Canadians are saving for retirement

There has been a great deal of negative talk about how much Canadians are putting away for retirement. Many pundits thought that the lack of savings would cause major crises in the near future as more and more Boomers retire. However, the good news is that almost two-thirds of Canadian households are saving for retirement, census data show, despite a national household savings rate that fell to 4.6 percent in the second quarter of this year.

Of 14 million households, 65.2 percent made a contribution to either a registered pension plan, an RRSP or a tax-free savings account (TFSA) in 2015, Statistics Canada said in September.

This is good news for the Canadian Economy and for those who will be retiring. I find it interesting that each generation has similar saving programs, except for the 15 to 24-year-olds who are not putting as much into Registered Retirement Savings or Retirement Pension Plans (work-based pensions) or Tax-Free Savings Account.  This group is just starting on their work journey and have other priorities such as saving for a home.

Some may ask what about the 35% that are not saving, and that is a legitimate question. However, many of that group are putting money, through work, into the Canada Pension Plan, which is not accounted for in the above statistics.

There are those Canadians who cannot work or who chose to work at home and do not pay into the Canada Pension Plan, and that may become a problem unless we start to look at the Old Age Security and the Guaranteed Income Supplement that was designed to help those who had no other source of income when they retired. 

As long as Canadians continue to save for retirement through the programs available to them, we will not face a crisis when all the boomers retire.

Research compiled by actuary Malcolm Hamilton of the C.D. Howe Institute suggests that the rate of retirement saving for employed people has actually almost doubled in recent decades.

Hamilton's data-crunching exercise — which sought to correct for household saving's shortcomings — showed a surge between 1990 and 2012 in contributions to retirement savings plans, even as household saving dropped sharply. Over that 22-year period, contributions went from 7.7 percent of earnings to 14.1 percent.

Thoughts become things

Changing what you have, 
comes from changing who you are.
Changing who you are comes from 
Changing what you think.

Which is why the latter so easy to do.

Thoughts become things, beliefs, dreams and reality

Community-based Seniors’ Services Sector in B.C.

I came across this study out of the University of Victoria Institute on Ageing and the research was done by Laura Kadowaki, PhD Student, Department of Gerontology, Simon Fraser University and Marcy Cohen, Raising the Profile Project. The full report can be found here. The report is part of an initiative by the seniorsraisingtheprofile.ca 

Seniors made up 15.3% of the Canadian population in 2013, and it has been estimated that by the year 2038 approximately 22 to 23% of people living in Canada will be seniors. The population in British Columbia (B.C.) is older than the national average – in 2013, 16.4% of the population were seniors and it is estimated that in 2038, 24 to 27% of B.C.’s population will be seniors (Statistics Canada, 2015a)

Most seniors want to live in their own home and community and “age in place”. Both the Office of the Seniors Advocate and B.C. Ministry of Health have recognized that allowing seniors to age in place is the preferred option for most seniors and an important policy goal for government.

Research shows that lack of social relationships is equivalent to smoking as a risk factor for mortality. When seniors are socially isolated they are at an increased risk of Alzheimer’s disease, depression, physical inactivity, falling and poor nutrition. Feeling isolated from others can have significant health impacts including sleep disruption, high blood pressure, decreased immunity and increases in the stress hormone cortisol.

Seniors who are caregivers, immigrants, LGBTQ, Indigenous and/or are living alone are at greater risk for social isolation. Providing social support and outreach to isolated seniors are significant priorities of community-based seniors’ services, and can help to foster resilience and well-being for seniors.

The relationship between income and health is well established – the less income you have, the greater chance you will have poorer health. Income also has a strong impact on two other important social determinants of health – housing and food security. Many community-based seniors’ services specifically target low-income seniors and provide food and other programs to support these seniors.

Community-based seniors’ services play a critical role in supporting seniors to age in place by providing a broad range of services that support seniors to remain physically active, socially engaged, and as healthy and independent as possible

Community-based seniors’ services provide seniors with access to a range of low-barrier programs in six core areas:

1. Nutritional support

2. Affordable Housing

3. Health and wellness

4. Physical activity

5. Cultural, educational and recreational programs

6. Information, referral and advocacy

7. Transportation

These programs and services are offered through a range of municipal and non-profit agencies including:

• Senior centres

• Community centres

• Neighbourhood houses

• Community Coalitions

• Ethno-cultural organizations

• Multi-service non-profit societies

Community-based seniors’ services receive funding from a variety of sources including:

• Municipal governments

• Community foundations

• The United Way

• Local businesses/donors

• The federal New Horizons Program

• Community Gaming Grants

• Regional health authorities

• The Ministry of Health

Unlike the dominant disease-centred medical model, comprehensive models of health incorporate broader social determinants of health (e.g., social support, income security) and factors that foster resilience in older adults. Consequently, research has found the medical model is much less elective than comprehensive models of health in predicting which groups of older adults are at greatest health risk.

For example, despite having a significant impact on seniors’ health, factors which put seniors at risk of social isolation, such as poor mental health (loneliness), sensory function (hearing) and mobility, are rarely considered by the medical model.

The recent increased focus on comprehensive models of health is resulting in more visibility and awareness of the health promotion and prevention programming that is offered by the community-based seniors’ services sector. The contributions this programming makes to the health and well-being of older adults can be seen as fundamental to an effective healthcare system

10 Simple Steps to making friends

Isolation and loneliness are worrisome for seniors as they age.  Staying socially active is important for all of us as we age. An active social life helps seniors connect and contribute to their community, maintain their sense of identity and self-worth, and gain greater happiness, in addition, seniors who have friends and have an active social life tend to have fewer unhealthy behaviors. However, over time many of us have lost the ability to meet new friends that we had when we were young.

As children and young adults, we learned how to make friends. As we age, death and disabilities take away many of these friends. We often need to relearn some social skills and that can be very challenging for shy people. I have my own technique for making friends but I recently came across this resource called 10 Simple Steps and found that most of the techniques I use are listed, but there were a few that I had not thought of for making friends. 

10 Simple Steps are for those who would like more friends in their lives and are not quite sure how to find them. Remember, you don’t have to do all these. Change can be difficult at any time of life, especially if a person is shy.  

These steps were developed by a group of seniors who had experienced a loss of a spouse or lost their social networks due to caregiving or other circumstances. These people created the Social Skills For Shy Seniors as part of the Eldercare Foundation’s Seniors’ Dialogues program.  Give these tips a try, or pass them on to someone you think might benefit from them.  Life is better when you have friends to talk to!