HLTH352 Chapter Notes - Chapter 10: Economic Security, Old Age Security, Pension

• School: University of Waterloo
• Department: Health Studies
• Course: HLTH352
• Professor: Alexander Crizzle

Document Summary

By 2020, 1 in 4 of labour force will be 45-54y; 1 in 7 will be 55-64. Average age of retirement is 62y; but more oa continue to work after 65y: ~8% women & 16. 5% men. Over next 20-30y, retirement wave as ~10mil baby boomers are eligible to retire! Starting in 2023, age of eligibility increase to 67 (from age 65) for oas benefits (full transition in 2029) ~7% oa live below poverty line (~3% couples to 5% single men to 9% single women) Most pension systems designed to replace 70-90% of pre-retirement income; most cdns reach level, but 1/5 do not. Individual differences in work-related skills and motivation among both younger and older workers. Most studies find that productivity does not decline with age, assuming average health and motivation. More retirees have a great degree of economic security because of enhanced public retirement benefits. There are more frequent and rapid shifts in the economy, leading to job losses .