problems with economy and anxiety over retirement

Looks like Canada has an economic problem – our stock market has gone down, Canadian dollar is losing its value against the US dollar, employment rate in some provinces are as high as 19%oil-producing provinces like Newfoundland and Labrador as well as Alberta are struggling and losing jobs fast, and overall looks like we have a deficit this year, too.

I was having a conversation with a friend of mine today; we both never ever thought that the oil prices would go down like this (and create this havoc at least in the oil-producing provinces); as long as I know myself, oil prices always went up. It was the best investment for many people.

Not anymore.

I guess that is what it means to have an unpredictable economic future.

Economists for a very long time have predicted an economic slow down for countries like Canada, whose population is rapidly aging. My friend and I are relatively young, but today we also got depressed about our retirement and pension plans. Will the company retirement plan and CPP (Canadian Pension Plan) be healthy 20-30 years from today?  What will happen to our personal savings and retirement investments, such as TFSA and RRSP, which are also dependent on the market?

Will we able to ever retire?

We really do not know. But maybe this would be the chance for me to move to a south American country at my retirement should I afford a better life standard with my savings/retirement plans at that time. This of course is possible should we all keep our jobs…

Cannot think about losing my job. It is true that I am not perfectly happy with the city I live in or the weather. But I love my job; it is the best job for me and if we do not count the stress it creates in me, I love, love, love it. Plus, it is more or less stable and my salary and benefits (although are not as good as other institutions around the country) provides me with an above-average living standards and insurance plans/protection.

I have had chased a job like this for decades and I know how losing a job feels. All the uncertainty and financial hardship it brings. The hopelessness and low morale that comes with it… Although eventually we mostly end up finding a job good enough for us, no, I do not wish anyone to lose their job. I included.

 

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