To the editor:
I am responding to your editorial, Happy New Year, eh?, on page 9 of the Jan. 8 edition of the 100 Mile House Free Press.
The big banks are now confirming that Canadians are having a hard time saving for retirement. (Fewer Canadians have money to contribute to their RRSP this year: bank polls – Jan. 10)
All the more reason to avoid mutual funds, with their usurious rates and management fees that are among the highest in the world.
Here’s a better idea. Expand Canada/Quebec Pension Plan benefits.
For each contribution dollar, the CPP/QPP offers far more cost-effective retirement saving and secure retirement benefits than RRSPs. And employers match workers’ savings in CPP/QPP, dollar for dollar – you’re on your own with RRSPs.
Forget the high priced lattes. For the much lower cost of a double-double, Canadians can save a whole lot more for their retirement with an expanded CPP/QPP and keep the banks and mutual fund industry from picking their pockets.
Ken Georgetti, president
Canadian Labour Congress