- Posted November 19, 2012 by
To Retire or not To Retire: Struggling seniors in Canada
Seniors represent one of the fastest growing groups in Canadian society today. The number of seniors in Canada is predicted to increase from 4.2 million to 9.8 million between 2005 and 2036. This will have a huge impact on demands for services, products, and special programs. This being the case, most seniors may be forced to work past the average age of retirement because they do not have enough money saved up to survive without working. Some seniors are fortunate enough to work at an establishment that offers a pension plan, however those that own their own businesses or work for someone that owns their own business are not as fortunate. The government gives those people the opportunity to open up a Registered Retirement Savings Plan (RRSP), but for most seniors this isn’t enough and they are left to either get more money elsewhere or cut some things out of their living habits. Seniors in Canada are not ready to retire and this is a problem because once they retire, most of their financial situations will be at risk.
In the year 2006 there were about 353,455 seniors in the City of Toronto alone. Over the next decade, the number of seniors living in Toronto will increase. It is important that we prepare for this demographic shift so that the city remains safe, controllable, affordable, handy, and enjoyable city for everyone. It’s said that more than half do not have enough savings and will have to rely entirely on social programs that will be quite meagre at best.
Raising taxes so that more money goes towards pension plans would help our older generation out with funds that will secure them for the future. The government should use the money more wisely and be able to stretch it in a fair manner. As citizens we should understand the issues the baby boomers are facing and help them so that they could live an easier life. Perhaps Torontonians need to be less selfish and open to the idea of paying more taxes to improve the pension plan because this could happen to us in the future and if we are selfish than who’s to say that the next generations will be so kind and giving. One last way we could help out our seniors is by going to http://www.avivacommunityfund.org/ideas/acf15890 and voting for the Aviva community fund that will go towards helping seniors in the Scarborough Community. Also, liking and sharing our article will help us raise awareness for seniors living in poverty.
To conclude, baby boomers face a unique challenge in the current labour. Our government doesn’t have the money to support all the baby boomer haven’t saved enough money to last them till they depart. So let’s do everything we can to help them because one day that could be us.