Poverty Rates Set To RIse Without Urgent Action to Boost Pensions

February 16, 2016

A new study authored by statistician Richard Shillington for the Broadbent Institute finds that poverty rates are set to rise, unless action is taken immediately to improve retirement security, based on a comprehensive analysis of  the retirement savings of near-retirement Canadians ages 55 to 64 who do not have a workplace pension. 

Click to view the report ….

Excerpt from Executive Summary:

The issues of adequate retirement income security and seniors’ poverty figured
prominently in the 2015 Canadian federal election—as well they should have.
Ensuring the economic well-being of Canada’s growing population of seniors is an
important and complex public policy challenge that the new federal government
must grapple with.

Few disagree with the goal of providing all citizens with the means for a dignified
and economically secure retirement. But there is profound disagreement about
how this goal ought to be achieved and the role of different public programs in
achieving it. This report provides new insights from statistical analyses of patterns
in poverty, income, and savings among Canadian seniors. While there has been
progress in reducing poverty among seniors over several decades, a less rosy
picture arises in recent years and in projections of the future.