As Canada braces for a pivotal federal election, a wave of anxiety is sweeping through the country’s retiree population. With support programs eroding and the cost of living soaring, older Canadians are facing an uncertain future — and many fear politicians won’t deliver the help they need in time.
A new survey from Angus Reid, commissioned by Bloom Finance, reveals that 64% of Canadian retirees lack confidence in their financial security, spotlighting a growing retirement crisis that’s been decades in the making.
Ben McCabe, CEO of Bloom Finance, describes the collapse of Canada’s once-reliable three-pillar retirement system — government benefits, personal savings, and workplace pensions — as a slow-motion disaster.
“Defined benefit pensions are nearly extinct, and fewer than half of Canadians even receive a workplace pension now,” McCabe said.
That leaves most retirees clinging to minimal government support like Old Age Security (OAS), the Guaranteed Income Supplement (GIS), and Canada Pension Plan (CPP) payments — which combined often don’t even cover the average rent for a one-bedroom apartment in the GTA.
“Maxed out, you’re getting around $2,100 to $2,200 a month — and that’s not enough to live on,” McCabe explained.
The survey also found that 46% of seniors want OAS and GIS increased, citing skyrocketing rent, grocery costs, and utility bills that outpace their fixed incomes.
And while some might suggest moving to more affordable regions, McCabe says that’s not a real solution for most.
“It’s not just about finances — it’s about staying close to family, community, and health support. Seniors can’t just pack up and leave.”
With the federal election days away, many seniors are demanding more than campaign promises — they want delivery. Experts like McCabe are urging all parties to take this warning seriously.
“Retirees are a forgotten demographic,” he added. “They’re being crushed by inflation while their incomes stay frozen in time.”
Until bold policy changes are made, Canada’s aging population will be forced to navigate retirement in survival mode — hoping that someone in power finally pays attention.