CPP expansion won’t help vulnerable seniors: study

By Michael Chen, Benefits Canada | June 2, 2016 | Last updated on June 2, 2016
1 min read

This story originally appeared at Advisor’s sister website, Benefits Canada.

For the small number of seniors considered low income who receive an average of $3,610 from the Canada Pension Plan each year, enhancements to the national pension may not be beneficial, according to a new study from the Fraser Institute.

The study looked at which senior groups are the most vulnerable in Canada, as well as how changes to the CPP might affect them. The study comes the same week Canada’s finance ministers confirmed they would meet on June 19-20 to discuss potential changes to the CPP.

By looking at seniors who live independently of other family members, it found a disproportionate 10.5% of single seniors, who are either divorced, widowed or never married, are living on a low income. That compares to 4.2% for married couples with one senior member and 1.3% for married couples with two seniors.

Read the entire article at Benefits Canada.

Also read: OSC seeks applications for Seniors Expert Advisory Committee Ontario’s stance on CPP key challenge to expanding pension plan: Feds Here’s how to help seniors save and invest

Michael Chen, Benefits Canada