There is diversity among all Canadian, hence there is differences among the aging population. Not all seniors are aging well and have the appropriate programs and services to meet their needs. Some seniors are victims of abuse and some are living in isolation and poverty. Some seniors suffer from chronic illness and other socio-economic factors limit the amount of money they can put away for retirement. Hence these middle and low income elderly retirees will have to depend mainly on the pension plan that is offered between the age of 60- 65. The age of 60-65 is regarded in Canada as the age of retirement. This paper will focus mainly on the disadvantaged older populations. The disadvantaged older populations are those who are currently struggling financially, have or will suffer from a mental or physical impairment that which limit their ability to work and contribute much to the pension plan or personal savings for retirement. “Disadvantaged seniors are more likely to suffer from physical and mental impairment, approximately 9 percent of those between the age of 65 and 69 will require personal assistance for daily activities because of their limitation; at the age of 85 and over, about 50 percent require assistance”(Sue, D & Sue W, 2008). Most disadvantages retires will rely on the pension system to meet their day to day needs and to pay for personal assistance care.
After the First World War there were a growing number of fatherless families within Canada which left the family unit vulnerable. The federal government established a variety of charities to aid Canadian soldiers overseas and to provide relief to soldiers’ families. Gradually, income security was introduced to Canada. “McGilly (as cited in Chappell, 2006) stated ...
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...percentage points for those 35-54. This statistic can be interpreted as such; men and women are aware of the importance of retirement savings plan, but even with full-time jobs and the rising cost in the economic and meeting basic family needs they are unable to put aside money for old age. In contrast to the disadvantaged seniors who were on disability benefits, social welfare, and etcetera, what portion of saving could they possible put aside for retirement from the little they received.
Works Cited
Chappell, R. (2006). Social Welfare in Canada.3rd E.d. Canada: Ontario
Rappaport, A. M. (2007). Improving the Financial Status of Elderly Women: Issues in Savings, Pension Plans and Social Security. Benefits Quarterly, 23(1), 34-45.
Reno, V. P. (2006). The role of pensions in retirement income: Trends and questions. Social Security Bulletin, 56(1), 29.
The assistance that the war veterans receive in Canada today is considered one of the best in the world. With assistance programs that provide support to the veterans in the form of attentive health care, health insurance, health related travel expenses, assisted living, career training, rehabilitation, financial benefits, and much more. But, this wasn’t always the case with the Veterans Assistance Commission in Canada. Very little was done prior to WW1, for the war veterans. Even though much difference was promised and greater commitments were made by the Canadian government during and after the First World War, it still was not nearly enough. Pensions were denied to deserving candidates, assistance was provided to many in a form that was nowhere near enough to start a new life, and because of the great depression it was even harder for the veterans to make a living.
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
In America’s early days before the kickoff of industry, there was little need for retirement savings for a few key reasons. First of all, people were dying at a much earlier age; most people didn’t live past 38, whereas in 1900, 60 years of age was common for about 40 percent of the population and 15 percent experienced 80 years of life. Another reason for the irrelevance of social security in the 19th century and earlier was that people were usually living rurally on farms with extended families to take care of them. Furthermore, the Civil War also didn’t allow the government much economic room to consider providing a service such as social security. However, after the Civil War, pensions were a form of social security for civil war veterans that carried into their retirement. Unfortunately these pensions provided support for only a very small portion of the population; not even one percent of Americans received these pensions. Despite a much lower need for social security in the 18th ...
Sethna, Christabelle. "Wait Till Your Father Gets Home: Absent Fathers, Working Mothers, and Delinquent Daughters in Ontario during World War II." In Family Matters: Papers in Post-Confederation Canadian Family History, edited by Lori Chambers and Edgar-André Montigny. Toronto: Canadian Scholars' Press, 1998. 19-41.
The Canadian population is graying at a steady pace, adding thousands of seniors above the age of 65 in the population charts year after year. This segment of the population needs special attention due to its social, emotional, health, and dwelling needs. Continued growth in the size of aging population is putting pressure on the economy, health care system, and living space for seniors. Planners and policy makers need to pay immediate attention to the issue as it is going to affect all Canadians in the years to come.
providing retirement benefits to those who have reached the ages of sixty-two or age sixty-five,
Social integration and participation of seniors in society are important indicators of healthy aging. However, seniors are always at risk of being socially isolated. Many factors can cause social isolation and among them population aging that resulted more seniors to live longer is one of the most important factors.
are forced to live off of. What happens if there is not enough to go
In Canada, over 400,000 babies were born annually from 1945 to 1965, which increased Canada’s population rate by 20% (“Canadian”). This period in Canadian history occurred after the Second World War when millions of men returned home to their families or immigrated to other countries with their war brides. Some ended up settling in Canada which dramatically increased the birth rate; their experience and survival of the war caused them to realize how important life is, instigating them to have as many children as they can support bringing about the group of people now referred to as the Baby Boom Generation. The baby boom generation significantly impacted Canada as it helped the young country to recover from the devastating Great Depression. Indeed, the baby boom generation had a positive contribution to Canadian society during the 1950s because it changed the face of Canada in the international stage, increased the Canadian living standard, and established and developed the suburban areas.
Only 23% of well-off retirees and 16% of all retirees polled are working today.Affluent nonretirees estimate they'll need only 53% of their pre-retirement income to support their retirement lifestyles. But well-off retirees say they actually require fully 71%. Fully 25% of affluent nonretirees think it's likely they will run out of money before they die vs. only 12% of well-off retirees.Affluent retirees single biggest regret is failing to put more money in tax-deferred retirees said they invested the maximum the law permits, compared with only 48% of the affluent nonretirees polled.Strategies1.
Joo and Pauwels (2002) found that higher educational level allows one’s to experience and achieve greater confidence level in their retirement planning life. Men who had received higher education tended to be more confident in their retirement planning compared to those who had lower levels of educations (Joo&Pauwels, 2002). The level of education and confidence found to be positively related (DeVaney, et al., 1995). On the other hand, older women are found to be less likely to have higher education in general because of limited education which had been given to them in the past (Lusardi, 2004). The effects of education on women’s retirement makes women to be less financial literate or having knowledge on retirement and retirement planning (Lusardi, 2004; Lusardi& Mitchell, 2008). Joo and Pauwels (2002) suggested that women participation in retirement planning increases as they receive education.
Richard A. Gephardt, Being Careful with Social Security [article online], Newsweek Inc. Accessed 15 January 1997; Page A19. Social Security Administration. Available from http://www.ssa.gov
Pension provides an income when people have stopped working. Also, it provides important forms of insurance against long life, prices, relative benefit drops and savings shocks. As well as it is an important benefactor to the financial security of a majority of Australian men and women of retirement age, with about 70 per cent of people of pension age receiving the Age Pension (Australia and Treasury, 2015). The government can provide this type of insurance for less than it costs individuals to insure themselves by sharing long life risk, and hedging the
In addition, declining birthrates may cause people to have less familial care and support as they age. To be able to provide the necessary care for senior citizens, a government funded long term care insurance program is needed. Medicare is the federal program that provides health coverage for people who are 65 and older (Green, 2003). Although many assume that Medicare provides long-term care, these benefits are very limited and are not efficient enough to accommodate the much needed care services for older adults. For example, Medicare programs do not help pay for personal care services such as eating, dressing or using the bathroom, even though these “activities of daily life” are the most needed services for most seniors (Green, 2003).
Allers, Kimberly Seals. "How Fit Are Your Finances?" Ebony 68.9 (2013): 93-97. Academic Search Complete. Web. 15 Nov. 2013. Bauer, Gabrielle, and John Southerst. "A promising retirement: your life, your way." Maclean's 18 Feb. 2013: 37+. Opposing Viewpoints in Context. Web. 15 Nov. 2013.