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=== Economy/ Pension === === Economy/ Pension ===
-As the baby-boomers enter retirement age, many implications for the Canadian economy can be identified. +As mentioned, the baby boomers represent a disproportionately large subset of the Canadian population, and as these older adults reach retirement age it will affect the Canadian economy and workforce. More older retirees will likely be relying on government pensions, which is already approaching overextension. Exacerbating this is the fact that there will be less adults working as a result in the increase in retirees, and as such there will be less money being taxed for pension and other social programs. This may result in a need to cut governmental spending and social support. Such cuts may also excacerbate poverty rates among the elderly, especially those who are most vulnerable.
 + 
 +These concerns will not be contained to just older Canadians, as younger generations may expect to pay more in taxes and may anticipate recieving less government support when it is time for them to reach retirement age
=== Healthcare === === Healthcare ===

Revision as of 14:28, 30 October 2011

Contents

Group #13 "Baby Boomers in Canada: A retiree nation"

  • 1. Kalyn Kraul
  • 2. Stephen Lachan
  • 3. Lauren Jefferies

Effects of an ageing retiree population on overal society (Stephen's Section)

Since the first baby boomer was born in 1946, the group as a whole has profoundly altered the demographic landscape of Canada throughout every life stage. In 2011, the first baby boomers reached retirement age, and as this disproportionately large cohort continues to age it will undoubtedly alter Canadian society in a variety of ways. Since fertility rates have greatly declined in the post-baby boom cohorts, and life expectancy is projected to keep increasing, the effect of The baby boomer generation on Society as they proceed to later adulthood will be especially pronounced. Future societal change predictions and implications will be reviewed -namely, the effect on Canadian Economy and pension, Healthcare, and overall social policy will be discussed.

Economy/ Pension

As mentioned, the baby boomers represent a disproportionately large subset of the Canadian population, and as these older adults reach retirement age it will affect the Canadian economy and workforce. More older retirees will likely be relying on government pensions, which is already approaching overextension. Exacerbating this is the fact that there will be less adults working as a result in the increase in retirees, and as such there will be less money being taxed for pension and other social programs. This may result in a need to cut governmental spending and social support. Such cuts may also excacerbate poverty rates among the elderly, especially those who are most vulnerable.

These concerns will not be contained to just older Canadians, as younger generations may expect to pay more in taxes and may anticipate recieving less government support when it is time for them to reach retirement age

Healthcare

The effect of the baby boomers on our health care system will also likely be quite profound. As illustrated, Canada's healthcare spending has increased steadily, and it is projected to keep increasing. [1]


Image:Total_health_expenditure_in_constant_1997_dollars.png[1]


Though one may not expect to see health care spending increase in a society with a slow growing population, however not all health dollars are spent equally across age groups. As Image 2 illustrates, older adults financially use much more on health and health services. [1] This is not surprising, as older adults are more likely to suffer chronic illness and disability, and are also more likely to require extensive health care and health services.

Image:Spending_on_health_care_per_capita_by_age_group.png[1]


Less people working will mean less taxable income contributing to the

Notes and References

  1. 1.0 1.1 1.2 1.3 Canadian Institute for Health Information (2009),National Health Expenditure Trends, Ottawa, ON: CIHI.
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