Tuesday, April 23, 2013
Supplementary financial plan for youth today
Submitted by John LaBelle, NS/Veteran's Advocate
e believe that this retirement programme has merit. It should be further evaluated to provide an increased financial retirement protection for all Canadians.
With their first employment, when company pension plan is not available, young Canadians would be able to contribute in to a compulsory Annuity plan using the tax-free account system.
It would be necessary for employees and employers to participate.
The plan would start with a 1% contribution of gross salary from both employees and employers to Canadian Trust companies and/or Banks. The contributions would increase by 1% over a period of 3 years, with a 2% maximum contribution for the employers.
Employees could move from one employment to another but would not be able to make any withdrawals until age 65. The Annuity contributions and investments would be sacred to the employees.
Financial investment advice would be available from our financial institutions.
This Annuity plan would provide the mid and low income earners with a much needed financial position at age 65, therefore providing them with a dignified quality of Family enjoyment fit for all Canadians during their Golden years.
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