Yes, well, you should have the flexibility. You've been paying the taxes, and you've been living, hopefully, to the living standard you can afford. I don't have a complete answer, but I think you're on the right track--how can we adjust this?
One of the things you'll find in my package is that.... For example, in my case, my pension dies with me, and that was a decision we made together. But I have a feeling that a lot of the decisions that were made in that respect weren't really signed off by both parties, or at least they weren't signed off with the recognition that there needs to be a different plan in place. If you're going to lose the whole pension and your widow is going to suffer, then shame on you. It might be a shame on you or it might be ignorance.
When I retired in 1985 from Bell Canada you didn't have to get a spouse's signature. I tell my wife to say, “Hey, I had nothing to do with it. Give me my money.” She won't do that; she's too honourable. The point is that even if the decision had been made together, it might have been made under circumstances that have changed a great deal, like taxes have changed. I would have been better off, if I look back at it, but I didn't understand all the nuances. I thought by taking life insurance I could supplant that particular requirement. Well, my life insurance...I can't get any now that I'm 76.
Only by educating our public...and we have a highly sophisticated population in Canada, and it's getting more so. If we present the opportunity and present the urgency of doing this.... People do some financial planning, but it's usually at the will of some financial advisor who wants to sell you something. We should have a provision where you can get this financial planning. Wouldn't we all be better off if everybody had a plan? We wouldn't have to worry about some of these circumstances.