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Lecture 7

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York University
Kinesiology & Health Science
KINE 3350
Kathy Broderick

10/1/2013 8:25:00 AM Cont from last lecture  Baby Boomers Today o Some will have retired, others haven’t o Some still have kids living at home o The “me” generation o In the 1960’s they were the teens – they were the peace activists, the hippies, if they had long hair (the boys) they would be kicked out of their house o When they moved into their 20’s, they started the sex revolution – sex before marriage didn’t exists before that o Started animal rights o In the 1960’s – started the super women: women who juggled kids and a career o Overall, their first act was radicals, and their second act will be elders o Type of music they listened to: rock and roll (elvis) and folk (neil young) o They now have a bad reputation: taking away healthcare, they are the CEOs, they are the ones polluting the water, they are heads of marketing companies targeting kids to smoke/drink  They are also very vein – don’t like being called grandma o They bully ppl into thinking that they are the first generation to get old  Baby Bust/Generation X o Women were no longer having kids bc they were working, and they started using the pill o Baby bust ppl are not in the greatest spot – hard to get jobs bc the boomers still have it, and we (generation y) are trying to get it o They were the starters of hip-hop o They brought in raves, date rape, eating disorders, same sex marriage o Started outdoor pursuits (camping), running marathons  Generation Y/Echo o Defined by fashion styles – bagging pants, o Changing family dynamics – family is splitting bc of technology – don’t watch TV together cause everyone has a TV in their room o Why me? – harder for us to get jobs, bc of the recession – but we are optimistic about getting jobs  What do the baby boomers think about the echos? o Many of us are old (20-29) are living at home – this didn’t happen in the olden days (why is this):  Uni debt, unemployed, cant afford rent, saving money o Parents: some say that echos will wreck their retirement (financially)  Kippers: parents cant save for retirement bc of their kids  RIP: retirement is impossible (or something like that) o A lot of ppl want to keep their families at home o Echos have a better r/s with their parents then they did with theirs  Some baby boomer parents are too clingy o Other parents don’t want their kids home o Adolescence now ends at the age of 34 PENSION PLAN  Canada has one of the best pensions in the world – is a good place for the elderly to retire These are the criteria to get a pension in Canada (3) -  Must be a Canadian citizen, must have been here for 10 years, must be 65 years of age Different govt pensions (explained below) Tier One – gvt subsidizes  Old age security (OAS) o Paid to anyone in Canada who as filled the criteria – doesn’t matter if you worked or not o The poor ppl get a higher amount o The OAS is taxed – if you make a lot of money, you don’t get a lot of OAS o Harper govt has moved the age to start getting OAS from 65 to 67 (this will help save the govt money)  Guaranteed Income Supplement (GIS) o Looks after poor ppl (anyone making less than $12,000 a year) o Not taxed, but you need to apply for it (a lot of ppl don’t know that this is available so they don’t get it)  Spouse Allowance (SA) o Ppl age 60-64 can apply for this – that way you can get money before you start getting the OAS and GIS  Widowed Spouse Allowance (WSA) o Again ppl from 60-64 can apply for this o You cannot get this if you are in a common law r/s Tier Two  Canada Pension Plan (CPP) o Compulsory contribution based on your earnings o You start adding to your CPP when you start working (so it depends on how many years you contributed to it, and how much you earned when you worked) o You have to apply for it o You can start getting it at 60, but you don’t need to apply for it until you want to take it – if your still working at 70, then you still wont need it o Women get less than men – since they generally work less  CPP Survivor Benefits o When your spouse worked and gets a good CPP – you never worked, but you can get the survivor pension – which is 60% of your spouses pension o You need to apply for this  Death Benefits o You get $3000 one time when someone dies – this is given to poor ppl to pay off the p
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