HLTHAGE 1BB3 Chapter Notes - Chapter 8-9: Transfer Payment, Old Age Security, Pension

• School: McMaster University
• Department: Health, Aging and Society
• Course: HLTHAGE 1BB3
• Professor: Yvonne Leblanc

Document Summary

In canada, there is a strong pension system, allowing their seniors to be strong financially. Many elderly support their children for education or in times of trouble many older people in canada can meet their own financial needs and still assist their children. Older people from low-income backgrounds, who are foreign, or people who have little education all have below average incomes. Older women show greater depth in poverty than older men and women who live alone have the highest rate of low income. Compared with middle-aged people, older people live on lower incomes. Income security and pensions do not fully make up for the loss in income after retirement. Most people except the very rich or very poor will feel a drop in their income when they retire. Many individuals and groups have suggested changes to canada"s pension system. Great pension debate: debate in the 1980s over how to fund public pensions for older canadians in the future.