As inflation continues to affect households across Canada, senior citizens in Atlantic Canada are experiencing significant financial strain on their fixed incomes. A recent piece from SaltWire reveals the difficulties many pensioners face, emphasizing the importance of maximizing available benefits and resources.
Judy Lynn Richards, a 76-year-old retiree from Prince Edward Island, sheds light on the importance of careful financial planning: “Every dollar counts when you are a pensioner. You have to watch every penny.” Richards depends on her Canada Pension Plan (CPP) and Old Age Security (OAS) payments, expressing concern that these benefits have not kept up with rising living costs.
To assist seniors in managing their financial situations, the article highlights several essential programs and strategies:
Government Benefits
The Guaranteed Income Supplement (GIS) provides additional monthly payments to low-income OAS recipients. It’s vital for seniors to have their eligibility reassessed regularly, based on annual income tax returns, as this helps ensure they receive the support they’re entitled to, even if they have no taxable income.
Provincial Programs
Various provinces offer supplementary benefits for seniors. For instance, Nova Scotia’s Seniors’ Pharmacare Program assists with prescription drug expenses, alleviating some of the financial burden on older residents.
Community Resources
Local organizations frequently provide invaluable support to seniors. The PEI Senior Citizens’ Federation offers initiatives such as Seniors Helping Seniors, which connects older adults with volunteers for assistance with various tasks.
Financial Planning
The article stresses the necessity of reviewing expenses and seeking professional financial advice. Seniors are encouraged to explore options such as reverse mortgages or downsizing to unlock equity in their homes, providing them with additional financial flexibility.
As the cost of living continues to escalate, it becomes increasingly vital for Canada’s aging population to stay informed about available benefits and resources. This piece serves as a timely reminder that proactive financial management can significantly enhance seniors’ quality of life during retirement.
Sources:
[1] America Is Aging Into a Housing Crisis for Older Adults – Bloomberg, https://www.bloomberg.com/news/articles/2023-12-07/high-costs-for-housing-and-care-cloud-retirement-for-us-older-adults
[2] The U.S. can’t handle the ‘silver tsunami’ of millions of baby boomers …, https://fortune.com/2023/12/02/housing-baby-boomers-aging-homelessness-elderly/
[3] How the Housing Crisis Affects Older Adults, https://brennanrogers.com/2024/01/08/how-the-housing-crisis-affects-older-adults/
[4] Millions more older adults won’t be able to afford housing in the next …, https://www.usatoday.com/story/news/nation/2023/11/30/assisted-living-costs-housing-elderly-older-americans/71751928007/
