Seniors poverty rate on the rise in Canada: says new report

Broadbent Institute
New Report from Broadbent Institute by Richard Shillington

An Analysis of the Economic Circumstances of Canadian Seniors shows a stark picture of inadequate savings and growing poverty, and offers a clear baseline of evidence for the government to expand the Canada Pension Plan.
As the Liberal government prepares to table its first budget, the twin challenges of ensuring adequate retirement security and reducing seniors’ poverty are coming into sharp focus.
Take a look at just a few of the staggering findings in our new report or read the Globe and Mail story:

$3,000: The overall median value of retirement assets of near seniors aged 55-64 without an employer pension.

55% of Canadians aged 55–64 with no employer pension benefits have less than one year’s worth of savings.

$5,600: The spread for single seniors between the OAS/GIS guarantee levels and the low-income poverty measure for 2015 – the spread that seniors need to fill using the Canada or Quebec pension plans (CPP/QPP), private pensions and private savings.

28% of single female seniors and 24% of single male seniors are living in poverty in this country.

We now know the panoply of public policies offering “voluntary” options for saving — such as RRSPs, TFSAs, group RPPs, and pooled Registered Pension Plans — are not addressing the shortcomings in declining workplace pensions and inadequate public pensions.

In the short term, the Guaranteed Income Supplement must be boosted for all seniors, not just singles. And there should be no debate that the CPP needs to be expanded! Help us spread the word by sharing this report or one of the social sharables below.

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