In Canada, more and more retirees and those over 65 years old aren’t able to enjoy their golden years of retirement. Instead of having a financially stable portfolio, these people are the largest group who are insolvent, according to the non-profit organization Vanier Institute for the Family.
Comparing the figures from 2010 and 1990, the non-profit found out that retirees during both periods shared the same disappointing fate when it comes to bankruptcy. The even more unfortunate fact is that these figures may point out to even more people who may be insolvent when they retire a few years from now.
This year is the most crucial period for financial analysts as this marks the first group of Baby Boomers entering into their retirement years. This group comprises almost 400,000 Canadians who were born in 1947 and enjoyed positive economic growth during their childhood years, directly after World War II. That year also marked the start of an upward trend in Canadian births, peaking in 1959 with almost 500,000 babies born that year.
The implication in 2012 is that, demographically speaking, there are now more seniors in Canada than any other time in almost 100 years. Those that were supposed to enjoy their retirement packages are now looking at a bleak outcome. To add insult to injury, this trend will only worsen in the next decade as more Baby Boomers enter their retirement years.