Tonight is the official launch party for the new U.S. edition of Findependence Day. The two main ingredients of the cover are fireworks and balloons, and here they are ready to be unleashed. It also happens to be the actual day I turn 60. I’m billing this as the world’s first Findependence Day party. Since we coined the term, we’re entitled to make that claim, right?
Does this mean I’m now financially independent enough not to show up to work on Monday at MoneySense magazine? In theory, yes, since in Canada you can collect the Canada Pension Plan (CPP) as early as age 60. In practice, however, it will be business as usual. But as I say in the book, the key point about Findependence is that you may choose to keep working, but because you want to, not because you perceive you must.
With many North American baby boomers turning 60 and 65 in the coming months and years, I expect there to be many Findependence Day parties — at least if the term catches on and the US edition of the book gets any traction. Here’s how you can help: please use your social media to spread the word, especially if you have American friends you think would benefit from the book if they just knew it existed.
And exist it does, as you can find elsewhere on this site. The paperback and hardcover editions are now available at Amazon.com, Barnes & Noble and Trafford. An e-book edition selling for $3.99 will be released in a few weeks. And of course, the first or “Canadian” edition is also available directly from me by clicking on the Buy Canadian edition button.
While the pre-budget hype was that Canadian baby boomers were going to have to delay their retirement after Thursday’s federal budget was unveiled, their Findependence Day has not been severely postponed for anyone who is now 54 years old or older as of March 31, 2012.
As expected, the Old Age Security eligibility age will rise gradually from the current 65 to 67 but this doesn’t start to happen until 2023, according to the just-released budget. When you add the 11-year notification of this change to the six-year phase-in between 2023 and 2029, I’d agree with Finance Minister Jim Flaherty that Canadians [or their financial planners] have “ample time to make adjustments to their retirement plans.”
For younger people born on or after Feb. 1, 1962, OAS eligibility will be age 67. Technically, boomers were born between 1946 and 1964 but in my view, if you were born between 1962 and 1964, you likely didn’t grieve over the JFK assassination and can hardly be considered a true baby boomer.
Delaying retirement: OAS takes a leaf from deferred CPP benefits