Yeah, comparing it with all the other older generations that have gone before. Before most never reached old age, never mind being rich. So yes, today s older generation is better off than previous older generations, guess what I'm one and I've earned every penny of it.Seniors and the generation spending gap
Why are we doing so much to try to help seniors when they’re already the wealthiest generation in history?
Tamsin McMahon
September 6, 2014
At age 89, Larry South would have been forgiven if he had chosen to retire on a sunny beach in Florida. Instead, the former MPP from Kingston, Ont., recently embarked on a political battle to overhaul the municipal property tax system. South had been growing increasingly concerned that elderly homeowners on fixed incomes were struggling to cope with rising property taxes because of the soaring value of their homes, while at the same time he fretted that young workers, with their stagnant wages, were being shut out of the housing market. And so South proposed replacing property taxes with a tax equal to 4.5 per cent of a homeowner’s yearly household income. Doing so would make it easier for young workers to afford the cost of owning a home, while struggling seniors, he believed, would be the biggest beneficiaries.
But in his quest to change the tax system, he has come across an unlikely foe—his elderly friends. Like South, a former engineer who estimates he earns a retirement income that’s 30 to 40 per cent above the $86,000 household average in Kingston, many of his friends also pull in six-figure retirement incomes. Thanks to their high earnings, many would end up paying more in taxes under South’s plan than they do under the existing property tax system. Some, he says, resent the idea of paying more in tax than their younger, lower-income neighbours. “There’s not many that would have an income much less than $100,000, so their taxes will go up,” he says. “But they shouldn’t expect to be subsidized by the poor.”
South’s struggle to reform the property tax system, and the resistance he’s found among his affluent elderly friends, underscores what has been a remarkable shift in the nature of wealth in Canada. Seniors have long been considered society’s most vulnerable citizens, fragile pensioners on fixed incomes in need of a financial helping hand from both government and agile younger workers. That was true decades ago, but not anymore. Thanks to stock market booms, economic growth, a soaring real estate market and a major expansion in both private and government pension plans, today’s seniors are arguably the wealthiest generation in history. The changing fortunes of the elderly have been both swift and profound. In the 1970s, nearly 40 per cent of Canadian seniors lived in poverty. Today it’s five per cent, half the poverty rate of the working-age population and one-third the rate of poverty among children.
Seniors have seen their wealth quadruple since 1984, according to a Bank of Montreal study released last month, far outpacing the growth of wealth among younger Canadians. The stunning transformation of the balance sheets of the elderly is thanks to a combination of financial discipline, public policy and good timing. Many of today’s seniors were the babies born in the aftermath of the Great Depression who learned to abhor debt and save aggressively. (The average Canadian senior has a debt load equal to just five per cent of their total wealth, compared to a 99 per cent debt-to-wealth ratio for their Boomer children.) At the same time as they were socking away their hard-earned money, seniors got a major boost from the introduction of public benefits like Canada Pension Plan, Old Age Security and taxpayer-funded health care, which has helped push the poverty rate among elderly Canadians to one of the lowest in the Western world. Many benefited from decades of economic growth while being spared the brunt of the 2008 meltdown because they had already shifted their savings into low-risk investments when they retired, says Goshka Folda, senior managing director of research firm Investor Economics. During the depth of the recession in 2009, 86 per cent of retirees told Statistics Canada researchers that they weren’t financially stressed and were living better in retirement than they had expected.
Not everyone is benefiting from these changes, however. The fortunes of younger Canadians haven’t improved nearly as much as they have for the elderly. In the 1980s, the typical senior was four times wealthier than the average 20-something. Today’s seniors are now on average nine times richer than their Millennial grandchildren. In fact, many of the trends and policies that have worked in favour of seniors have come at the expense of younger generations. That’s led some to warn of a coming generational war if public focus and resources aren’t shifted away from seniors to younger workers who are struggling far more than their parents ever did.
More: Seniors and the generation spending gap - Macleans.ca
Seniors and the generation spending gap
- Thread starter SLM
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Bingo. Bone contributes a lot to weight and some people are simply big boned. Also if a person gets really sick 10 or 20 extra lbs. could save their life. Amount of physical activity a person gets is far more important than how much they weigh.
It appears the illustrious Cannuck knows more about health matters than my family doctor, so if any forum members have any health issues perhaps they would be better off consulting Cannuck and save themselves getting false information.
Proof that marketing, branding has worked. The next generation will have no idea what it's like to HAVE to save up for something. They'll always be in the process of paying EVERYTHING off. That's assuming that interest rates don't go up to the point where half of them have to file for personal bankruptcy.
It's all relative. Seniors are the wealthiest generation in the history of one of the wealthiest countries in history regardless of what level of wealth you consider wealthy
Not really. You have borrowed money to provide government programs and handed the bill to future generations. I'd hardly call that "earning" it.
Still waiting on a link
Lolz
If it wasn't for the fact I'm a little vulnerable myself, I'd love to be a fly on the wall when mortgage rates surge in a year or so. People with $half million mortgages aren't likely to be impressed!
People with half an ounce of brains don't need a link, it's common sense. But if you are really desperate, read through all the Readers Digests issued over the past 10 years. Bone is heavy, muscle is fairly heavy, fat is light! Which one is your head composed of? -
A little extra weight?
A little extra weight goes a long way for seniors’ health
Research: A Little Extra Fat May Help You Live Longer : Shots - Health News : NPR
Can A Little Extra Weight Protect People From Early Death? Underweight, Extremely Obese Die Earlier Than People Of Normal Weight -- ScienceDaily
Weighty Issue: Is It Healthy for Seniors to be a Little Overweight?
Being a little heavy may have some benefits - Health - Diet and nutrition | NBC News
Seems it all depends on if you are a yoyo weight gainer, your age, and your overall health.
What we do know is that obesity and the type of fat can determine your lack health. Being too skinny and having no muscle mass is just as detrimental to your health. Basically if the body is not moving regualarily the lymphatic system gets no opportunity to do what it needs to do to keep the body healthy. It has no heart to pump the fluids around. It requires muscle contractions which require movement.
And what we don't know is that being 20 lbs overweight is good. We're still waiting for a link on that one
Who said being 20 lbs. over weight is good? Learn to read the entire sentence! (Oops I forgot, two thoughts were contained there, more than you can digest at a single sitting) -
- - -I gave you the friggin' link in post 68. Learn how to read!
Who said being 20 lbs. over weight is good? Learn to read the entire sentence! (Oops I forgot, two thoughts were contained there, more than you can digest at a single sitting) -
I gave you the friggin' link in post 68. Learn how to read!
Lolz
Depression Soars in Obese Seniors | Older Adults, Depression and Obesity | AAGP Annual Meeting
Is it the obesity or is it the chemicals in the food?
Certain dyes cause behavior problems for some children... and attention issues for adults.
It certainly is easier to blame the additives than it is to put the fork down.
Health Risks of Being Overweight
Well, I've yet to see anything substantive to back up a claim that food additives are the cause of our obesity problem. Perhaps JLM can find us a link.
Now sure, there may be some people that are affected by food additives but for the most part it's a simple equation. Intake exceeds demand.
What Causes Overweight and Obesity? - NHLBI, NIH
Of course they don't. How could they? What they do show though, is that the senior generation is more obese and overweight than the younger generation, which is contrary to what you claimed.
I don't really find that surprising. I still play in sports leagues, but compared to when I was in school, well there's far less who stay active as they age. That's true even moreso for seniors. Another chart from Health Canada statistics shows the declining activity as people age:
Health - Physical Activity / Indicators of Well-being in Canada
This isn't exactly breaking news.
I wasn't saying food additives were the cause of obesity, I was suggesting that chemicals in food could be the cause of the depression. Food additives, food dyes and certain foods have been known to cause behavior problems in children and adults. If it changes the chemistry of the brain in any way, the change could causes depression
Suggesting it is easy. There is little, if any, scientific evidence to support it (though I'm sure somebody like taxslave can provide some of his pseudo-science if requested).
I used to play a lot of basketball. Now I sit in the stands and watch my kids play a lot of basketball.
Poor diet and Depression
Link between fast food and depression confirmed -- ScienceDaily
New study along the same lines as its predecessors shows how eating fast food is linked to a greater risk of suffering from depression. This study has been published in the Public Health Nutrition journal
Junk food blues: Are depression and diet related? - Mayo Clinic
Depression and diet may be related. Some preliminary research suggests that having a poor diet can make you more vulnerable to depression.
Looks like they're starting to study it.
Link between fast food and depression confirmed -- ScienceDaily
New study along the same lines as its predecessors shows how eating fast food is linked to a greater risk of suffering from depression. This study has been published in the Public Health Nutrition journal
Junk food blues: Are depression and diet related? - Mayo Clinic
Depression and diet may be related. Some preliminary research suggests that having a poor diet can make you more vulnerable to depression.
Looks like they're starting to study it.
I think depression and diet are linked. That's been studied and I think the evidence is pretty good. I'm just not convinced food additives and depression are linked. It's a chicken and egg kinda thing
I guess the question would be What makes for poor diet? Highly processed foods and fast foods and/or not enough variety.
Clearly quantity in this case is not an issue. Although old peoples caloric intake can be quite small and still be too much for the energy expended.