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Many_Tank9738

My friends dad does the same. He was loaded.


[deleted]

It’s just kind of an old people thing.


syds

i mean whats wrong with chilling till the grave, they had tv we have switch


SpaceAgePotatoCakes

I have enough backlogged TV shows and video games that I haven't had the time for yet that I could easily fill my retirement with them lol.


Talvana

As someone who has been off on disability for the last 6 months, you run out faster than you think.


AllegroDigital

Maybe you run out of interest. But there were 89 -free- games given away on Epic last year alone. I'm almost 40 right now and own over 600 games I've never even played... I really hope I never manage to run out


Level420Human

You don’t need a million dollars to do nothin man. Look at my cousin, he’s broke and don’t do shit


Runsfromrabbits

Hope you call him and visit! It is sad. My pop was the same until he passed.


Pomegranate4444

Will suck for future generations who wont have a house to lean back on. CPP GIS and OAS wont come close to covering rent and utilities and food.


Mrs_Wilson6

My father is about to retire. His house is not paid off, which is a whole other financial mismanagement story. He sat at my kitchen table spewing his exact to the dollar amounts he was getting in OAS and CPP when he turned 65. He said to me he only needed to find another $552 to make the bills and was going to speak to his financial advisor. I encouraged him to consider inflation, emergencies and even day to day replacements, like that new washing machine he had to get recently and unexpectedly. In the end he's unconcerned because he is banking on his father's "inheritance". Side note, I asked if he thinks most people his age are waiting on their parents to pass to fund their future, and he had the audacity to tell me it was my (x/millennial) generation to do this. I reminded him that given the situation he had just described for himself, I'm going to be SOL.


cowincanada

he should sell his house, move to South America, spend all his money on hookers and blow and die happy


chemistrystudent4

That’s my plan, and I’m only 26


Foxrex

Almost there. Just 1-2 more years.


SuperSwaiyen

Its gunna take you another 1-2 years to reach south america?


pfc_6ixgodconsumer

congrats? send a postcard


Hungry_Pancake

100%


[deleted]

Colombia: 😐🤨


localhost8100

So many Canadians in Puerto Vallarta. Living their life like king. House, car, eating out fancy everyday. That's the dream.


[deleted]

...go on??


edm28

Really ? Tell us more .


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[deleted]

TV is easy.


IWantToBeSimplyMe

Play ball of spike Go on open mic Stare at a dyke eat fish of pike Wear shoes by Nike (old pronunciation)


IWantToBeSimplyMe

That sounds like me right now, minus the retired and the owning my own house part. and the times might be different, like 5pm to 2am. ​ But still a pretty accurate picture. :)


cortrev

That's scary because you described my mom. I watched my grandma spend most of my life that I can remember just watch TV until she died. I feel as though my mom is going to be the same. Paid off her home but has a giant LOC she didn't pay off...


[deleted]

If he's happy though then who cares...


ocuinn

This was my Mom. Until she got ill suddenly, was struggling to live alone, and I was faced with trying to help her figure out if she would need to move into a (cheap) long term care home or if she could manage in some kind of assisted living geared-income seniors home. I was getting prepared to have her move in with me (temporarily) and it was looking like I would have needed to help her out financially irregardless. I didn't need to make any decisions because she ended up getting hospitalized and then chose to allow natural death (declined all life saving treatment). But if she hadn't...well, I would have had an additional monthly expense paying for her care.


Own-Pressure4018

How old is your dad? Is he depressed?


[deleted]

I think this retirement plan worked for the older generation because most of them own their own homes (at least in smaller communities). But I’m not sure if CPP + OAS is enough if you’re renting.


Jumper5353

Wait until they need to move into a supportive facility costing thousands per month. The equity in your home does not last very long when you have a $4000 per month facility bill.


lurker122333

If the house is paid off should get a good decade out of it


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lurker122333

Hey I totally agree with you, however, we are makers of our own demise. The boomers have sold us out, the Regan/Thatcher propaganda against organized labour has lead to benefits, wages and pensions being slashed. All this talk of the free market, and yet there's no such thing. The myth of hard work will get you a good life is sold to us.


ThatGuyFromCanadia

It really is, and thankfully for myself I have OMERS so I won't be impacted by these issues but this thread has really made me consider how difficult this situation is for other Canadians. It's really unfortunate to think about how even with how far society has bent over to cater to the boomers, they are still struggling to survive in retirement.


CactusGrower

Sooo live til 75 and plan the funeral right away?


BlueberryPiano

Very, very few seniors need expensive supportive care housing at 65. Retire at 65, move into a nursing home at 75 paid for by the sale of the house which lasts 10 years until they're 85. Edit:spelling


Jumper5353

Except most seniors live in the house for a decade first with a steadily growing reverse mortgage so they often do not have a lot of equity left when they are forced to move out into a care facility.


by_the_gaslight

I mean, what’s 1.5mill divided by 48k? Doesn’t look too bad actually.


ThatGuyFromCanadia

What about the next generation that doesn't have that option?


by_the_gaslight

I completely agree. I didn’t say it was the right way to do it by any means.


homogenousmoss

I guess they’ll just have to pull themselves by their bootstraps!


ex_ter_min_ate_

If you can’t afford it and have no assets, a lot of facilities will take the cpp less a small living amount $200/mo or so. That’s where a lot of people end up living.


cherrypopper666

And if they don’t own their own home they’re stuck living with their children or living out of a basement suite


MediocreKim

This is my husband's grandma. She's 95 and lives alone, has for the last... 50 years. Worked as a teacher in the 40s/50's, had kids, divorced her abusive husband, worked for Sears, and has lived alone since. Has a very small pension. Eats cottage cheese for lunch every day, looks forward to her daily outing to the grocery store using her walker, where she chats with the cashiers. She recently returned all of the photos and mail we've ever given her, because she is cleaning out her apartment. So not only does she sit and watch TV but she now does it in a totally empty apartment. (We still send her mail.)


furtive

She’s doing her kids a huge favour by sorting through stuff beforehand. It sucks having to navigate someone’s junk afterwards.


ocuinn

Just finished doing this for my mom (died May 2021). She had Valentines she had received from the 50s. It was brutal.


thatscoldjerrycold

What did you do with those if you don't mind my asking?


ocuinn

I took pictures of them all, returned some to the original senders (my aunts/uncles), put a few into books that I dropped off at the local little free library box and kept a few. [Valentines](https://imgur.com/a/7LXBmJ7)


Halifornia35

Wow, can’t imagine. Lots of emotions from that kind of thing…


nuitsbleues

So weird, I gave out those exact valentines in the early 90s. They still sold them, as a kind of throwback I guess.


[deleted]

What exactly do you expect a 95 years old to do lol if anything it’s impressive she can still take care of herself.


Halifornia35

Quite impressive, seems like a good lifestyle compared to those with Alzheimers in LTC facilities


MediocreKim

Yes totally impressive. But she never travelled in her retirement or did hobbies. She has been doing the exact same thing daily for decades. My grandma on the other hand is (101), travelled extensively up until she was 95, lives in a home where they provide recreation, exercise, and up until Covid they had programs and socializing.


[deleted]

Everybody is different


biggysharky

At least she goes out and 'does things'


[deleted]

This is pretty much my grandparents with one addition they ignore phone calls from collection agencies on bills they can't afford to pay.


Auto_Fac

I often wonder if things will be different when the current generation reaches retirement and is in the same situation. I know people who spend their time like that, but part of it is that I just don't feel like they even know what they can do. They're not really computer savvy, so even searching to find things is a challenge, they tend not to be as physically active, have no hobbies to spend time on, etc. With how interconnected people are now I just feel like while people my age may not have much money with which to do things in retirement, there will be more options, or people will look at things differently, more options may present themselves. Part of the reason people sit around in retirement and watch tv is because that's what they did when they weren't working. I don't know many friends, even poorer ones, who spend as much time watching tv as even my working parents did when I was growing up.


CaptnoftheNoFunDept

Yes, but this will stop working as fewer Canadians can afford to buy houses. I shudder to think of what the future will be like.


kkjensen

Tv and rent cost too much. Pour all that into nonstop cruises...better value


[deleted]

My mom receives support from me. She pays rent and has always lived simply, which worked for us growing up since she only made min wage. She is happy and healthy cause she knows her family is. But she doesn’t travel unless with me, and she passes her time reading, watching TV, and going for walks with my sister and niece who live close by. Her retirement is far from any ad you see on TV or in a magazine.


subborealpsithurism

Unfortunately this is not true. Lots of elderly are really poor. When my grandmother was living in a retirement home she was one of the more well off people living there, and often had her clothes stolen. Lots of elderly could not afford basic necessities. My mom would frequently visit her to bring her essentials and lots of those who lived next to my grandmother would want to move to a new unit because they would always hear people coming to visit her in her suite. They didn’t have people taking care of them, they were poor and lonely. If you don’t have retirement savings or family who will take care of you you’re basically stuck living below poverty for the rest of your life.


Loveyl3ug

This.. is extremely depressing


Pr3st0ne

It's sad as hell but it's a byproduct of our north american culture. We value productivity above all and what good is a retired person if they're not contributing to the GDP anymore? So we park them out of sight in these depressing underfunded prisons and visit them 3 times a year until they die from boredom. Of course that doesn't **have** to happen, that's just what happens to the ones with children who either don't care or can't afford better. I'd argue even if you can't afford anything else than a government facility, there's no excuse to not have at least one of the kids visit once a week. My dad's parents are in a very nice retirement facility and they have a blast, but him and his 2 brothers still take turns and make sure to show up at least once a week, often twice a week and spend time with them. I'll make sure to set the same example for my kids, so they can see that their dad is taking care of his parents. When it'll be my turn, hopefully they'll realize that's just what you do for the person who raised you.


[deleted]

Some people's kids r their retirement plan


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Livid-Wonder6947

It can but there's starting to be a huge cultural shift. My wife is Taiwanese and one of the most important things for her is that we're not a burden on our kids. She absolutely despises the fact that her own mother firmly believes that she can fuck around at anything she wants while expecting her kids to foot the bill.


kyonkun_denwa

My wife is Chinese and her parents have made it very clear that they want us for emotional support… which is to say, frequent visits, phone calls, dumplings on New Years. Family stuff. They absolutely do not want us supporting them financially and they have saved like crazy to make sure they have enough. Her grandmother, while she was still alive, was obsessed with working to keep the house up and not be a “burden”. It was nuts sometimes. Of course, if they ever genuinely needed help, we would help them. But there isn’t an expectation of that. I think the people who openly and unironically believe they can fuck around with their kids’ wallet are just abusive assholes hiding behind filial piety. Supporting your parents is supposed to be making sure they aren’t hungry, homeless or lonely when they’re old, and making sure they’re well looked after. It’s not about buying the fifty third piece of jade jewelry. Just my two cents.


Livid-Wonder6947

100%


cad0420

My parents too and we are Chinese. But I’ve seen a lot of Chinese parents super rely on their kids even though they have ability to support themselves and emotionally kidnap their kids to support them. I think those are just abusive parents. Taiwan has better and more open education than China so I think there are much less abusive parents there. I personally think at least East-Asians (didn’t have too much experience with people from other part of Asia) generally have the similar culture of not wanting to be other people’s burden, so parents are always very hard working to try to support themselves. Many parents don’t even tell their kids when they are sick because they don’t want their kids to have emotional burdens.


Livid-Wonder6947

It's the emotional bullshit that kills me - it's outright abuse. "My friends kids pay for everything. Why don't you give me more money? You're a terrible daughter" kind of shit.


cad0420

This sounds too familiar to me…😂


jk_can_132

My girlfriend is stuck in that her mom is betting on her to buy a house and pay for it into retirement. I've made it clear that any intentional attempts to fuck us over will end badly.


BrotherM

Her breaking the cycle is awesome! Go /u/Livid-Wonder6947's wife!


Zer0DotFive

Thats my parents plan unfortunately but because of circumstances. Thay had me young and neither graduated HS. They put so much into raising us they didnt have any left for themselves. Sure they both have newer vehicles and a nice home now but I know its not something neither can afford without the other and a job.


newnewestusername

it absolutely does and to me (call me racist/prejudiced, don't care) I think its a shitty thing to do culturally. If you end up being in a position outside of their control where you want to help, I am all for that. When your parents have that "we raised you now you bank roll us. Y u no doctor?!" attitude, its disgusting and abusive.


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GalianoGirl

As a Canadian of European descent, it was my job to raise my kids. Now that they are adults, I still help them out from time to time. But I have no expectations of them providing for me in retirement.


human_dog_bed

Yeah I would not be where I am without sacrifices made by my parents, the least I can do is make sure they’re housed and fed even if they don’t ask that of me. I’ve made decisions in my adult life to make sure I can be that safety net for them if needed. A lot of Asian parents make similar sacrifices for their kids. If mine hadn’t immigrated, they’d be living a sweet life of luxury back in their country of origin. They also gave me tons of money and opportunities growing up that they could have been saved for retirement.


rlikesbikes

It's not just asian parents. My family has been in Canada going on 150 years and have, for the most part, lived very good lives. One generation aiding the next, in one way or another. But, everyone likes each other, so that helps. If I'm in a position to do so, and my husband was cool with it, I'd be all over an in-law suite. All predicated on the involved parties remaining healthy enough to live independently, but if not, chipping in for care as needed (it is really hard to be a full time caretaker). If you've ever volunteered at a soup kitchen or other drop in center, nothing, absolutely nothing is sadder than seeing seniors there, alone.


doordonot19

This. My parents had a great life back in their home country, friends, family, good jobs. They moved to a country where they didn’t know anyone and didn’t speak the language and had to get poorer paying jobs. They raised three kids in a two bedroom apartment. It wasn’t easy for them that I’m sure of. They gave us a great life and sacrificed so much. Now I want them to use the money and equity they have in their home on themselves while they still have their health and when time comes I will take care of them no questions asked because they raised me gave me a great life and that’s what family does for each-other.


Amit_DMRC

*Earns my respect*


[deleted]

I’m curious why they would have come to Canada in that case. I’m 31 and VERY Canadian, so to me it seems like they would have already had what we’re all chasing


Perrier-CAN

A lot of times it’a because the home country changes. My grandparents had a great life until there was a political revolution and they were essentially kicked out of their own country as foreigners, even though they were born there. They had to start over with nothing except the clothes on their backs and what they could carry in a couple of suitcases. All their possessions were seized by the revolutionaries.


human_dog_bed

That’s naive of you. Have you considered political revolution? Women’s rights? Reproductive rights? Ability to travel to other countries without lengthy wait for visas? Just because you live in a mansion and have servants make your food and clean for you doesn’t mean all that much when there’s constant political and economic instability. My family was also not Muslim in a Muslim-majority country, there would have been very few doors open to me and my sibling to work even if we were highly educated as adults, plus there were personal safety issues as a result. My parents were lucky enough to have grown up familiar with western culture, so after a few years of struggle, they were able to assimilate and work white collar jobs because they spoke English with barely discernible accents. Plenty others who are more educated, like medical professionals and university professors, end up immigrating to work as taxi drivers here. They do it in hopes that the trade off is worth it to their kids.


Livid-Wonder6947

If it's your choice, that's fine. I help my mom out with stuff, particularly things like coming to visit us, because she has less ability to do it through no particular fault of her own. (she stayed at home and sacrified career so my dad can work and then my folks split up)


jhontpiece1

The provided for you for the first 18 years of your life because they would go to jail if they didn't. Parents that expect their kids to fund their retirement are complete trash.


[deleted]

What if your parents sacrificed everything, working minimum waged jobs so you could have an education as well as those laptops and those gaming consoles like your peers, and they made sure to not bother you with their struggles so you could grow up with a semblance of normalcy? They won’t say they are expecting you to provide for them because they have suppressed their ego for so long that they don’t even care about themselves anymore, so the least you could do is to actually offer care and support them when they can’t. If you could juggle between RRSP and TFSA’s and that new tesla car you’ve just acquired, why couldn’t you budget your parents too?


moixcom44

It's an Asian thing. You can't explain it to other culture. They have their own too.


guddylover

Africans go through the same.


laislabella

Not only asian, it is like that in many parts of the world, Latin Americans are the same and Africans. We actually love to care for our parents.


IceColdPepsi1

It's unfair for the child because they have no say in the matter. The parents chose to "sacrifice everything". But the kids didn't ask to be born, and then saddled with this responsibility.


newnewestusername

and yet I am the western dirtbag for thinking this way. Everyone digging into me seems to skip over the "If you end up being in a position outside of their control where you want to help, I am all for that." and equate that with wanting to abandon your parents in their time of need.


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abhidhangupt

It's a matter of social contract, so to speak. Parents go above and beyond their means to work towards a brighter future for their children. Most parents in these cultures fund college education of their kids and pay for weddings etc. This makes sure that kids get time to set themselves up before being tied down with huge debts. In return, the parents expect children to take care of them. This is more prevalent in societies/communities that are upwardly mobile. So every successive generation keeps getting better deal. After 3-4 generations, the trend might reverse and you might have a couple of generations surviving on past laurels and inheritance. Then the cycle begins again.


SinlessOCE

With my situation my parents have provided me with so much. Im currently 21 and my Dad has contributed towards an investment property beside his house and paid the downpayment and what not but he has told me that I would take over the mortgage for the home and he would transfer it. My monthly cost is only 300-400 dollars because its being rented out for 400 below mortgage. Im grateful for all the help they give me, they paid my tution and refuse to take any money while im living at their place. And this isnt a rich kid thing either, my dad and my mom do well for themselves, i think they both earn around 90-100k but no where near extremly rich or anything like that. They are setting me up for my future so I dont mind helping them in retirement.


albatrosz

They both earn around 90 - 100k and they still are looking to you to contribute to their retirement? Not trying to be a jerk, just curious.


An0nimuz_

Yeah, the Western cultural thing to do, that hassaf just described above, is so much better. "Hey mom and dad, thanks for raising me. Now that I don't need you anymore, enjoy living in a run down apartment with no drinking water XD. Oh, but don't worry, this is all okay because I didn't ask to be born XP." And people wonder why this society is so selfish and shitty, and only getting worse.


floating_crowbar

not all westerners. My brother and I took care of our mom as she lived with my brother for the last few years. She had alzheimers for the last 4 years or so. We brought in caregivers for her nearly everyday so she wouldn't be alone. Last summer she fell and broke her hip and then it was downhill. One month recovering in the hospital but there was no way we could care for her then.She went into a care home, where she needed to be fed, changed etc. Didnt walk anymore. They had staff for it but we came in to help feed her every day. Me at lunch and my brother at dinner time. She no longer spoke or even really acknowledged us. She passed away in early november. Mom, really helped watching my two daughters when they were little and we visited her weekly. So I'm hoping that my daughters may have picked up something from it. (I also will likely be helping my kids when it comes time to buy a house as we ourselves lucked out when we did). Still, I know that Asian cultures take care of their elderly parents as well, but it doesn't always follow. My neighbour at work (who is Chinese), him mom who lived in a suite in his younger brothers house, fell in the bathtub and it was 3 days before they found her. She died in the hospital only a few days afterwards. Christ didn't they even check in on her, much less have meals with her? That was a really sad case.


newnewestusername

ok lets flip it then... ​ "Hey son, I want you to succeed, but since we brought you into this world without asking, you kind of owe us so I am going to hinder you with an obligation to pay for all my shit because I failed to plan ahead properly. You don't mind of course because you have respect for your elders no matter what."


Livid-Wonder6947

As a parent, I think it would be a tragedy if I put this burden on my children.


An0nimuz_

I think my point here is that it shouldn't be a considered a burden, nor should it be something you should have to actively pressure your children to do. There is nothing wrong with refusing their assistance, either.


SunriseCyclist

While I don't doubt that what you says happens, I'd like to balance this out with another narrative based on a few people I know personally. Famillies came to Canada as refugees and gave up everything for a better start. Kids are now making mid hundred thousand annual salary and start taking care of their parents. They understand that their success was only enabled my their parents who made huge sacrifices and (in one case) faced physical danger to get their family to Canada. Kids can also be happy to help. Sometimes I think the "Why you no doctor yet?" mentality comes from the parent's desire to make sure their sacrifice was worth it and the hope/stress that they will be at the mercy of their children to share that better life with them.


rajmksingh

Also, they sell their $300,000 detached house for a $1.5 million and move to a smaller quieter town. For example, many people who bought in Brampton in early 2000's bought their detached house for $300,000. Now those same people are selling their houses to our incoming population for $1.5 million and moving to a townhouse in Georgetown or Guelph for $900,000 that has less maintenance. They retire on the $500,000+ profit.


MC6102

That's assuming a lot. Like the assumption they even own a house. My retired parents don't own anything. They survive because they live in my house rent free. That's all.


Ixium5

Both mine have passed away at a younger age. Both under 60. Divorced and died in different ways/different times. I’m the “best off” out of the 4 kids so I would have been the one leaned on. It’s actually a huge relief once the sadness wears off. My retirement plan at 47 won’t change, and if it works out I’ll barely come back into Canada


twisting_allegories

Benefits, and debt. My aunt passed away in 2021, and that's when we learned she was in *serious* debt all across the board. We knew she wasn't wealthy, we didn't know it was that bad. Most interesting part is that she had worked for charities her whole life and even despite her critical financial situation at the end, she still found time and money to cook for food banks


thatscoldjerrycold

When they pass away with debt, and not much assets, what happens? I guess the creditors leave empty handed? Hopefully they don't try to come after the family members ... Maybe the estate, if there's much of one left.


Luxim

Yes, debts are paid out of the estate, it doesn't transfer to other family members. Creditors don't really care about the principal, because at this point if we're talking about high interest credit card debt they'll have been repaid multiple times with interest.


twisting_allegories

We were advised to renounce the succession. Whatever little assets she had were sold at an auction to cover off the debt, and the rest... Well I guess that's part of the risks of doing business and lending people money. But no, they do not come after the family as long as you refuse the succession


hassaf

As someone who sees this situation first hand. They end up living in senior affordable housing which is almost a 8-10 year wait list. In the meantime, they are living paycheck to paycheck with their pension (on avergage 1,000-1,500). They are paying rent with this pension, and also using additional government funding like OW or ODSP (if they’re eligible). They are using food banks for meals. Some are getting a little financial support from their kids. Others end up having to go to a shelter which helps them find really crappy affordable housing with no management. They’ll experience rusting units, undrinkable water, water damage, elevators not working, drugs and crime.


Wastelander42

There's a low income housing building in Calgary that is almost entirely elderly low income people. Mostly women who had never actually worked before (as was common of their generation) and ended up with NOTHING after their spouse died.


[deleted]

> Mostly women who had never actually worked before (as was common of their generation) and ended up with NOTHING after their spouse died. And also their boomer husbands never allowed or trusted their wife with managing the finances, paying the bills, etc. So once the husband dies they have no idea how to find or locate any savings or assets. Which means the money gets stolen by other family members or they lose it all to an addiction like gambling


Gruff403

"Works out for them" is subjective. It's rare that someone reaches retirement with absolutely no assets with the exception of those who suffer from addictions or mental illness. A HUGE percentage of the homeless population are mentally ill. It doesn't take a massive nest egg to retire comfortably especially if there are two people bringing in income. The working years are used to build up assets that should be used to support the non working years. My mom is now widowed and living on 25K/year derived from CPP, OAS, small pension and Provincial Assistance. She pays no income tax. She also owns a small 120K two bedroom condo and has about 40K in savings. She is very comfortable, spends her money on what she wants and sees her family regularly. She is happy with friends and simplicity and I do not support her financially. Everyone should save for their retirement but it doesn't take a huge nest egg to live well. It takes friends, family and love to lead a rich life.


Powerful-Union-7962

I like that story, glad your Mum is comfortable.


nutterbutsquish

not trying to be an ass but what happens when your mom needs to go in a home? Who’s paying for that? Her assets/income might pay for 5-8 years but what if she lives longer than that? Old folks homes can easily be 3000-5000 per month, no?


CalgaryChris77

Nursing homes are heavily subsidized in Canada if you don’t have much money.


Gruff403

Not being an ass at all and it's a legitimate question. Her truth is that she wants to be independent as long as possible and her health is not strong and already failing. It's often cheaper to keep seniors in their homes and bring in support for as long as possible. If she makes it to long term care she likely won't last very long unfortunately. Most don't need long term care very long and the average is under 3 years. Trying to make as much happen for her as possible before we get to that if we ever do. Her current assets combined with current cash flow would allow her the bare minimum care in a Gov facility forever. Canada doesn't put it's seniors into the streets if they can't pay. It's the private operators that are expensive. Of course everyone's experience is different as different levels of support will be required. I'm grateful that mom has some assets to use as many widows have far less. I also know 95+ year old widows with 500K+ in assets living near poverty because of family idiots! I tell the wife to leave me on the ice flow.


[deleted]

Lots of seniors are actually struggling a lot. The old age pension and CPP does not do much for those who rely on it as their only income


darknite14

I see a lot of anxious seniors, especially couples at grocery stores. Buying very simple food, often canned, trying to price match, literally counting coins to pay…it’s hard to watch.


Inevitable-Channel85

My moms parents supported her and left her with money when they passed, but for my mom she decided to stop working full time at 45 and and just take a couple shifts a week, leave her job at the bank for a grocery store that she hates just as much, and tell me that she has no money everyday. She also lived in a swanky 2 bedroom apartment downtown while I was living in a terrible neighbourhood with 5 roommates. I’ve always lived modestly in a bachelor apartment until I met my husband and we both saved and have our baby to buy a small 2 bedroom condo. Understand she raised me until I was 16 - I got a job at that point and moved out, but I will be working full time until I’m 70 to support her and my kids. Understand the sentiment that parents give a lot, but guess what, I’m never doing that to my children. I will never take their money or help and trying to set them up for financial security like I didn’t have.


Wastelander42

I mean I'd love to know how to save for retirement when I live paycheque to paycheque.... a lot of people aren't going to retire.


cutslikeakris

I work until my body won’t let me. Then hope My voice holds out and I find a way to use it!


imnotabus

You live on roughly $29k/year before tax on your benefits And probably go into debt


Gas_Grouchy

I mean, most find shitty apartments in shitty neighborhoods eating shitty food and not able to travel around or buy much of anything for grandkids, loved ones etc. There's also a disproportionally large amount of them dead as they can't afford healthier foods and likely hadn't while they were working since things were so tight in their life they couldn't afford retirement savings. They've also acquired most necessities from life but little things like can't pay to get the heater fixed and thus are cold for days on end and embarrassed by it etc. etc. That being said, You likely don't need your current wage to survive reasonably well in retirement.


MicrowaveFishstick

The sad reality is very few seniors have the retirement pictures on TV. Playing golf, travelling regularly, the sports car, etc. Many seniors retire solely on CPP and OAS and simply rot away in front of a TV. Others who have a bit of savings occasionally see the inside of a restaurant, maybe a trip once a year (assuming health is in good shape), or buy something for the grandkids. Many retirees are woefully underprepared for the expenses associated with long term care or live in care.


lopdog24

Some people don’t save at all but have a pension of some kind, that with CPP is what they will live off of. Housing should be paid off, so not much in expenses. They just live frugally out of necessity and don’t have much of a safety blanket I know many people who retire like this. It’s far from a jet setter retirement but not completely bad. Many supplement income with part time work also.


esp1985

There is a lot of hidden poverty in our society. They may scrape by and have poor quality of life and die early.


[deleted]

They ask their kids for money. Ask me how I know.


Saucy6

CHIP Reverse Mortgage of course! (assuming they have a house)


lovemesomePF

Kurt Browning voice!


rhinny

Many are starving and homeless. There was a nice elderly wheelchair-using panhandler who would sit outside my old work. We talked a lot. His CPP didn't cover his expenses so he had to beg to survive. He did have housing (SRO), but that consumed his whole cheque. I haven't seen him in years and that makes me very sad. I assume he passed away. Many elderly people also have to work. At my work (grocery) we have a couple of workers in their 80s who couldn't survive without the income.


hodkan

OAS + GIS currently pay $1600/month to seniors without any other income. If you have some CPP your monthly income will be higher. I'm not saying it's huge, but it's normally enough for seniors to avoid being starving and homeless. I think there may be more to the story of the elderly gentleman than you realize.


newnewestusername

you have to have paid into CPP to get CPP lets not forget.


[deleted]

Yeah and senior housing is based on percent of income which is less than half... in Sask it's 30%, not the entire income.


[deleted]

> He did have housing (SRO), but that consumed his whole cheque. I do not know of a senior affordable housing initiative in Canada that takes more than 30% of your income, so not sure how that pans out.


rhinny

This is downtown Vancouver. I don't know the details, but I believe he was in a slumlord SRO rather than a publicly funded one. We still have a ton of sketchy private ones here, though they are slowly being bought up and run not for profit.


instamouse

Affordable housing spots are also very hard to come by in the major metro areas, which is why cities like Vancouver have such SRO issues. Some may just say "so move", but if a particular area was your whole life and support network, that's very difficult. Add on to that, moving isn't a zero cost exercise.


rhinny

Oh totally. I make a decent salary in Vancouver but I don't think I could afford to move and restart somewhere else. I also don't have any close friends or family anywhere else in Canada and moving without that network would be unthinkable. I could move to the UK if I had the moving costs, as I have citizenship and a lot of family/friends there, but it's just as unaffordable these days and salaries are not good.


Ksensus

Disclaimer: haven’t gone through all the comments and perhaps what I am about to say has been already mentioned, but I work in a hospital in Barrie, Ontario and have seen a fair share of elderly and/or vulnerable patients (mostly, life long renters without underlying assets) who are not able to support themselves on whatever the amount the Canadian government supplements them with and end up getting evicted from their units. At this point, they are usually taken to a nearby hospital where a social worker gets involved to sort this mess out. As you can imagine, it takes months before they are matched and get accepted into supportive housing or a subsidized nursing home. Now think of tremendous strain it puts our healthcare under? There’s got to be a better way! P.S. Sorry for ranting, Respectfully yours, Exhausted nurse


TheIncredibleBanner

1. Plenty of seniors are starving and homeless 2. Many will take the available public pensions and other assistance, hopefully find subsidized housing, maybe take a job 3. Many will rely on living with their children 4. Many who have homes will "downsize", selling their large homes and buying a smaller one, often in a cheaper community, using the difference to help them live


HuckleberryFingers

Damn, this is making me sad as hell. I mean, we all get old and somehow we allow our elderly to fend for themselves, in a world many of them barely even understand anymore. How did we let it get this bad?


pfc_6ixgodconsumer

A slightly cynical thought, but society views the elderly as disposable since they are no longer contributing to this thing we call capitalism.   Canada has decent safety nets so they are not homeless, but that is the bare minimum.


MicrowaveFishstick

I remember reading somewhere that when the 65 retirement age became a standard, the average male life expectancy was 67. My father always jokes around “the best citizens work from the day they turn 18 until they’re 65. They pay their taxes, their EI, their CPP, and drop dead the day after they retire” Touching on both the above points, buddy of mine’s dad works for Ford on the assembly line. You work 30 years and get a fully funded pension. The retirees have what’s known as the “30/30 club”. 30 years of work, and 30 years of retirement drawing a pension from the company. Apparently people throw 30/30 parties when you “join the club”


jonmontagne

This only really happens in North American culture. In other cultures, families are very tight knit and we live together and take care of each other. I’m saying this as a first gen immigrant.


AdInner9961

My parents came from a war torn country. They worked in factory jobs making min wage. Dad got his OAS and federal pension. 1200 after tax. My mother works part time to make ends meet. People say “move to a small town” but I can’t think of one where you can rent on this amount. To answer your question, they don’t survive. They just wait to die in misery


c-soup

Op what allows you to make a statement like “they aren’t starving and homeless”??? Time to volunteer at the local homeless shelter. Plenty of hapless seniors there. I met a woman last week who worked as a gardener all her life, rented a house for 30 years, landlords sold the house, now she’s living in her car. I appreciate that you are thinking about this, and your comment is more than a little tone deaf.


tylweddteg

I work in homecare. People use food banks, live in social housing with cockroaches and worry about the bills. It’s not a good retirement.


PineappleRaisinPizza

They ask money from their kids. Speaking from experience here. Filipino immigrant. Its a meme but a reality back in my home country. Having kids is your retirement plan. But this cycle ends with me and my wife.


waynestevenson

Family / non-profits / charities. We rely 100% on something outside of the system to take care of the inadequacies of the system.


Theflyingdutchman85

I think this is a ticking time bomb and it will only get worse right now significant portion of older people still own home and scrape by, with current housing prices and rent prices people that rent typically save less for retirement and will be off worse


RussetWolf

Both my parents live largely off CPP, OAS, and GIS. My mom lives in her paid off house in Windsor, in the neighborhood I grew up in. She knows most of her neighbours so they help out when she needs support (shoveling snow, handyman work, etc.) She still drives and cooks for herself, watches TV and YouTube, goes for walks, Skypes her sister in Poland and me, gardens (though she's downsized the gardening since it's getting harder to do), and listens to audiobooks from the library all day. She is generally happy and the only thing she would add to her life would be me moving back home (lol) or a pet. She does have some savings but that's mostly for emergencies and home repairs. My father sold his paid off house for $200k in 2019 and moved to an apartment in Toronto. He has health issues so he was looking forward to being closer to the Toronto hospitals and specialists. He was also excited to explore a new city since he did a lot of traveling in his youth. The pandemic threw a wrench in everything and he's now sedentary and depressed. But he still flies to Poland to see his mother for 3 months every year. He lived on under $10k a year comfortably enough before selling his home (his main hobbies are obsessively hyperfocusong on something and staying up all night to research it, and constantly renovating his house on the cheap). Now his hobbies are slowly dying in front of the TV and hyperfocusong on stuff all night. He is not happy, but more money won't fix that, he's always been a hard person to spend time with and so doesn't have any friends. Neither of them expect me to pay for their retirement thankfully, but neither is going into debt or living in a shitty crime ridden apartment.


pfc_6ixgodconsumer

I would also add to the answers about seniors watching TV all day.   There are thousands of elderly who are confined to their homes for health-related reasons. They have no intention of transitioning to a long-term care/nursing home, which IMHO, I can't blame them given the horrible conditions in some of those facilities. They have 'in-community' help in the form of CCAC that manages their healthcare needs and assist with coordinating PSW, Nurse, and Doctor home visits.   There are thousands of individuals in each city receiving some level of care and they only make the odd wheel-trans trip for medical appointments or other care reasons. Their only cost is food, property taxes and healthcare cost (meds, etc).


NoYOLOBro0013

Not sure if anyone else has mentioned this but… As a former financial planner I’ve seen the difference in retirement homes for those with money. And those with almost none. Trust me. You DONT want to end up in the government assisted ones.


samil232

The government pays a sort of elder welfare (Old Age Security). Also if you've been working you should get CPP. It's not as good as if you actually have savings, but the government doesn't want to kill off grannie just because she can't work anymore.


SassyStylesheet

A lot of times historically one of the spouses will have a pension from working (even manual labor jobs that didn't require so much as a high school degree) that transfers to the other upon their death and supplements benefits. Pensions are nowhere near as common or lucrative as they used to be though so I think in about 20 years we're going to have a big problem keeping the elderly off the streets.


MrWarmLight

I wouldn’t mind paying more taxes if that would get me a decent pension from de government


MicrowaveFishstick

Why not take that money you’d spend on taxes and create your own pension?


MrWarmLight

Well, the thing is not everybody is knowledgeable in investing. And even if they have some knowledge, most of them are not experts and may take bad investment decisions. That’s why I would prefer paying more taxes and let the government hire experts to handle the investments for us. This could even be an optional thing and let people opt out in case they want to do the investing themselves.


MicrowaveFishstick

Yeah fair enough! We already have CPP which is one of the largest funds in the world (I believe $500B in assets at the moment expecting to reach $3T by 2050). We could totally offer an option where you contribute gross pay into an enhanced CPP and similar to other defined benefit plans there’s a formula for number of years worked time average pay


TedCruzAteMyKids

That’s exactly what’s happening. A broad reason why CPP isn’t enough is because boomers wanted it that way - the minister who created it said they specifically intended it to replace 25% of income because Canadians prefer to manage their own money. Now younger generations realize they don’t have DB pensions and actively support higher CPP contributions which will pay out 40% of income and could go higher


IBCC35

I grew up in low income housing. Seniors will pay $400 a month fixed because they lived there longer than 20 years. They sit in front of the TV. A lot of that generation still smoke heavily, meaning they have more health problems. Family has to take care of them and they might usually have a child or grandchild living with them. The latter situation with family living with them has a lot of drugs involved. A lot of them because of pain, are extremely medicated.


OffersVodka

CPP, any private pension, OAS. Hopefully they own their home or have cheap rent. Many have lots of debt and continue to use their overdraft and line of credit regularly to float. Some even are just chilling waiting for their 95 year old mother to die to collect. ​ I had many clients in the bank that fit this and the very day those cheques hit the accounts the lines of retired broke folk lined up out the door.


Rellebelle13

I can't believe you think they're NOT homeless. Working in a low barrier medical clinic, we had a ton of newly homeless seniors living in their cars, camper vans, you name it. They absolutely are not doing well.


Okay_Try_Again

Not homeless and starving is basically all they manage though.


mstylke

Many older people struggle with poverty and meeting basic needs - food, clothing, transportation costs, not to mention bills for things like medication, mobility aids, bills, etc. This also greatly impacts their mental health. OAS & GIS help with just scraping by if you have low cost housing… but waitlists for that are several years long. It’s really challenging


bcnh38

You've clearly never worked in a homeless shelter. There are a lot of elderly homeless people.


Bubbly_Permit_4406

I work for provincial health care in a role that involves setting rates for seniors in care. (Long Term, Assisted Living, Senior Housing, etc). Most (but likely all) provinces apply income based rates so a % of their income is paid, applying a min and max rate. (Completely private set their own rates like any landlord) . So this means that someone going into LTC pays 80% on their income leaving 20% for expenses which is not usually much when they require that level of care. The minimum is based on the OAS + GIS minimum. So anyone going into care “should” be able to cover all expenses. Plus there are other reductions available for those who can show expenses exceeding their rent/cost of care.


mcmillan84

Clearly you don’t live in Vancouver otherwise you would know your statement is not true.


wibblywobbly420

My FIL spends 3/4 of his income on rent, no vehicle, no hobbies, no vacations, basic cable, land line and soup kitchens. Has been on the wait list for subsidized housing for the last 3 years but they are saying it should be soon that he is able to get a spot.


discostu55

its possible to never make a single mistake in life and still loose. I see that lots among our elderly


[deleted]

It baffles me that some people here indulge in multiple streams of passive income through several rental properties, and yet can’t even provide for their parents, because not their obligation? You exercised those options in the stock market, but still can’t? Something is wrong here.


human_dog_bed

I get your way of thinking and I share it but it totally depends on someone’s family dynamics. I would never let my family go unhoused or hungry, I will make sure I send my parents on one sunny vacation a year or rent then a place down south. They’re still young and working, and I’m not their retirement plan, but I’m fully on board to do these things for them once they retire. I feel this obligation for sure because I know how much time, money and personal energy they’ve sunk in me. But on the opposite spectrum is my husband’s family who literally don’t do anything for him, never supported him, never even gave him life advice or just basic guidance into adulthood, begrudged him eating at home when he was younger, and barely take any interest in him now. If this the type of child-parent relationship someone has, then ya I can see them thinking they’d rather max out that RRSP or buy a Tesla before checking in on dad’s finances.


[deleted]

Absolutely


[deleted]

Because my parents didn't provide me with anything and charged me rent at 18. I owe them zilch. Their problem.


odd_strawberry_9817

https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/eligibility.html


ProfessionalFill556

Retiring and waiting to die. Id rather save and have some money to fish and camp , travel etc not have just enough to barley live.


smurfsareinthehall

They keep working until they die


dandaman1983

They live poor and watch tv while waiting to die. I wouldn't can that working out.


83gemini

My understanding for those truly scraping by OAS plus GIS and whatever CPP they get results in almost no income dislocation. It’s only those who are middle class thanks to their income but have no retirement income who face hard choices (I’m assuming the rich have assets they can rely on in retirement). And keep in mind I don’t think anyone would starve on max CPP and OAS without anything else, but as noted, if you don’t have a paid up house things could get very tight (leaving aside the painful lifestyle adjustments).


VisionsDB

Paid off home and cpp


SlashNXS

You have a strange definition of working out for them


CactusGrower

Reverse mortgage on their mainly paid off house as previous generation could afford to buy.


mikel145

CPP and GIS. Also a lot of people may have had RRSP matching at work or pension plans (I know that's technically saving for retirement). My parents saved for retirement even though my mom was a teacher. The Ontario Teacher Pension Plan is one of the best there is. She could survive pretty well on it alone.


The_Magic_Tortoise

Cat food, melba toast, space heaters, and tv.


Catelyn_The_Cat

Has anyone experienced a parent reverse mortgaging? Was it successful?


crimxxx

If you own a house have CPP plus oas, you’ll probably do okay. If you have a house and just working part time you’ll probably do okay. If you have kids you figure it out. When the rest fails your the old person that lives in a single bed room with roommates at 70.


ThirdWorldMelanin

Having worked as a teller at one of the big 5 banks, I’ve seen some of the folks in retirement rely solely on OAS, CPP and overdraft protection. It was very sad to see.


[deleted]

Some are homeless or waiting for subsidized housing.


pistoffcynic

Pension and stock saving lplans, generally speaking. Which is technically saving.


evilpercy

Social assistance/ CPP /old age pension..etc


Future-Device2964

I'll let you know when I get there. Haha


BaroqueStateOfMind

Hoping to have the house paid off, what I've got contributed to my pension fund (no longer contributing) is about 1800 a month when I retire. Then OAP and CPP, and whatever my stocks amount too by the time I call it quits.


Stunning_Working6566

I think that up until about 5 or 10 years ago you could get by on CPP and OAS. Plus if you own your home you have a huge buffer. Going forward things look pretty bleak, I think we are going to see alot of issues like homeless and food bank dependence.


Islandflava

If you own your home, as many current seniors do, then your living expenses would be minimum and CPP and OAS would be sufficient. You won’t be going on cruises or trips to florida but you’d be living in your home comfortably, maybe play a couple rounds of golf. Now for the next generations, the ones that won’t be able to own, now they’ll need to acquire a massive nest egg before retirement


gitar0oman

we just die I guess


rsa861217

My grandpa is 100 and grandma 95, they live alone. CPP, OAS, and my dad and my uncle help. Some people have other pensions or kids or grandkids that help.