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| === Potential Responses === | === Potential Responses === | ||
| - | Several solutions have been proposed to help offset the effects of the baby boomer generation leaving the workforce during retirement. One of which is an increase in the retirement age, which would require older persons to work for more years, therefore decreasing the amount of years on pension, and increasing the amount of revenue coming in to the government.<ref name="Kim"/> This may be a viable way to | + | Several solutions have been proposed to help offset the effects of the baby boomer generation leaving the workforce during retirement. One of which is an increase in the retirement age, which would require older persons to work for more years, therefore decreasing the amount of years on pension, and increasing the amount of revenue coming in to the government.<ref name="Kim"/> This may be a viable way to capitalize from increased life expectancy.Great strides are expected to be made in North American medicine in the coming decades, and it has been suggested that healthcare advances will increase the average life expectancy to over 80 years for males and 86 for females <ref name="Harper"/>. The pension age of 65 was originally designated during a period in which relatively few survived into their 70's <ref name="Harper"/>. However in modern society most can expect to live well into their 70's and even 80's, thus raising the age of retirement may restore the pension system to a relative equilibrium as it was normally created for. |
| Canada may also try to increase acceptance of skilled immigrants, however this would require changes to immigration policies <ref name="Olijnyk">Olijnyk, Z. (2007). Give us your skilled. ''Canadian Business'', 80(20), 78-85.</ref> | Canada may also try to increase acceptance of skilled immigrants, however this would require changes to immigration policies <ref name="Olijnyk">Olijnyk, Z. (2007). Give us your skilled. ''Canadian Business'', 80(20), 78-85.</ref> | ||
Revision as of 23:18, 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[1]. Such cuts may also exacerbate poverty rates among the elderly, especially those who are most vulnerable.[3]
These concerns implicate all of society, 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 [4]. This is likely to affect consumer spending and savings patterns[1]. Research from the Unites States has also suggested that inter-generational conflict or tension may arise as a consequence of the strain the baby boomers will place on government programs [5]. . Though Canadian research on this phenomenon has failed to identify such tension patterns, it is worth considering that tension may emerge as the proportionately larger Canadian baby boomer population continues to age [5].
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. [6]
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 [6]. As Image 2 illustrates, older adults use much more health services. [6] 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 during the end of life.
It is also likely that demographic shift to a retiree nation in Canada will greatly alter the structure of the health care system. It is projected that physicians will be in shortage and therefore unable to respond to the increase in demand from seniors [7]. This will probably lead to a much higher doctor to patient ratio, and will utilize the labour of nurses and nurse practitioners to administer care more often [7]. In order to best serve an aging population, Canada's health system will also require a great number of direct care workers such as home health aides and nurse's aides [8]. These workers will be responsible for the day-to-day care of many seniors, and they will play an important role in Canada's healthcare system of the future [8]. However, this quota will not be easy to fill, as direct care workers are often overworked and underpaid. [8] It is important to also consider that less people working will mean less taxable income contributing to the provincial and national health funds, which in turn may affect health services. This is a good illustration of the complex intersection between the high rate of societal retirement, the economy, and the functioning of social institutions.
Potential Responses
Several solutions have been proposed to help offset the effects of the baby boomer generation leaving the workforce during retirement. One of which is an increase in the retirement age, which would require older persons to work for more years, therefore decreasing the amount of years on pension, and increasing the amount of revenue coming in to the government.[2] This may be a viable way to capitalize from increased life expectancy.Great strides are expected to be made in North American medicine in the coming decades, and it has been suggested that healthcare advances will increase the average life expectancy to over 80 years for males and 86 for females [1]. The pension age of 65 was originally designated during a period in which relatively few survived into their 70's [1]. However in modern society most can expect to live well into their 70's and even 80's, thus raising the age of retirement may restore the pension system to a relative equilibrium as it was normally created for.
Canada may also try to increase acceptance of skilled immigrants, however this would require changes to immigration policies [9]
Notes and References
- ↑ 1.0 1.1 1.2 1.3 1.4 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.
- ↑ 2.0 2.1 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.
- ↑ Browdie, R. (2010). The future of aging services in America. Generations, 34(3),56-60.
- ↑ Hirazawa, M., Kitaura, K., & Yakita, A. (2010). Aging, fertility, social security and political equilibrium. The Journal of Population Economics, 23, 559-569.
- ↑ 5.0 5.1 Foot, D. K., & Venne, R. (2005). Awakening to the intergenerational equity debate in Canada. Journal of Canadian Studies, 39(1), 5-21.
- ↑ 6.0 6.1 6.2 6.3 6.4 Canadian Institute for Health Information (2009),National Health Expenditure Trends, Ottawa, ON: CIHI.
- ↑ 7.0 7.1 Lawrence, D. M., (2010). Healthcare for elders in 2050. Generations, 34(3), 82-85.
- ↑ 8.0 8.1 8.2 Seavey, D. (2010). Caregivers on the front line: Building a better direct-care workforce.Generations, 34(4), 27-35. .
- ↑ Olijnyk, Z. (2007). Give us your skilled. Canadian Business, 80(20), 78-85.
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