights Commission. “These amendments protect the important principle that age discrimination is prohibited under the Canadian Human Rights Act and that retirement is a personal decision,” he said.

Government of Canada highlights prohibition of mandatory retirement - Canada.ca

A year ago tomorrow, Parliament passed the Keeping Canada's Economy and Jobs Growing Act which provides additional protection to older workers who wish to remain in the workforce. On December 15, 2012, the prohibition of mandatory retirement for federally regulated employees comes into force.

www.canada.ca

And ultimately it's the employers responsibility to get rid of dead weight.

 

[Eaglelord17]

Have you offered to leave your job so that others less fortunate than you can work?

1st there is no one to back fill my position, the joys of being in the skilled trades. So even if I left (which I have been looking for alternate jobs anyways) there won’t be someone moving into my spot as much as it is needed.

2nd I am no where near retirement, still have at least 30 years to go. I am one of those young guys with a family to take care of (more so than most with a severely disabled child and being forced to be the sole income earner thanks to that fact).

I have no issue with people working, or people not wanting to retire. I just think it is morally wrong not to when you’re financially set, and the people around you who do need the job are being laid off. They even offered 25k for those guys to take retirement and they still wouldn’t.

Go find a volunteer organization if they want to feel important and needed, most those groups are desperate for volunteers and they can pick a cause they agree with.