Canada will soon face the burden of the aging population . The aging and retiring baby boomers will cause income growth, tax revenues, public programs such as, Health care, Caregivers and Income support for seniors to become more costly.
The Canadian pension system is one of the biggest problem in Canada that need addressing .Our pension system is often supported by three legs, The Canadian Pension Plan (CPP), Old Age Security (OAS) ,Workplace Registered Pension Plan (RPPs) and the Personal Retirement Savings (RRSPs) for individuals contributions into retirement.(Benefits Canada,2014)
These program was put into place to support the aging population and to prevent Poverty, Isolation , Financial difficulty,Retirement/ Relocation , Health care and Caregivers. Problem affecting the aging …show more content…
The problem that confronts the aging community should not rest upon sound economics basis, but their circumstances should be governed by irrational and precarious sentiments. Even though, the poor themselves may agree that a guaranteed minimum of existence would be preferable to changing condition to a fair degree of comfort and the problem that overshadow the aging population should demand such consideration.
The Old Age Pension Policy has become a problem to delineate because with the recent changes to the retirement age many Canadian will work longer and retired poorer than their parents. These changes will come into effect in April 2023 and affect Canadian who were born after April 1,1958 (CBC news,2012) This will not only affect retirement but it will also alter the job market because many senior will be present in the workforce past age 69. The Old Age security is a big deal because if you’re a low -income senior who is retiring on nothing else then it is a huge importance on not retiring into poverty ( CBC4
The Canadian pension system is one of the biggest problem in Canada that need addressing .Our pension system is often supported by three legs, The Canadian Pension Plan (CPP), Old Age Security (OAS) ,Workplace Registered Pension Plan (RPPs) and the Personal Retirement Savings (RRSPs) for individuals contributions into retirement.(Benefits Canada,2014)
These program was put into place to support the aging population and to prevent Poverty, Isolation , Financial difficulty,Retirement/ Relocation , Health care and Caregivers. Problem affecting the aging …show more content…
The problem that confronts the aging community should not rest upon sound economics basis, but their circumstances should be governed by irrational and precarious sentiments. Even though, the poor themselves may agree that a guaranteed minimum of existence would be preferable to changing condition to a fair degree of comfort and the problem that overshadow the aging population should demand such consideration.
The Old Age Pension Policy has become a problem to delineate because with the recent changes to the retirement age many Canadian will work longer and retired poorer than their parents. These changes will come into effect in April 2023 and affect Canadian who were born after April 1,1958 (CBC news,2012) This will not only affect retirement but it will also alter the job market because many senior will be present in the workforce past age 69. The Old Age security is a big deal because if you’re a low -income senior who is retiring on nothing else then it is a huge importance on not retiring into poverty ( CBC4