GOVERNMENT: Baby Boomers Retire
The following article outlines some startling statistics for the future of Canada.
“The baby boomers — those born from 1946 to 1965 — will reach retirement age over the next two decades. That will raise the number of seniors in the population to an estimated 23.6 per cent by 2030, the year the youngest baby boomers turn 65. That compares with 15.3 per cent in 2013.
By 2063, the number of Canadians aged 80 years and over would reach nearly five million, compared with 1.4 million in 2013.
That trend will put huge demands on the resources for long-term care and home care by 2030, and will continue for the next 30 years. Older seniors are more likely to have health problems or need help to stay in their homes.
At the same time, the number of people between 15 to 64 — those of working age — will decline as a proportion of the population from 68.6 per cent in 2013 to 60 per cent in 2030. It could remain around 60 per cent for the next 30 years.
Depending on the strength of the Canadian economy and how technology changes the workplace, that could result in a shortage of labour. Businesses that offer only part-time work, with no prospects of a permanent stable income or benefits, would be forced to change their labour practices.
Those left in the workforce will also shoulder much of the burden of supporting the health-care sector.”