The steadily growing number of people in B.C. aged 65 and older has been described as a “silver tsunami” – an ominous wave threatening to overwhelm the province’s economy and health-care system.
On the Semiahmoo Peninsula, long-known as a haven of longterm residents and retirees, it’s a decidedly more visible phenomena.
According to Statistics Canada, 29.4 per cent (5,685) of White Rock’s population in 2011 (19,339) was aged 65 or older – far higher than the national percentage of 14.8 per cent – and it’s unlikely that statistic has taken a downward shift in the years since.
In Surrey, the number of seniors are more in line with the national average; five years ago, 12.1 per cent (56,575) were aged 65 and older.
It is likely, however, that information shared in White Rock last week by B.C. seniors advocate Isobel Mackenzie regarding the financial health of the population surprised more than a few.
According to Mackenzie, the majority of B.C. seniors are “taking care of themselves, and they’re taking care of themselves on their own dime.”
Ninety-three per cent live independently; 78 per cent of those who own homes have no mortgage; and, the “overwhelming majority” will never live in residential care, Mackenzie said.
Other statistics, however, seem to fly in the face of a rosy outlook for our seniors. And those numbers – including that 24 per cent of senior homeowners have an annual household income of less than $24,000, and the B.C. Seniors Supplement rate (for those with an income of less than $17,000) hasn’t changed in 25 years – merit concern.
For many seniors in our community and beyond, such living situations are untenable longterm – a seemingly comfortable situation can change for the worse with even the smallest of missteps, be it an increase in rent, a bad investment or an unexpected expense.
When it comes to saving for retirement, many of these same seniors have already weathered numerous financial storms, and while some are lucky enough to be able to survive on their pensions, that will likely not be the case for the next generation of retirees.
Retirement may seem a long way off – and saving for it may be a “tomorrow problem” for many – but those already a few years into the workforce who’ve given no thought to retirement savings would be wise to start now in earnest, lest they find themselves in precarious financial straits down the road.