To: Generation X, Generation Y and Millennials
From: The Baby Boomers
Re: Pension Savings
Date: June 21, 2016
It has come to our attention that you are not saving sufficiently for your retirement. This does not surprise us. We haven't saved sufficiently for our retirement either. Some of us have made enough money in the housing market to be relatively comfortable, and a good number of us have workplace pensions. Low-income Baby Boomers will be protected by Old Age Security, Guaranteed Income Supplement and the Canada Pension Plan. But middle-income Baby Boomers without workplace pensions - people making $60,000 or $80,000 a year - are facing a big drop of their standard of living upon retirement.
So we've decided to reform the Canada Pension Plan. You have to understand: we are doing this for you. It's for your benefit, so that you will have a secure retirement. Now we know you might be a little bit sceptical.