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With regard to the topic of insurance
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- What will happen to my life insurance policy if AIG goes down?
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- If you’re at fault for the accident but the person you hit has expired insurance?
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- Can I obtain medical insurance despite my medical condition?
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No, the CPP is fully funded.
Sort of. The workers paying into it today are covering the pensions of current retired pensioners. It has been speculated that as the ratio of pensioners to workers increases, the workers will have to pay a higher rate and/or the pensioners get a reduced pension and/or the government will have to supplement the CPP program. The government insists that the CPP will always be viable, but many economists say that unless we get a large influx of immigrant workers to make up for the large number of up-and-coming retirees, the CPP will collapse.
neoplop’s answer is correct. The other answer uses old information.
At one time, the CPP was operated as a self funded plan, much as the US SS plan. Current contributors paid the pensions of current pensioners, which works in an expanding job market. Of course, it fails when the number of pensioners rises due to the Baby Boom retirements.
In Canada, the government took steps to change that. Today, the CPP is set up using normal actuarial calculations, and is designed to be fully funded. It may not have reached that point yet, but with planned CPP contribution increases, it will be by the time the baby boomers start flooding the system.
If the US Social Security fund runs out of money, Washington will print more money to fund it.
It is political suicide to cut benefits to the baby boomers. That will not happen.
Printing money will cause inflation in the US, but 50% of the population is too stupid to understand inflation and 40% believe the easily manipulated “official” inflation rate and so only 10% of voters will actually figure out what is happening. That 10% of the population was already voting Ron Paul so the mainstream candidates have nothing to worry about.