Seniors and Pensions

The growth of our economy over the past decade (the recent recession notwithstanding) has significantly increased the cost of living for many of our seniors on modest fixed incomes. As a province, we need to ensure that those who have tirelessly worked to lay the foundation of our current prosperity enjoy a dignified retirement.

In some instances, municipal property taxes have grown out of all proportion with the cost of living, and seniors are finding it difficult to afford the tax burdens imposed on their homes. 

All levels of government should make it a priority to responsibly assist seniors, who wish to remain in their homes, by either reducing or deferring their property taxes.

Many seniors wish to work part time during their golden years. Given the impending ‘baby boomer’ retirements and their effect on skilled labor shortages, this is certainly not a bad thing. However, for many seniors, returning or remaining in the workforce is unattractive due to current taxation laws.

As a province, we need to study ways we can work with the federal government to make it more financially attractive for seniors to return to or remain in the workforce. Any such changes should include reforms to reduce or eliminate claw-backs to benefits of seniors with modest incomes.

Planning for retirement is also a major concern for our current workforce. The CPP, in its current form, is unlikely to provide an adequate nest egg for many Albertans. We need to provide opportunities for workers (including those who are self-employed) to improve upon expected returns on investments stemming from monthly pension contributions.

A stand-alone or supplemental Alberta Pension Plan which protects existing benefits while providing additional opportunities for pension savings is an initiative worth further studying.