Tuesday, July 17, 2007

Gordon Pape must be shaking

with anticipation at further lucrative Canadian Home Income Plan endorsement deals with this data out today:
One-third of Canada's senior and near-senior citizens are worried they'll outlive their bank accounts, and half of those over 60 holding jobs say they're working because they need the money

"The truth of the matter is, a lot of baby boomers and war-time babies have not adequately prepared for retirement," said Bill Gleberzon, spokesman for CARP, Canada's Association for the 50 Plus.

"Many of them, if you look at the amount they have actually stored away in their RSPs, among those who have RSPs. . .the amounts are around $60,000. That's certainly not going to get you through 30 or 40 years of your life after you retire."

While they're regarded as the most affluent group in Canadian history, society can expect to see an economic "division of the baby boom," said Prof. Doug Owram.

"There's going to be a group of baby boomers for whom all of this image of affluence and consumption isn't reality," said Owram, an historian with the University of British Columbia.

"Society is going to have to watch that side of things, otherwise they could find real social problems down the road."
That's OK though. That "disadvantaged" group will live in Saskatoon. You know, the town that is out pacing Victoria in terms of percentage population growth and RE inflation.


Anonymous said...

The article said that the majority of seniors live in Atlantic Canada. So much for everybody wanting to live here! In any of those provinces, you can buy a castle for 30% of the cost of a BC rathole

greg said...

As long as they sell to Gen-X and Gen-Y soon enough, drop a couple hundred grand in a GIC and buy a condo - they're still laughing! Right?

Mind you, reverse mortgages and zero transfer of wealth to the next generations, because it was all spent now - that ought to really help the market 20 years from now!!!

Gordon Pape said...

For the record, I no longer have any affiliation with the Canadian Home Income Plan (reverse mortgages) and have not appeared in one of their TV commercials for more than two years. - Gordon Pape