Americas and Caribean: Pension: Global Action on Aging

Report: Canada: Delayed Retirement: A New Trend? (October 26, 2011)
Canadians began to delay their retirement starting in the mid-1990s. A recent study shows that the employment rate of seniors aged 55 and over grew noticeably in recent years. The growth seems at odds with the stability of the retirement age since 2004 because the average retirement age is now an inaccurate indicator. Instead, indicators should be based on life expectancy. The report authors expect that delayed retirement could alleviate some of the economic challenges of an aging population, but qualifies that hours of work must be considered first before reaching this conclusion.

Report: Canada: Legal for Life: Why Canadians Need a Lifetime Retirement Saving Limit (October 2011)
Canada’s “tax assisted” plans, including defined-benefit pension plans and defined-contribution pension plans are primarily intended for middle-income employeeswho will not receive enough pension income from national pension programs. However, more than 12 million Canadians do not participate in a DB pension. This report demonstrates that tax rules are preventing many workers from saving enough for retirement, indicating a seriousinequity problem, the prospect of lowerliving standards for future retirees and an increasing financial burden on the state. The report proposes a uniform, inflation-indexed lifetime accumulation limit of $2 million to reform the system.

Report: Canada: Is Inflation Higher for Seniors? (2010)
This analytical paper demonstrates how the Consumer Price Index does or does not affect senior citizens. This Canadian study looks at how inflation impacts senior spending.

The Canadian government officially abolished the legal age of retirement, allowing citizens to keep working at an older age if they wish to do so. This reform is an effort to counter a significant lack of manpower and to guarantee higher pensions to retirees. The President of the Commission on Human Rights describes it as a "victory for human rights." Opposed to legislation on the issue for many years, Canadians are now encouraged to postpone retirement, and those who stop at age 70 instead of 65 will receive 42 percent more from the Canadian Pension Plan--the public pension.

A recent study by the Center for Interuniversity Research and Analysis on Organizations (CIRANO) compared the financial situation of Canadian retirees from the public and private sectors. The results revealed a significant difference: the public sector pensions are higher by 47 percent for men and by 93 percent for women. In addition, it appears that the working time is generally longer for workers in the private sector.

A recent survey showed that some 38% of Cubans over 60 years say their income is not enough to live, while another 22% say they are facing hardships and shortages. The government of Raul Castro has increased the pension, ranging from about 200 pesos ($8.03) to 400 (almost $17.00), in a country where the average weekly wage is about $20.00. Many services are socialized so that citizens do not need to pay for them.

A TD Economics Report revealed that Canadian seniors aged 65 or more are increasing their debt loads faster than the young. More seniors are investing in real estate, stocks and automobiles, which results in the accumulation of debt that could lower their standard of living.

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