... why is that a complaint when you're in control of "when you want to retire" or "desist contributing to the pension"? I can see a complain or a valid one if you're not in control of your retirement date. See below for explanation.Perhaps you did not understand what the complain was?
... no, you can get the boot from your employer anytime so what's a "normal" retirement age? Moreover, even you do, doesn't mean you can't collect your private pension ... just that you have to follow the pension rules to collect it at age 65 at earliest say. The public sector has an even lower age of 55 + years of service (for example).Retire at normal retirement age in the private pension plan and collect pension.
... if you choose to "work" as you enjoy it, then well, you have to pay into it if the pension plan says so. Besides, you're earning pension credits, no? I mean you can't have your icing and cake at the same time. Being employed but want to retire aka stop working at the same time so you can collect your pension early.Continue working for five more years and pay thousands a year into the private pension each year then retire five years later.
...well, those are the rules. No one says you have to work that extra 5 years and contribute that extra 5 years either.Regardless of the option chosen, the private pension pays $x each month. The only difference is the $x being paid cost 5 x the thousands of dollars contributions more.
... you can't make a comparison between an RRSP (individual retirement plan) and a private pension (your employer's retirement plan). The former you're in control, the latter you ain't.For someone funding their retirement from their RRSP, it would be like seeing all the investments bought in the five years of extra work being a total loss (i.e. RRSP value five years later is the same despite during the five years of contributions).
My dad retired at age 58/59 many years ago, he actually wanted to retire around 54/55. He was told that was considered early by the financial advisor. My dad asked what was considered 'normal', and back then they said 65, because it was based on when most of your government benefits (CPP, OAS, and GIS if applicable) would kick in without penalty. He was told he wouldn't get the full amount. My dad said if that's the reason, he didn't care to retire at the normal time. He was a business owner, so had minimal CPP (I think he might get a couple hundred a month now), and he would get a reduction for the OAS anyways because he immigrated to Canada as an adult.Ya, age 65 seems "normal" for the most part.