Many Canadians nearing retirement don't have the savings they need to avoid poverty
So much for "Freedom 55."
According to a new report authored by statistician Richard Shillington and published by the Broadbent Institute, poverty rates for Canadian seniors are on the rise.
And as older Canadians near retirement age, a lack of savings could mean the problem is about to get a lot worse.
Seniors poverty increasing
Poverty among Canadian seniors fell during the 1980s and 90s, hitting an historic low of 3.9% in 1995. Since the mid-90s, however, there has been a worrying trend in the other direction - hitting 11.1% (or one in nine) in 2013.
Among seniors, poverty rates vary substantially by gender and between those who are married or single. Single women are most likely to experience poverty, at a staggering rate of nearly 30%.
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