In 2012, 461,000 Canadians requiring help or care for a chronic health condition did not receive it
In 2012, 2.2 million individuals, or 8% of Canadians 15 years and older, received help or care because of a long-term health condition, a physical or mental disability, or problems related to aging. They received help or care from family members, friends or professionals.
Seniors, especially older seniors, were by far the most likely to receive home care. In 2012, this was the case for 10% of those 65 to 74 years, 21% of those aged 75 to 84 and 45% of those 85 years and older.
These percentages may underestimate the number of persons needing help or care. In a recent report, the Health Council of Canada indicated that “there is no information in Canada to tell us how many seniors may be falling through the cracks – people who don’t have home care support, but probably should.” Information on people who need help but don’t receive it was collected in the 2012 General Social Survey (GSS), not only for seniors, but also for younger people.
In 2012, nearly 461,000 Canadians 15 years of age and older reported that they had not received help, even though they needed it (during the 12 previous months for a chronic health condition). These persons represented 1.6% of the population 15 years of age and older. This proportion was slightly higher among those 75 and older, at just under 3% (Chart 1).
As baby boomers retire in record numbers, their financial readiness for retirement is being questioned. Retirees who have prepared their portfolios to generate a consistent stream of income will be better poised to meet life’s future challenges
The baby-boom generation is aging. So too is the Canadian population.
A baby boomer born in 1947 turns 65 in 2012.
The good news is, we are living longer, healthier lives. The bad news is, it may mean less money, less leisure and more work for those who haven’t planned for an extended retirement.
Take a look at the number of Canadians aged 100 years or older:
- In 1991 — 3,795
- In 2001 — 5,825
- In 2061 (according to Statistics Canada) — 80,000 (est.).
In less than 10 years, only one in five people in the workforce will be aged 55 to 64.
In addition, the ratio of working Canadians to retired Canadians is expected to fall to 2:1 in 2031, from 5:1 in the 1980s.
The aging of Canada’s population will cause escalating pressures on public expenditures in the areas of health care and old age security, while potentially slowing the growth of the labor force, reducing the growth of the economy, and limiting the growth in government revenues.
This demographic shift is likely to result in less government support going forward and the need for more self-reliance. Future generations may not be able to count on government assistance during their retirement years.
Success means planning ahead
Unfortunately, even as baby boomers reach retirement age in record numbers, their financial readiness for retirement is being questioned. Those retirees who have prepared in advance, by setting up their portfolios to generate a consistent stream of income will be better poised to meet life’s future challenges.
There are two critical components to a successful retirement plan:
- Invest as early as you can, with a vision for the long-term. Time in the market gives your portfolio a chance to grow, and minimizes the effects of day-to-day market volatility.
- Own equities that pay dividends and reinvest those dividends to take advantage of the power of compounding returns.
Here’s to a successful retirement!