Politicians are our voices and the country's planners. But we have responsibilities as well. One of those is to point out the obvious to our political candidates.
At issue is the Old Age Security program. If you own a million-dollar property, a vacation home, a Hummer, a tax-free savings account and savings that do not generate more than $69,562 in annual taxable income, yes, you can get another $544.98 a month. Even then, it doesn't stop there - your monthly contribution gets clawed back until you earn $112,966 in annual taxable income. There is no requirement to touch your assets.
When it was first introduced, it was meant to help those struggling. Let's bring it back to the basics. Let's tighten up the program by including a means test and eliminating the clawback. If you can't live on your $69,562 of taxable income in retirement, then that is your issue, not the taxpayers'. There are many of us who don't earn that amount per year in our working years, let alone retirement.
At some point, we have to expect people to prioritize their retirement over their vacations, dinners out and the like. We will not have the tax base to be supplementing the living expenses for those who are not hurting. As times get tougher and the feds have to make even more cuts, I would rather have this over health care, education and infrastructure.
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