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| 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 over-extension <ref name="Harper"> | 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 over-extension <ref name="Harper"> | ||
| Harper, S. (2010). The capacity of social security and health care institutions to adapt to an ageing world. International Social Security Review, 63, 177-196. | Harper, S. (2010). The capacity of social security and health care institutions to adapt to an ageing world. International Social Security Review, 63, 177-196. | ||
| - | </ref>. 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 exacerbate poverty rates among the elderly, especially those who are most vulnerable. | + | </ref>. 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 <ref name="Kim">Kim, K., & Lee, Y. (2008). A qualitative comparative analysis of strategies for an ageing society, with special reference to pension and employment policies. International Journal of Social Welfare, 17, 225-235.</ref>. This may result in a need to cut governmental spending and social support. Such cuts may also exacerbate 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 receiving less government support when it is time for them to reach retirement age | + | These concerns will not be contained to just older Canadians, as younger generations may expect to pay more in taxes and may anticipate receiving less government support when it is time for them to reach retirement age. This is likely to affect consumer spending and savings patterns. Research from the Unites States has also suggested that intergenerational conflict may arise as a consequence of the strain the baby boomers will place on government programs. Though Canadian research on this phenomenon has failed to identify such tension patterns, it is worth considering that tension may emerge as the Canadian population continues to age. |
| === Healthcare === | === Healthcare === | ||
Revision as of 08:40, 31 October 2011
Contents |
Group #13 "Baby Boomers in Canada: A retiree nation"
- 1. Kalyn Kraul
- 2. Stephen Lachan
- 3. Lauren Jefferies
Kalyn's Section
Lauren's Section
Implications of an ageing retiree population on overall 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 and exit the workforce 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 as a result of the increase in retirees will be reviewed -namely, the effects on the Canadian economy and pension, Healthcare services, as well as future directions and potential solutions.
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 over-extension [1]. 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 [2]. This may result in a need to cut governmental spending and social support. Such cuts may also exacerbate 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 receiving less government support when it is time for them to reach retirement age. This is likely to affect consumer spending and savings patterns. Research from the Unites States has also suggested that intergenerational conflict may arise as a consequence of the strain the baby boomers will place on government programs. Though Canadian research on this phenomenon has failed to identify such tension patterns, it is worth considering that tension may emerge as the Canadian population continues to 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. [3]
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. [3] 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.
Less people working will mean less taxable income contributing to the
Potential solutions
Notes and References
- ↑ Harper, S. (2010). The capacity of social security and health care institutions to adapt to an ageing world. International Social Security Review, 63, 177-196.
- ↑ Kim, K., & Lee, Y. (2008). A qualitative comparative analysis of strategies for an ageing society, with special reference to pension and employment policies. International Journal of Social Welfare, 17, 225-235.
- ↑ 3.0 3.1 3.2 3.3 Canadian Institute for Health Information (2009),National Health Expenditure Trends, Ottawa, ON: CIHI.
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