Share this on:
 E-mail
132
VIEWS
0
COMMENTS
 
SHARES
About this iReport
  • Not verified by CNN

  • Click to view mikej4321's profile
    Posted November 19, 2012 by
    mikej4321
    Location
    Scarborough

    The Truth About Retiring Baby Boomers

     

         In Canada, there is a pension plan from when you start working to when you retire. There’s a certain percentage of your money that is taken out of your pay every month and is saved by the government to go towards your pension, however, this pension is barely enough to support many retired citizens, in fact, many are living in poverty. Since the baby boomer population is aging and their numbers are increasing, if there are no more pensions for retirees then everyone will have worked their whole life for nothing, to get no money in the end when they want to relax and live the remainder of their life. Without pension, people won’t be able to shop and buy things in order for the government to get money; if that happens the government will have to get money from other sources. This will effect younger generations because it’s already so hard to find work nowadays and if the baby boomers don’t stop working and retire, they will keep occupying all the jobs due to the fact that they have the experience and loyalty to their work place. This will leave the younger generations unemployed when it’s their time to have a family. If younger generations cannot find jobs, they can’t pay taxes which the government relies upon to take care of a country, so, if the elderly cannot retire, the younger generations will have an even harder life ahead due to the domino effect.

     

         The Canadian government has made many changes throughout time, some good and some debatable. One of these debatable changes has been the retirement age. Formerly, the retirement age was 65, however, that is no longer the age that one retires at now. So, what is the age of retirement now? Well, there isn’t one. The government has taken it away because they don’t have enough money to support these retiring baby boomers with their pensions, therefore, taking away hard earned money which would have been used for necessities in their old age. This will not only affect the baby boomers, but it will also effect the younger generations. In Scarborough, let alone Canada, this will cause many controversies and difficulties throughout the suburb. Although the baby boomers will be making money that they perhaps didn’t have to support themselves through retirement, they will grow into conditions that will make it harder for them to work, such as medical problems associated with their old age. In addition, they have been working their whole lives and strive towards retirement, where they will catch a break from their busy lifestyles to relax and enjoy what’s left of life, but this will no longer be available to them, so they will continue to work non-stop to earn ends-meat. However, this doesn’t only affect the baby-boomers, it effects every generation younger than them. Considering the fact that unemployment rates in Scarborough have been rising, many people are counting on the baby-boomers to retire in order for them to establish a steady career, but if the baby-boomers are not retiring, less jobs are available for the rest of the community. This creates an even larger downfall in the economy than it already is. So, not only is this change affecting Canada, but it is affecting Scarborough and its citizens, young and old.


         For more information, please visit the link posted below to learn more about the cause, share awareness and vote to support these struggling seniors.


    http://www.avivacommunityfund.org/ideas/acf15890

    • TAGS:

    What do you think of this story?

    Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
    Be and editor! Choose an option below:
      Awesome! Put this on TV! Almost! Needs work. This submission violates iReport's community guidelines.

    Comments

    Log in to comment

    iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.

    Add your Story Add your Story