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Senior Women Most Vulnerable


Single seniors living alone, most of whom are women, and especially single seniors with limited or no work history, are financially vulnerable in retirement, says a study by the Fraser Institute. However, "expanding the CPP in the hopes of helping financially vulnerable seniors makes no sense because such seniors are generally ineligible for CPP benefits," says Charles Lammam, director of fiscal studies at the Fraser Institute and co-author of ‘Expanding the Canada Pension Plan Will Not Help Canada's Most Financially Vulnerable Seniors.’ It finds that single seniors living alone (widows or divorcees, for example) are nearly three times as likely to experience low income as other seniors. A subset of single seniors at even higher risk of being low income is single seniors with very limited or no work history. Even for low income single seniors with work histories, expanding the CPP will likely provide little or no real assistance. That's because a higher CPP benefit could trigger a reduction in other federal (and provincial) government benefits targeted at low-income seniors, such as the Guaranteed Income Supplement. "If we're truly interested in helping financially vulnerable seniors, then we need to discuss reforms to programs targeting low income seniors ‒ not the CPP," Lammam says.

Courtesy of Benefits and Pensions Monitor website News Alerts 

 

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