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#Post#: 10862--------------------------------------------------
Retirees appear to be heading back to work as inflation eats
into savings
DIR By: jsmth321
Date: October 25, 2023, 6:50 pm
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Some retirees may be trying to make their way back into the
workforce as the rising cost of living eats into their savings
and makes holding down a job again necessary to pay the bills.
HTML https://financialpost.com/fp-work/retired-flocking-back-workforce-inflation
1 in 5 Canadians have $0 in retirement savings. (we are the 1 in
5, we have nothing to save for retirement.)
#Post#: 10866--------------------------------------------------
Re: Retirees appear to be heading back to work as inflation eats
into savings
DIR By: Siouxie
Date: October 25, 2023, 10:41 pm
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--- Quote from: jsmth321 link ---
>
> Some retirees may be trying to make their way back into the
workforce as the rising cost of living eats into their savings
and makes holding down a job again necessary to pay the bills.
HTML https://financialpost.com/fp-work/retired-flocking-back-workforce-inflation
>
> 1 in 5 Canadians have $0 in retirement savings. (we are the 1
in 5, we have nothing to save for retirement.)
>
--- End Quote ---
I have $0 left of the little savings I had, it's all gone
towards paying for living expenses for the past 5 years. - I had
$0 income for more than 3 years. My current 'pension income'
covers my mortgage and nothing else.
I need to apply for OAS, but it will only be worth around $340 a
month.
I've been applying for jobs for the past 3 years, got nowhere.
It's a nightmare.
#Post#: 10868--------------------------------------------------
Re: Retirees appear to be heading back to work as inflation eats
into savings
DIR By: caretaker
Date: October 26, 2023, 9:47 am
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This story is getting lots of hits this morning, even with a
full-time job this lady couldn't make ends meet, and now the job
is gone.
HTML https://www.cbc.ca/news/canada/london/she-worked-full-time-and-after-monthly-bills-there-was-9-left-for-food-1.7007539
About 4 years ago in Oliver the police were called to charge a
shoplifter in a grocery store. I asked the cashier if it was
one of the seasonal fruit pickers, and she told me no, it was a
senior who couldn't pay for food on her pension. And that was
before things got worse...
The only parties really supporting a guaranteed income plan of
any sort are the Greens and the NDP, and neither are going to
form a government any time soon. CERB cost a fortune and
detractors of guaranteed income will point to that, and the
recovery of small businesses post-pandemic was hampered by the
same inflation everyone experienced so the economy wasn't good.
I see quite a few new starts where I am, but don't know how
their success rate is. [For God's sake Jim, I'm a janitor, not
an economist.] Even if the Liberals win the next election with
a minority, guaranteed income is going to be too big for the NDP
to claw out of them and I think they have a backlog of
unfulfilled promises to work on.
If you think my analysis is outlandish, you should hear my
solutions.
#Post#: 10870--------------------------------------------------
Re: Retirees appear to be heading back to work as inflation eats
into savings
DIR By: jsmth321
Date: October 26, 2023, 2:51 pm
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Housing is too high and wages too low, leads to a bad situation
for the country as a whole, and as rents continue to rise, we
will see more and more people living on the streets.
It might also be time for Canada to fund and start food programs
similar to the US with their SNAP and WIC programs, in the US
the government programs provide direct funding to people to buy
certain kinds of foods, and food banks supplement, where in
Canada food banks are the only option as we have no government
food programs, but food banks cannot handle the demand.
--- Quote from: caretaker link ---
>
> This story is getting lots of hits this morning, even with a
full-time job this lady couldn't make ends meet, and now the job
is gone.
>
>
HTML https://www.cbc.ca/news/canada/london/she-worked-full-time-and-after-monthly-bills-there-was-9-left-for-food-1.7007539
>
> About 4 years ago in Oliver the police were called to charge a
shoplifter in a grocery store. I asked the cashier if it was
one of the seasonal fruit pickers, and she told me no, it was a
senior who couldn't pay for food on her pension. And that was
before things got worse...
>
> The only parties really supporting a guaranteed income plan of
any sort are the Greens and the NDP, and neither are going to
form a government any time soon. CERB cost a fortune and
detractors of guaranteed income will point to that, and the
recovery of small businesses post-pandemic was hampered by the
same inflation everyone experienced so the economy wasn't good.
I see quite a few new starts where I am, but don't know how
their success rate is. [For God's sake Jim, I'm a janitor, not
an economist.] Even if the Liberals win the next election with
a minority, guaranteed income is going to be too big for the NDP
to claw out of them and I think they have a backlog of
unfulfilled promises to work on.
> If you think my analysis is outlandish, you should hear my
solutions.
>
--- End Quote ---
#Post#: 10871--------------------------------------------------
Re: Retirees appear to be heading back to work as inflation eats
into savings
DIR By: caretaker
Date: October 26, 2023, 5:19 pm
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You're probably right, (I didn't know food stamps had been made
electronic, but no surprise). Food banks have been overwhelmed
for ages and the government should share responsibility for food
security and not leave it entirely to public good will. As we
all know the difference now to 30 years ago is nearly all food
bank recipients then were unemployed, and now the under-employed
and students are well represented. The food bank here used to
run a training program for restaurant staff including cooks, and
they operated a cafe in the food bank building offering cheap
meals, and as well had a cooking class open to all the clients.
Providing a limited menu out of what they had at the foodbank
must have taken imagination! I went there for lunch maybe 7 or
8 times. The public class corresponded to the home-economics
classes girls used to take in school while us boys went to shop
class for woodworking and drafting. Basic meal preparation and
as many hacks as they can fit in, so someone getting a box of
ingredients has a hope of making something good. Incorporate
that concept into the system so clients get the most out of it,
and have grocery stores that honour those cards keep staple
ingredients inflation-free so x amount of protiens, x amount of
fruit, x amount of carbs is always attainable.
#Post#: 10879--------------------------------------------------
Re: Retirees appear to be heading back to work as inflation eats
into savings
DIR By: jsmth321
Date: October 26, 2023, 9:26 pm
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Could get even worse if we end up with stagflation.
Canada facing 'stagflation' risk.
HTML https://www.bnnbloomberg.ca/canada-facing-stagflation-risk-former-bank-of-canada-official-1.1989916
"As the Bank of Canada hints that interest rates may stay at
five per cent for some time, a former deputy governor at the
central bank says the country’s economy now risks "stagflation."
"stagflation, which occurs when an economy faces slow growth,
high unemployment and high prices."
“Growth is very slow right now. If you look at it per capita,
it's actually declining. The actual growth of the economy per
capita is already negative and we still have inflation well
above the Bank of Canada's target. That’s, in some sense, a sign
of that stagflation.”
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