Hostname: page-component-586b7cd67f-2brh9 Total loading time: 0 Render date: 2024-11-23T04:37:08.942Z Has data issue: false hasContentIssue false
  • English
  • Français

Economic Security in an Aging Canadian Population

Published online by Cambridge University Press:  14 September 2011

Robert L. Brown
Robert L. Brown*
Affiliation:
University of Waterloo (Retired)
*
*Correspondence and requests for offprints should be sent to / La correspondance et les demandes de tirés-à-part doivent être adressées à: Robert L. Brown, Ph.D. 3321 Anchorage Avenue Victoria, BC V9C 1X1 ([email protected])
Get access Rights & Permissions [Opens in a new window]

Abstract

Recent research indicates that today’s retirees are doing very well in terms of their replacement ratios and that Canadian poverty rates among the elderly are low relative to other Organization for Economic Co-operation and Development (OECD) countries. Government-sponsored plans have been strengthened either through explicit expansion – for example, the Guaranteed Income Supplement (GIS) – or through the reform of the Canada/Quebec Pension Plans (C/QPP). Also important is the maturation of employer-sponsored pension plans, although coverage rates are down. Future generations of retirees may not achieve the standard of living that exists today, however, which is a concern. The author argues that today’s economic security programs are affordable and that their costs could be stabilized if the retirement age were raised.

Résumé

Des recherches récentes indiquent que les retraités d’aujourd’hui se portent très bien en termes de taux de remplacement et que les taux de pauvreté chez les personnes âgées au Canada sont faibles par rapport aux autres pays de l’Organisation de coopération et de développement économiques (OCDE). Les plans parrainés par le gouvernement ont été renforcés grâce à l’expansion, soit explicite – par exemple, le Supplément de revenu garanti (SRG) – ou grâce à la réforme des régimes de pensions du Canada/Québec (RPC/Q). La maturation des régimes de retraite parrainés par l’employeur, bien que les taux sont en baisse, est également importante. Cependant c’est une préoccupation que les générations futures de retraités ne peuvent pas atteindre le niveau de vie qui existe aujourd’hui. L’auteur soutient que les programmes actuels de la sécurité économique sont abordables et que leur coûts pourraient être stabilisé si on souleverait l’âge de la retraite.

Keywords

baby-boomSecurite de la vieillesse (SV)Régime de pensions du Canada/Québec (RPC) [Régime de rentes du Québec]baby boomOld Age SecurityCanada/Quebec Pension Plans
Type
Articles
Information
Canadian Journal on Aging / La Revue canadienne du vieillissement , Volume 30 , Issue 3 , September 2011 , pp. 391 - 399
Copyright
Copyright © Canadian Association on Gerontology 2011

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Baldwin, R. (2009). Research study on the Canadian retirement income system. Final Report. Toronto, Ontario, Canada: Ministry of Finance, Government of Ontario.Google Scholar
Brown, R. (1991). Economic security in an aging population. Toronto, Ontario, Canada: Butterworths, Canada.Google Scholar
Brown, R. (1999). Economic security for an aging Canadian population. SOA Monograph M-RS99-2, Schaumburg, Il. Society of Actuaries.Google Scholar
Brown, R.L., & Bilodeau, C. (1999). The Canadian wealth transfer index. Proceedings, Canadian Institute of Actuaries, Vol. XXVIII, No. 2, pp. 435–454.Google Scholar
Brown, R.L., Damm, R., & Sharara, I. (2000). A macro-economic indicator of age at retirement. North American Actuarial Journal, 5(2), 1–10. Schaumburg. Reprinted with Permission.Google Scholar
Chisholm, D., & Brown, R. (2008). Negative effects of the Canadian GIS clawback and possible mitigating alternatives. North American Actuarial Journal, 12(4), 372–383. Schaumburg. Reprinted with permission.Google Scholar
Denton, F.T., Feaver, C.H., & Spencer, B.G. (2005). Population aging and the maintenance of social support systems. Quantitative Studies in Economics and Population (QSEP) Research Reports #320. McMaster University, Hamilton, Ontario, Canada.Google Scholar
Fellegi, I.P. (1988). Can we afford an aging society? Canadian Economic Observer, 1(10), 401–434.Google Scholar
Foot, D.K. (1982). Canada’s population outlook. Ottawa, Ontario, Canada: Canadian Institute for Economic Policy.Google Scholar
Horner, K. (2009). Approaches to strengthening Canada’s retirement income system. Canadian Tax Journal, 57(3), 419–459.Google Scholar
MacDonald, B.J., & Moore, K. (2011). Replacement rates—Moving beyond traditional rules of thumb. Schaumburg, IL: Society of Actuaries Pension Section Newsletter.Google Scholar
McDonald, L., & Carty, E.B. (1980). Effect of projected population change on expenditures of government. In The retirement income system in Canada: Problems and alternative policies for reform. Task Force on Retirement Income Policy, 2(16), pp. 1–34. Ottawa, Ontario, Canada: Minister of Supply and Services.Google Scholar
Mintz, J. (2009). Summary report on retirement income adequacy research. Ottawa, Ontario, Canada: Department of Finance, Canada.Google Scholar
Office of the Superintendent of Financial Institutions. (2008). The 8th actuarial report on the old age security program as at December 31, 2006. Ottawa, Ontario, Canada: Office of the Chief Actuary.Google Scholar
Office of the Superintendent of Financial Institutions. (2010). The 25th actuarial report on the CPP as at December 31, 2009. Ottawa, Ontario, Canada: Office of the Chief Actuary.Google Scholar
Ontario Expert Commission on Pensions (OECP). (2008). A fine balance: Safe pensions, affordable plans, fair rules. Toronto, Ontario, Canada: Ontario Ministry of Finance.Google Scholar
Statistics Canada. (2008). Income security and stability during retirement in Canada by LaRochelle-Cote, S., Myles, J., & Picot, G. Catalogue no. 11F0019M—No. 306. Ottawa, Ontario, Canada: Minister of Industry.Google Scholar
Statistics Canada. (2010a). Life tables, Canada and the provinces. Catalogue no. 84-537-XIE. Ottawa, Ontario, Canada: Ministry of Industry, Science and Technology.Google Scholar
Statistics Canada. (2010b). Canadian demographics at a glance. Catalogue no. 91-003-X. Ottawa, Ontario, Canada: Minister of Industry.Google Scholar
Statistics Canada. (2010c).). Population Projections for Canada, Provinces and Territories. Catalogue no. 91-520-X. Ottawa, Ontario, Canada: Minister of Industry.Google Scholar
Tamagno, E. (2006). Occupational pension plans in Canada: Trends in coverage and the incomes of seniors. Ottawa, Ontario, Canada: Caledon Institute of Social Policy.Google Scholar
United Nations. (2008). Retrieved fromhttp://data.un.org/Data.aspx?d=PopDiv&f=variableID%3A44.Google Scholar
Whitehouse, E. (2009). Canada’s retirement-income provision: An international perspective. Ottawa, Ontario, Canada: Department of Finance.Google Scholar