A Portrait of Seniors in Canada

A Portrait of Seniors published in 2006 written by Martin Turcotte and Grant Schellenberg and published by Stats Canada gives some interesting insights into Canadian Seniors. Here are some insights that I found interesting.

Many important elements are identified as favouring the realization of these core values in seniors’ lives. They are:

1.  Health, wellness and security, which includes health and wellness, safety and security and income security

2.  Continuous learning, work and participation in society, which includes work and retirement, age discrimination and negative stereotypes, social participation and ethnocultural diversity.

3.  Supporting and caring in the community, which includes living arrangements, transportation, social isolation and loneliness, family/informal caregiving and seniors in Northern/remote Canada

The median age of retirement has fallen dramatically in the past two decades. From the mid-1970s to the mid-1980s, it hovered around age 65. But in the late 1980s, it started dropping quickly and continued to do so until hitting a low at 60.6 in 1997. The continued drop in the median age at retirement may have been related to widespread government cutbacks and corporate downsizing in the 1990s, combined with early retirement incentives. In 2005, the median age of retirement was 61.0 years and it has stabilized around that mark.

Why do people retire? While the most accepted and reported reason was that they could afford to retire. Not surprisingly, this reason was much more common among those who retired voluntarily than among those who were forced to retire.

Health problems were, for involuntary retirees, the number one reason why they left the labour market. Mandatory retirement policies were the reason for retirement for one out of five recent retirees who left the labour force at 65 years old and over.

With possible shortages in the labour market looming, policymakers and employers are searching for new ways to retain older workers on the job. Could older workers potentially be interested in staying longer in the workforce if certain choices were offered to them?

The 2002 General Social Survey asked retired respondents what factor might have influenced them to continue working. Over one-quarter indicated they might have changed their decision to retire if they had been able to reduce their work schedule without their pension being affected, either by working fewer days or shorter days. In addition, just under one-fifth would have been influenced by more vacation leave.

The thought of retirement can often be appealing. But does retirement really measure up to people’s expectations? Do individuals enjoy life more in retirement than they did while still working?

When asked, “Compared to the year before you retired, do you now enjoy life more, less or about the same?”, nearly half (47%) said that they enjoyed life more now. A slightly smaller proportion (41%) took about the same amount of pleasure in life before and after retirement, while 11% reported that they did not enjoy life as much now.

Most people would probably agree that while money doesn’t guarantee happiness, it helps make life more enjoyable. Indeed, retirees whose financial situation had improved since retirement were most likely to say their enjoyment of life had increased (63%). Individuals whose financial position remained the same came next (51%).

Is early retirement the key to happiness? According to data from the 2002 survey, retiring sooner rather than later does make a difference: 55% of individuals who retired between the ages of 50 and 54 reported enjoying life more after retirement, compared with about 35% of those who took retirement when they were aged 65 to 69.

It is possible that age at retirement reflects small differences in health or financial well-being. Alternatively, individuals who retired at older ages may have done so because they enjoyed their work and, in comparison, found retired life less satisfying. At the same time, retirees who left the labour force earlier may have been eager to do so and to make the most of retired life. Enjoying retired life seems more likely when one plans for it while still in the labour force. GSS respondents were asked whether or not they planned for their retirement by participating in physical activities, developing other leisure activities or hobbies, getting involved in volunteer work, or gathering information about retirement.

People who participated in three or four of these activities were far more likely to report increased enjoyment of life in retirement (62%) than those who participated in two (51%), one (46%) or none at all (36%). Perhaps these activities afforded individuals greater life enjoyment in retirement. Or, it may be that individuals who were most eager to leave the labour force were also most likely to prepare for retirement and to enjoy their new life to the fullest.

Some humour to pass the day

Birds of a feather flock together and poop on your car.

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Borrow money from pessimists - they don't expect it back.

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The following are some classic written excuses given to teachers in the Alburquerque public school system:

"Please excuse Dianne from being absent yeaterday. She was in bed with gramps."

"Please excuse Johnnie for being. It was his father's fault."

"Chris will not be in school because he has an acre in his side."

"John has been absent because he had two teeth taken off his face."

"Excuse Gloria. She has been under the doctor."

"Lillie was absent from school yesterday because she had a going over."

"My son is under the doctor's care and should not take fizical ed. Please execute him."

"Carlos was absent yesterday because he was playing football. He was hit in the growing part."

"My daughter was absent yesterday because she was tired. She spent this weekend with the Marines."

"Please excuse Joyce from P.E. for a few days. Yesterday she fell off a tree and misplaced her hip."

"Please excuse Ray Friday from school. He has very loose vowels."

"Maryann was absent Dec. 11-16, because she had a fever, sore

throat, headache, and upset stomach. Her sister was also sick, fever and sore throat, her brother had a low-grade fever. There must be the flu going around, her father even got hot last night."

"Please excuse Blanche from jim today. She is administrating."

"George was absent yesterday because he had a stomach."

"Ralph was absent yesterday because he had a sore trout."

"Please excuse Sara for being absent. She was sick and I had her shot."

"Please excuse Lupe. She is having problems with her ovals."

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This is sad but true............

If you speak three languages, you're trilingual.

If you speak two languages, you're bilingual.

If you speak one language, you're American

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When a blonde finally got married her husband bought her one of those fancy, electric coffee makers. It had all the latest gadgets on it. Salesman Riley carefully explained how everything worked, how to plug it in, set the timer, go back to bed, "...and upon rising the coffee is ready!"

A few weeks later the blonde was back in the store and Riley asked her how she liked the coffee maker.

"Wonderful!" she replied, "However, there's one thing I don't understand. Why do I have to go to bed every time I want to make a pot of coffee?"

Attitudes, behaviors and lifestyle impact ideas about inheritance

While seniors often take pride in living frugally to provide for their loved ones after they have passed on, Boomers have grown up understanding there is a direct correlation between hard work and rewards, and may, therefore, believe that hard-earned rewards should be enjoyed.

According to the last BMO Wealth Institute report, Boomers are concerned about outliving their retirement savings and some are considering replenishing their retirement resources by working longer or returning to work. Conversely, seniors may feel more secure about their financial situation, given their lifestyle and affinity for lower-risk investments. In the current environment, one would presume that an individual’s priority would shift from leaving a legacy for future generations to self-preservation.

Carrying debt into retirement may be a reality for some. In fact, as members of a credit-driven economy, some Boomers may carry more debt into retirement than their parents did. Of the Boomer retirees surveyed in 2006, 64% reported that they carried debt into retirement. Both Boomers and seniors are responsible groups who are focused on repaying their personal debts. While the majority of Boomers and seniors surveyed claimed that paying off their mortgage and personal debt is important to them, any unpaid debts will reduce the estate value for heirs.

On the one hand, Boomers are an extremely generous bunch, with strong ideals and a deep sense of commitment towards loved ones, and the world they will pass on. On the other hand, given the current economic climate and other challenges mentioned earlier, some Boomers are torn between a desire to give and a sense of responsibility to remain self-sufficient throughout their retirement years.

Many Boomers still, stand to receive an inheritance, and the majority of them expressed a desire to pass on a legacy for future generations to enjoy. Nevertheless, the reality is a lot more complicated. Boomers who still expect to fund their retirement with an inheritance may find that reality falls short of expectations, and future generations who are counting on receiving an inheritance should be aware of the many risk factors that could reduce the amount of money, they will receive.

There are strategies that Canadian families can take to help achieve their inheritance vision and maximize the intergenerational transfer of wealth. Communication with advance planning is key. While proactively initiating a family conversation on the transfer of wealth may seem emotionally daunting to some, the risk of holding onto unrealistic expectations is likely to have far worse consequences. By having open intergenerational conversations about inheritance and with the help of a financial advisor, Boomers and their families can be empowered to make prudent planning decisions about their legacy plans.

Saying goodbye

A few days ago I talked about my cousin who had a brain aneurysm and had, after considerable discussion with family, been taken off of life support. Her daughter asked me if I would talk to my cousin as her daughter said that would cheer my cousin up. So two days after they took my cousin off life support I was able to talk to her and say goodbye.

I did most of the talking as my cousin could not speak very much. Every now and then her daughter had to tell me what her mom had said as her voice was not picked up well on the speakerphone. I told her I thought she was a strong woman and I was sorry about the situation she was in and she said, "Yes, I am, I'm like your mom." I knew what she meant, my mom had taken a year to die, after she was told she only had a few days too live. I agreed with her that she was tough, like my mom. She also said she enjoyed all the people who were coming to see her, but that it was very tiring to have all the visitors. I said that she had all the visitors because she was a well-loved person who had many friends. I said I loved her. My cousin's daughter phoned me today to say she had passed. I cried. 

My cousin has a wicked sense of humour and even as she is on her death bed, she has time for humour. My cousin's daughter told me two stories, "I brought in my son and asked mom if she knew who he was. Mom replied, "No, I don't and then called her son over by name, and looked at her daughter and laughed." 

In the second story, My cousin's daughter left the room for a few minutes to talk to someone on the phone and when she returned her mom had pulled the blankets over her head. My cousin's daughter let out a gasp and her mom pulled the blankets down and smiled. Her daughter asked, "Mom, did you pull the blanket over your head, and her mom replied, "I guess I did."

Now some may not think the above is funny, but I do and her daughter did. If you cannot see the humour in a situation, then it may be too late for you. I will miss her and I am glad I had a chance to say goodbye.