Seniors’ Income Shrinking says Advocate
Prince George, B.C.- The Province of B.C’s Seniors Advocate says we have to ” stop listening to generationally divisive inaccurate generalizations that portray seniors as rich.”
Isobel Mackenzie is concerned about the declining income of seniors. Latest information from Statistics Canada indicates that in the past three years the annual median income for senior families in BC fell 5.7% while single seniors in B.C. saw their median income drop 6.3% since 2013.
The numbers are well below the national averages which show a 1.9% increase for senior families, and a 2.3% increase for single seniors.
Meantime, the percentage of Canadians aged 65 and over living on low incomes rose to 12.5%. In particular, 30% of single, elderly women are considered low income—that’s three times the level seen 20 years ago.
There are a number of different reasons for the income decreases, but Mackenzie points to record low interest rates, seniors out living the time frame of their Registered Retirement Income Funds and the inability of private pensions to provide cost of living increases all contribute.
She also notes the BC Seniors Supplement, which is given to the lowest income seniors in this province, has stayed the same for more than 25 years.
“We also need to remember that, while most seniors do not have a mortgage, over 20% are renters and 35% do not live in one of the over-heated real estate markets,” said Mackenzie. “There are definitely seniors in the Lower Mainland and Greater Victoria with a great amount of equity in their homes, but we need to find a way that will responsibly allow seniors to access their equity, while also recognizing that some areas of the province are experiencing stagnant house values.”
Mackenzie stresses that financial assistance should be based on economic need, not age alone.
Comments
No kidding!
Who’s income isn’t shrinking besides the super rich?
Even the ‘purchasing power’ of the incomes of the super rich is declining too. Of course they’re not exactly struggling to make ends meet. Which should be a ‘good’ thing, a condition we’d want more people to be in instead of just exhibiting the usual petty jealousy Canada seems to be so noted for, and trying to strip anyone who has managed to get ahead down towards some enforced equality. Misery, I suppose, as it’s said, likes company. Though what real good making everyone ‘miserable’ ever did is beyond me. You think instead of trying to continually “rob Peter to pay Paul” we’d find a better way to materially advance ‘Paul’ to where ‘Peter’ managed to get under his own steam and leave him alone.
Its not enough that BC has to lead the nation in child poverty numbers, lets see if we can to that with our seniors as well.
A big thank you to our “families first” Christy Clark Government.
Wasn’t it actually Christy’s family first?
SHES just a fat divorcee
Seniors income federal matter maybe you should have voted different federally
No it’s not..in BC every year the Provincial government raises MSP fees for seniors on fixed income, they change how the seniors pay for prescriptions, etc.. It’s not federal..nice try though. ( all these fees rose while Harper was ruining …running the country)
The feds provide OAS + CPP. The date is for 2015 and before. The country did vote a new party into power.
We have yet to see whether there might be a change. I doubt it other than the contemplated changes to the CPP which I understand would take effect for those who are not retired yet and have paid higher amounts into the system.
Maybe if we didn’t have such an over bloated, publicly funded “work” force we’d be able to save and invest a little bit more for our own retirement?
The banks pay .5% interest at that rate you aren’t going to make much money on your investments.
all it does , or so it seems is move you up into the next tax bracket and you end up paying more taxes thus making less in the end..
Governments have this all figured out.
Who invests with the banks?
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