August 12: BEST FROM THE BLOGOSPHERE

August 12, 2024

Number of Canadians over age 85 set to triple: Statistics Canada

The number of Canadians over the age of 85 is expected to hit 4.3 million by 2073, which is triple the current number, reports The Canadian Press.

And in that future, about 50 years from now, there will be 63 million Canadians compared to just over 40 million today, the article notes.

Interestingly, the article says, Canada’s low birthrate means that most of the increase will be due to migration, which “will be the key driver of Canada’s growth for the foreseeable future,” the article adds.

The increase in numbers of older Canadians may have numerous impacts, the article reports.

Demographer Doug Norris tells CP that the growing senior population “will put double the pressure on the labour market because people are not only aging out of the work they provide but also aging into needing services provided by others.”

“We’ve heard a lot recently about long-term care, about the need for support for people to perhaps age in place, live in their residence for as long as they can, that help with that is needed,” he tells CP.

He predicts more people working in healthcare and long-term care facilities, “because the demand for those kinds of services are going to increase tremendously,” the article notes.

The growth, the article reports, should be seen the most in Western Canada with B.C., Alberta and Saskatchewan “expected to take up more of Canada’s overall population in 50 years.” Eastern provinces, such as Newfoundland & Labrador, Nova Scotia, New Brunswick and Quebec are expected to see “a population decrease,” the report tells us.

Norris concludes by saying that addressing this growth in older seniors is something governments are going to have to address – for instance, more growth is expected in urban centres than in rural areas.

“We really are a very diverse country, and we need to understand the diversity not only in terms of aging and population, but in many other ways as well,” he tells CP.

So, let’s unpack this. Population is growing, more in some provinces than others, and more in cities than rural areas. The numbers of folks over 85 is going to triple over time, and there will need to be more long-term care or aging-in-place options for this group.

The future sounds pretty expensive. If you have a retirement program at work, be sure you are contributing to the max.

If you are saving on your own for retirement, a way to kick-start the process is to sign up for the Saskatchewan Pension Plan. Any Canadian with unused registered retirement savings plan room can join. SPP takes the heavy lifting of investment off your shoulders – they’ll merge your savings into SPP’s professionally managed, pooled fund which operates at a low cost.

And when it’s time to retire, you’ll have money to augment anything you’re getting from other sources – SPP retirement options include lifetime annuity payments, or the flexible Variable Benefit.

Check out SPP today!

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The Canadian Press

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