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One-third of Canada’s senior and near-senior citizens
fear that they will outlive their bank accounts, and half of those over
60 are employed because they say they need the money, according to a poll
by Decima Research released in July.
The latest Canada Census data shows that seniors,
specifically those older than 80, are the fastest growing segment of the
country’s population. For the first time in history there are more
than four million Canadians aged 65 or older. That means about one in
seven Canadians is a senior. Fifty years ago, just one in 13 were seniors.
That trend will continue to grow with the demographic bulge known as baby
boomers (born after 1946) just recently turned 60.
Thirty-three per cent of respondents 60 and over said
they are worried about outliving their resources and assets.
One-third said they were working either part- or full time.
Nineteen per cent indicated that their financial situation was worse or
much worse than five years ago.
Many boomers and wartime babies don’t have enough
savings for retirement. For those lucky enough to have Retirement
Savings Plans, the amounts are typically around $60,000 – which is not
enough for 30 or 40 years after retirement.
Can the establishment handle a seniors’ revolt?
There will likely be one.
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