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All (5)

All (5) ((5 results))

  • 1. 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
  • 2. The financial well-being of the self-employed Archived
    Articles and reports: 75-001-X201100411535
    Geography: Canada
    Description:

    About 1 in 6 Canadian workers is self-employed. Does taking on the responsibility of a business result in greater earning potential? More wealth? Affect spending patterns? This paper uses a variety of data sources to examine how the self-employed differ from paid employees in income level and dispersion, wealth, retirement preparation and spending.

    Release date: 2011-09-23
  • 3. 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
  • 4. Consumption patterns among aging Canadians Archived
    Articles and reports: 75-001-X201100211417
    Geography: Canada
    Description:

    Previous studies of older Canadians well-being have focused on changes in income as individuals age and leave the workforce. However, little has been published on the extent to which consumption levels change in this transitional period. This study uses data from the Survey of Family Expenditures and the Survey of Household Spending to develop a synthetic cohort approach to determine how the consumption patterns of households headed by those born in the late 1930s changed from middle age (in the early 1980s) to retirement (in the late 2000s).

    Release date: 2011-03-25
  • 5. Consumption Patterns Among Aging Canadians: A Synthetic Cohort Approach Archived
    Articles and reports: 11F0027M2011067
    Geography: Canada
    Description:

    Studies of pre- and post-retirement annual income have focused on the extent to which income falls at this crucial stage in life. Although these studies vary in scope and intent, the overall consensus is that the Canadian retirement income system provides income replacement rates that are in the excess of 60% to 70% for a plurality of Canadians, especially for those who had low incomes during their prime working years. However, little has been published on the extent to which retirees maintain their same levels of consumption. Using data from the Survey of Family Expenditures (FAMEX) and from the Survey of Household Spending (SHS), this study develops a synthetic cohort approach to determine how the consumption patterns of households headed by individuals in their late 40s (in the early 1980s) differ from those of a group of households headed by individuals in their early 70s (in the late 2000s). It finds that, even though the nature of consumption changes over time, the overall levels of consumption "per adult" do not decline by substantial amounts among Canadians as they age.

    Release date: 2011-03-25
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Articles and reports (5)

Articles and reports (5) ((5 results))

  • 1. 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
  • 2. The financial well-being of the self-employed Archived
    Articles and reports: 75-001-X201100411535
    Geography: Canada
    Description:

    About 1 in 6 Canadian workers is self-employed. Does taking on the responsibility of a business result in greater earning potential? More wealth? Affect spending patterns? This paper uses a variety of data sources to examine how the self-employed differ from paid employees in income level and dispersion, wealth, retirement preparation and spending.

    Release date: 2011-09-23
  • 3. 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
  • 4. Consumption patterns among aging Canadians Archived
    Articles and reports: 75-001-X201100211417
    Geography: Canada
    Description:

    Previous studies of older Canadians well-being have focused on changes in income as individuals age and leave the workforce. However, little has been published on the extent to which consumption levels change in this transitional period. This study uses data from the Survey of Family Expenditures and the Survey of Household Spending to develop a synthetic cohort approach to determine how the consumption patterns of households headed by those born in the late 1930s changed from middle age (in the early 1980s) to retirement (in the late 2000s).

    Release date: 2011-03-25
  • 5. Consumption Patterns Among Aging Canadians: A Synthetic Cohort Approach Archived
    Articles and reports: 11F0027M2011067
    Geography: Canada
    Description:

    Studies of pre- and post-retirement annual income have focused on the extent to which income falls at this crucial stage in life. Although these studies vary in scope and intent, the overall consensus is that the Canadian retirement income system provides income replacement rates that are in the excess of 60% to 70% for a plurality of Canadians, especially for those who had low incomes during their prime working years. However, little has been published on the extent to which retirees maintain their same levels of consumption. Using data from the Survey of Family Expenditures (FAMEX) and from the Survey of Household Spending (SHS), this study develops a synthetic cohort approach to determine how the consumption patterns of households headed by individuals in their late 40s (in the early 1980s) differ from those of a group of households headed by individuals in their early 70s (in the late 2000s). It finds that, even though the nature of consumption changes over time, the overall levels of consumption "per adult" do not decline by substantial amounts among Canadians as they age.

    Release date: 2011-03-25
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