Thursday, May 6, 2010

Thing$ Going North $$: Oil - a sticky subject

I think I forgot to add this to the ever-growing list of cost$ going North.

I consider this a future cost and could fall on us sooner than we think.

I.e., the number of defined benefit pension schemes that are in deficit has doubled over the past five years to stand at 92% of the total, making retirement prospects bleak unless changes are made.

In other words, if you have a pension in Canada, there’s a really, really good chance there are not enough funds in it to cover future pensions, i.e., maybe your pension.

How bad is the deficit? Just a few bucks short? Think again.

Pension funding deficits have risen from $160 billion in 2003 to an estimated $350 billion in 2008 and continue to grow.

So, start saving more money.

You're going to need it - unless you're going to work until you... leave your desk for the last time.

No canapes for you!

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