Seniors and income

The Canadian population is aging, and with that comes costs associated with various services, such as medical and social service. Most seniors experience a reduced income upon retirement and many do choose to work part-time. Some to keep busy and maintain a social network, but some for financial reasons. Some communities, because they have lost their traditional economic base, have turned to recruiting seniors to retire to their cities and towns. Is this a sound economic development strategy? An in-progress study I have undertaken finds that it depends. Using the 2006 census data reveals that communities that have higher proportions (or percentages) of seniors have lower median incomes. The correlation is strong. To read more check the 2-page media release sent out in mid-November. Click here for the link to the PFD.