Actuarial Science 1021A/B Lecture Notes - Lecture 5: Tax Deduction, Ontario Health Insurance Plan, Retirement Planning
6 Dec 2014
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Document Summary
The economic problem of old age consists of the following: Year 2000: 12. 5% of the population were 65 years or older. Year 2050: prediction is that 20% of the population will be 65 or older most of this growth 2010 to 2030 as baby boomers reach age 65. Longer retirement period: this occurs because, people are living longer, people are retiring earlier this trend is actually reversing, people are entering the workforce later in life. Insufficient income and assets: the aged are an economically diverse group and the incomes received are far from uniform. In 2010, people aged 65 and over, 22% annual income . Poor health: we will concentrate on this area, the aged see doctors more, are more likely to become disabled, have longer hospital stays, need more prescription drugs (ohip covers many of these health care costs but not all)
