Income, pensions and wealth

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  • 21. Financial Well-Being in Retirement Archived
    Articles and reports: 11-626-X2012014
    Geography: Canada
    Description:

    This article in the Economic Insights series reports on the most recent statistical developments relating to the financial well-being of retirees. This summary is based on selected research done at Statistics Canada on the contribution of income, consumption, and financial wealth to the well-being of older Canadians.

    Release date: 2012-08-29
  • 22. Income Replacement Rates Among Canadian Seniors: The Effect of Widowhood and Divorce Archived
    Articles and reports: 11F0019M2012343
    Geography: Canada
    Description:

    The financial security of widowed and divorced women during their retirement years has long been a concern. This paper places this issue within the context of research on replacement rates, the extent to which family income during the working years (here, the mid-50s) is "replaced" as individuals move into their late 70s. Using a longitudinal database and fixed-effects econometric models, the paper assesses the effect of widowhood/widowerhood and divorce after age 55 on replacement rates during the retirement years.

    Release date: 2012-06-20
  • 23. What Are the Impacts of Late-life Widowhood or Divorce on Income Replacement Rates? Archived
    Articles and reports: 11-626-X2012010
    Geography: Canada
    Description:

    This article in the Economic Insights series examines the income replacement rates achieved in old age by Canadians who experienced marital dissolution, through either widowhood or divorce, after age 55. It is based on results published in the research paper Income Replacement Rates Among Canadian Seniors: The Effect of Widowhood and Divorce.

    Release date: 2012-06-20
  • 24. Income Adequacy in Retirement: Accounting for the Annuitized Value of Wealth in Canada Archived
    Articles and reports: 11F0027M2011074
    Geography: Canada
    Description:

    Discussions of pension adequacy for elderly Canadians have used the rate at which income falls with age; the income replacement rate or the ratio of post-retirement income to pre-retirement income. Use of income streams to assess post-retirement welfare requires a standard against which adequacy of the replacement rates can be judged. Because some expenditures (for example, work-related expenses) can be expected to fall after retirement, a declining income stream does not necessarily signal financial problems for seniors. More importantly, income as normally measured captures only part of what is available to seniors if households possess assets, which in retirement are not being used to generate measured income.

    This paper uses a different metric, referred to as "potential" income. Potential income is the sum of realized income and the income that could be realized from owned assets such as mutual funds and housing. Households prepare for retirement by saving and borrowing and investing the proceeds. The assets accumulated over a lifetime may or may not be drawn down in later years. If they are not, income streams underestimate the "potential" income available to support retirement. This paper takes this potential into account when comparing the pre- and post-retirement financial status of Canadian households.

    Release date: 2011-11-21
  • 25. The Income Management Strategies of Older Couples in Canada Archived
    Articles and reports: 11F0019M2011335
    Geography: Canada
    Description:

    In this study, the income management strategies of Canadian couples are examined using data from the 2007 General Social Survey. The extent to which "older" couples, in which at least one spouse or partner is aged 45 or older, employ an allocative, pooled, or separate strategy is explored. Results show that the income management strategies used by these couples are correlated with relationship characteristics, such as common-law status, duration of relationship, and the presence of children. As well, the likelihood of using a separate approach is positively correlated with levels of educational attainment and with the amount of income received by wives or female partners.

    Release date: 2011-06-22
  • 26. Incomes from Owner-occupied Housing for Working-age and Retirement-age Canadians, 1969 to 2006 Archived
    Articles and reports: 11F0027M2010066
    Geography: Canada
    Description:

    Using data from the Survey of Household Spending and from its predecessor, the Survey of Family Expenditures, this paper investigates the relative incomes of retirement-age and working-age Canadians from 1969 to 2006, taking into account both explicit household income and the implicit income generated by owner-occupied housing. Over this 37-year period, the explicit incomes of retirement-age households increased at a more rapid pace than those of working-age households. Implicit income from owner-occupied housing also increased rapidly during this time, matching the rate at which the explicit income of retirement-age households increased. On average, this implicit source of earnings raised the incomes of retirement-age households (aged 70 and over) by 16%. Taking both forms of income into account, the incomes of retirement-age households (aged 70 and over), relative to the incomes of working-age households (aged 40 to 49), increased from 45% in 1969 to 59% in 2006. During this period, Canadians invested in housing assets that provided additional income upon retirement.

    Release date: 2010-12-09
  • 27. Income replacement during the retirement years Archived
    Articles and reports: 75-001-X201010811331
    Geography: Canada
    Description:

    This article examines the extent to which family income of individuals in their mid-fifties is 'replaced' by other sources of income during the retirement years. It does so by tracking various cohorts of tax filers as they age from their mid-fifties to their late seventies and over. Earlier work examined this question for the 50% of the population with strong labour market attachment during their mid-fifties. This paper extends that work to include 80% to 85% of the population.

    Release date: 2010-08-27
  • 28. Replacing Family Income During the Retirement Years: How Are Canadians Doing? Archived
    Articles and reports: 11F0019M2010328
    Geography: Canada
    Description:

    This paper examines the extent to which family income during working years is replaced during the retirement years. It does so by tracking cohorts as they age from their mid-50s to their late 70s, using a taxation-based longitudinal data source that covers 26 years from 1982 to 2007. Earlier work by the same authors examined this question with respect to the 50% of the population with strong labour force attachment during their mid-50s. This paper extends that work to include almost all Canadians (80% to 85% of the population). The adult-equivalent-adjusted family income available to the median Canadian during his or her late 70s is about 80% of that observed when the same person was in his or her mid-50s (a replacement rate of 0.8). Replacement rates in retirement are negatively correlated with income earned around age 55. Median replacement rates are 1.1 among individuals in the bottom income quintile, 0.75 in the middle quintile, and 0.7 in the top quintile. In retirement, public pensions and other transfers more than replace earnings and other income of bottom quintile individuals. However, some individuals have very low replacement rates. For example, 20% of individuals in the middle income quintile had replacement rates below 0.6. More recent cohorts had higher family incomes in retirement than did earlier cohorts as a result of higher earnings and private-pension income.

    Release date: 2010-07-29
  • 29. Incomes of Retirement-age and Working-age Canadians: Accounting for Home Ownership Archived
    Articles and reports: 11F0027M2010064
    Geography: Canada
    Description:

    This paper estimates the implicit income generated by the home equity of working-age and retirement-age households. In so doing, it expands our understanding of Canadians' preparation for retirement by taking into account the services that homeowners realize as a result of having invested in their homes. On the basis of both the 2006 Survey of Household Spending and the 2006 Census of Population, we find that housing services make an important contribution to household income. When estimates of the services provided by the equity invested in housing are added to traditional estimates of income, the income of retirement-age households is increased by 9% to 12% for those in the 60-to-69 age class and by 12% to 15% for those in the 70-plus age class. In turn, this additional income reduces the difference in income between working-age and retirement-age households that own their own homes. According to the Survey of Household Spending, net incomes decline by about 45% between the peak household earning years and the 70-plus retirement-age class. This figure is reduced to 42% when the contribution of housing services is taken into account. The Census provides a similar picture: the gap in incomes is 38% when net income alone is considered and 35% when one accounts for housing services.

    Release date: 2010-07-26
  • 30. Pension Coverage and Earnings Replacement Rates Among Canadian Couples Archived
    Articles and reports: 11F0019M2010327
    Description:

    Using data from the Longitudinal Administrative Database (LAD), this paper compares the earnings replacement rates achieved in retirement by a sample of married and common-law couples in which the husband was aged 55 to 57 in 1991. Emphasis is placed on the outcomes experienced by couples in which one spouse or both spouses had registered pension plan (RPP) coverage and by couples without RPP coverage. The earnings replacement rates achieved by couples without RPP coverage are more widely dispersed than those of couples with RPP coverage. When compared at the mid-points of the pre-retirement earnings distributions, the median earnings replacement rates of couples without RPP coverage are about three to six percentage points lower than those of couples with RPP coverage. In contrast, the average earnings replacement rates of couples without RPP coverage are generally six to twelve percentage points higher than those of couples with RPP coverage.

    Release date: 2010-07-22
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