Maclean’s cover preview: Old and loaded

A sneak peek at our latest cover story, on newsstands this week

sept152014cover

Seniors have long been considered society’s most vulnerable citizens, fragile pensioners on fixed incomes in need of a financial helping hand from both government and agile younger workers. But thanks to stock market booms, economic growth, a soaring real estate market and a major expansion in both private and government pension plans, today’s seniors are arguably the wealthiest generation in history.

Canadians age 75 and older make up less than seven per cent of the population, but control more than a third of all financial assets in the country—roughly $1 trillion worth of stocks, bonds, mutual funds and cash. Their wealth has quadrupled during the past 30 years, far outpacing the growth of wealth among younger Canadians. Today, the poverty rate among seniors is the lowest of any age group; it’s one-third the poverty rate among children.

The dramatic change in the fortunes of seniors, from the impoverished pensioners of yesterday to today’s wealthy retirees, is among the greatest policy success stories in Canadian history. Yet as our cover story explains, there’s a dark side to the success — one that threatens to spark an ugly generational crisis.

Read more in our cover story, available today in our tablet edition, on newsstands tomorrow, and online next week.




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Maclean’s cover preview: Old and loaded

  1. LOL Yer gonna get whacked for this one….assuming anyone sees it. Probably won’t be out for a week yet.

  2. Amazing…if seniors who are 7% of the population and control 33% of the wealth are being told to ‘pay up’ just exactly why are the 1% and corporations who control most of the rest given a pass.

  3. If all else fails there is always ENVY whether misdirected or not.

  4. If you made such a disrespectful cover of any other minority in Canada you would have had been flamed from coast to coast! To say nothing of the impending lawsuits!

    Disgusting journalism! Picking on seniors, what’s next? Babies?

  5. Kingston is certainly not representative of average income families in Canada. Also, if you take the highest millionaires income and the lowest income out of the equation then perhaps we might have a more realistic average family income for Canadians! Try and compare towns like Midland Ontario and Kingston and it “aint” gonna work! How can people starting out in life be compared with those who have been down life’s road and earned their place in society?

  6. So the greed comes out, kick the seniors and disabled mentality.

    Fact is CPP/OAS is a pathetic investment. Anyone do a 40+ work career ROI on CPP? I put less in my RRSP than was put into CPP on my behalf but by the time I was 48 its sustainable dividends were far larger than CPP+OAS would pay if I was 65. To achieve this, and being disabled, I saved like squirrel for 30+ working years so I could keep my house as I knew I would be disabled in my 50s, I did not want poverty. Took very few vacations, avoided all frivolous debt, only got my first big screen TV a few years ago as prices dropped….never lived beyond my means….paid off my debts early and invested in Canada…..paying huge taxes…

    And now you greedy want to rip me off for planning my life better than most? I never made 6 digits like a MP/MLA/union govmint, never tapped the system for anything. Now you want to reward failures with my successes?

    Hey, I always knew CPP was a tax. Its why I planed my retirement/disability in my name, in my account and in my control. This way I didn’t have to deal with a heartless govmint Canada….wanting to see us all taxed out into poverty and govmint dependence. My biggest worry? Taxes and devalued money will eventually put me broke. I can handle the rest, but with taxes going up far more than inflation and real returns going below REAL inflation…..there is poverty down the road in 2-3 decades if I last that long.

    What ever happened to respect for other people in Canada? If I made a nice nest and was fighting disability to boot, why do you greedy want to steal it from us that do it right?

    And senior spending employs people. As seniors get returns below real inflation, they will spend less on other peoples jobs. Who pays more taxes? $1M retirement fund with 6% average and fair returns or $1M in retirement funds and 1% below inflation returns?

    Reality is we are all eventually taxed into poverty. We are so tax greedy Country we have hidden taxes and tariffs on food and basic clothing low income people pay. You can be minimum wage single, taxed on income and hidden taxes, GST/PST extra. We are well brainwashed not to question the most expensive item in our lives, govmint statism greed.

    The real thieves are the freeloaders in Canada, spend beyond your means, enter retirement with no savings, justy debt then you want other peoples money. We have degenerated as a society if we penalize seniors for doing it right.

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