We’ve often been told that things get better with age. Sadly, though, with age it sometimes becomes harder to sustain a viable income.
According to Statistics Canada, the 2016 census revealed that more Canadians aged 65+ were living in a low-income situation in 2015, versus 2005. In all, 12% of seniors lived with low-income in 2005, with the number increasing to 14.5% by 2015.
While senior men found themselves in this positions, Statistics Canada noted that senior women “were still more likely to be in low income in 2015.”
“This Census release uses the After Tax Low Income Measure (LIM-AT),” wrote Statistics Canada in its findings. “The concept underlying the LIM-AT is that a household has low income if its income is less than half of the median income of all households.”
The Canadian Press reports the LIM-AT rate is $22,133 per single person, or $38,335 for a family of three. In all, noted the news outlet, 4.8 million Canadians fell below the poverty line in 2015.
In addition to those aged 65+, 17% of Canadian children under the age of 17 lived in a low-income setting, as did 13.4% of the adult population.
“The low income rate was relatively stable over the last decade, rising marginally from 14.0% in 2005 to 14.2% in 2015,” noted Statistics Canada. “There were regional variations over the decade. The number of persons in low income declined in Saskatchewan and Newfoundland and Labrador, while the number increased in Ontario.”
Even though these figures have been classified by Statistics Canada as “relatively stable,” it’s still troubling to see just how many fellow Canadians are struggling to get by.
In a recent episode of “theZoomer,” Conrad Black, Libby Znaimer and our roundtable of experts examined the best ways to get the most fulfillment, satisfaction and purpose out of life after 65. You can watch that episode below.
Also, we encourage you to check out CARP, an advocacy group that seeks better healthcare and financial security for Canadians as they age. Becoming a member will grant you access to a collection of fantastic benefits and discounts.