“In past generations, older Americans were more financially secure,” says Elizabeth Warren, a Harvard Law professor and co-author of the Consumer Bankruptcy Project study. “Now instead of going into retirement loaded with assets, Americans are hitting their retirement years loaded with debt.”

Robert Kiyosaki says, “The rules of money changed in 1971. Today we see the tragic results of that change.  The tragedy shows up in the lives of people who are not only out of work, but in many instances too old to go back to work. The tragedy is the erosion of their savings as inflation marches on.”

Many Canadians will spend their golden years in poverty, if a government decision to change the eligibility age for retirement benefits to 67 from 65 isn’t discussed further say with the other opposition Parties like the NDP or the Liberals and the Public in general.


While Baby Boomers fret about delaying retirement, observers say they still have a chance to rebound by working on entrepreneurial projects and Encore careers. It is the members of the “silent generation”- three million members in Canada born between 1925 and 1945- who may face the collapse without time to rebuild.

The richest in this group could probably participate more in Encore careers to have an opportunity to give back to society.  While the poorest in this group born between 1925 and 1945 will need access to affordable housing to alleviate some of these pressures caused by the economic downtrend.

The worst-case scenario is that poorer pensioners will drop behind in real terms and face increasing poverty- aided only by government handouts.


Many individuals either want to or will need to work after retirement.  According to an AARP survey, 80 per cent of the baby boom generation intends to continue working after the retirement age of 62  or 65 in Canada.

What meaningful jobs with adequate pay will be available?

Do you begin your own small business as a senior entrepreneur?

Do you give back through community service and participating in an Encore non-profit career?



Canada has seen considerable success in reducing seniors poverty over the last three decades mainly because of Public Healthcare and Social Security.  over 30 per cent of seniors fell within the low-income bracket in 1977. The figure hit an all time low of 4.9 per cent in 2007 but has since increased to 5.89 per cent – as estimated 250,000 senior citizens living in poverty.

Is it possible for Canadians and other low-income seniors to double their annual income?

Angella MacEwen, a Canadian Centre for policy Alternatives research associate says, “Half of seniors who are self-employed make less than $5,000.00 a year and also notes that this burden is especially problematic given the fact low-income seniors- particularly men- have a lower life expectancy. “What this means is that people will be spending their last years in poverty.”

In my new book titled, Encore! Encore! Senbiors(50 Plus) As Entrepreneurs: Their Time Has Come, that’s now available on my website: I suggest an ‘out of the box’ possible entrepreneurial solution.  We know that at the present time Big Banks and others give seniors bank interest charge credits on all their bank transactions. Then, recently the newly introduced TFSA (Tax Free Savings Account) allows Seniors to have increased savings without having any effect on their GIS (Guranteed Income Supplement) application.  These changes by the Banks and the Federal Government are very much appreciated by all Seniors.

I believe that the next benefit we will need is something that I call a TFBA (Tax Free Business Account) which would allow seniors to set-up a small business in a tax free account at your local bank.  This would enable seniors to be more active, creative, productive and useful in their retirement life.  The Federal Government could make a policy decision about how much income would be tax free for the operation of a registered senior’s small business  I suggest an income level of at least $7,500.00 to 10,000.00 per year which in combination with the present Goverment entitlements could get ALL seniors above the Poverty line, and also provide them with a reasonable annual income. On the other hand, for those seniors that have health challenges and/or other serious problems that might prevent them from participating in this proposed new program, the Federal and Provincial Governments could up-grade and re-assess some of their entitlements to help them get a better quality of life.