Seniors Flashcards
Income security goals
Level 1: Basic minimum- Old age security
, Guarenteed income supplement, allowance, provincial and territorial pension benefits, CPP/QPP, occupational pension plan, private pension savings
Level 2: Social Insurance- Public pension plans: CPP/QPP
Level 3: Private plans- occupational pensions and private savings. Registered retired saving plan
Income security 2 primary objectives
-to endure that older people have sufficient income regardless of their pre retirement income.
-Avoid drastic reduction in standard of living upon retirement.
The basic income security programs for seniors
OAS- the old age security program provides a basic pension to virtually everyone over 65 years of age
Guarenteed income supplement(GIS):
Income tested benefit for OAS who had no other income- Every person age 65 except who do not meet the residency requirement, have an income that is Atleast equal to OAS plus the maximum GIS- with this guarantees a minimum income.
Allowance: formally the spouses allowance-created to deal with a hardship creating anomaly in the OAS/GIS, intended to correct the anomaly by providing income-tested benefit to this 60 and 65, when spouse is over 65 allowance stops when person income reaches a certain maximum.
Provincial and territorial benefits: the federal benefits are supplemented with provincial benefits in Ontario-the provincial programs are generally means or income tested and are administered by local social assistance or welfare departments
National Senior Strategy
Ageism
Ageism is a form of discrimination; process of systematic stereotyping of and discrimination against people because they are old (butler)
4 factors impacting composition of older populations in Canada
1- the baby boomers coming of age and beginning to retire in masse.
- implications for the economy, social policy and overall well being of older persons.
2- the improvement in health care and extension of life expectancy.
-technology has prolonged life-2017 stat: women age 84 and men 80.
3- the long term decline in the birth rate.
-below birth rate productions for over 40 years
-1971 was the last time we had 2.1 children per women.
4- the changing interpretation of the retirement age.
- social constructionism of aging and what that looks like
- long run trend towards early retirement reversed starting in the mid 1990s where older persons stay employed.
Measuring poverty levels
3 indicators used to measure low-income in canada:
Low income cut offs- they were income thresholds below which a family devoted a larger share of its income-20 percentage points more- to the necessities of food, shelter and clothing than the average family.
Market Basket Measure- “official” way of measuring poverty. Market basket measure defines low income based on a specific set of good and services that represent a basic standard of living.- family is considered low income if it does not have enough money to buy these goods and services.
Low income Measure(LIM)- defines low income as being below a fixed percentage of contemporary norms measured using median income- household considered low income if it’s income is below 50% of median household income.
