Toronto and the Greater Toronto Area (GTA) including the outlying towns and hamlets, like most anywhere in Canada has a large baby boomer population, and that population is on the verge of retirement in mass.
As the baby boomer generation begins to retire, many questions arise about how the social nets of today will be sustainable with so many people entering retirement. If we pay head to much of the news and speculations about what the social nets for retirees will be soon, this in itself to many will be a doomsday scenario as most of the planning for retirement is based on financial readiness and the government safety nets currently in place.
A recent Angus Reid study found that over half of Canadians (58 per cent) are not financially prepared after they leave the work place for retirement. Toronto and the GTA fall nicely into this same percentage and with its population of close to 5,000,000, that kind of percentage will have a major social and economic impact. The expected years of impact on the social nets will be between 2016 – 2030 give or take a year or two. The statistics and projections do not paint as gloomy and desperate a picture as much of the media of today is painting, but impact is inevitable.
For the doomsday Preppers the government social nets are of a minor concern in the whole scheme of a doomsday event, but to many non-doomsday Preppers, there is a firm conviction that the social nets in place today will not be available or radically changed when they retire. Unfortunately it appears a large number are not prepared for retirement and recent changes to Canada’s Pension Plan and the Old Age Security Plan announced by the government, many baby boomers will have to retire much later in life than 60 or 65.
Concerns about retirement
- Government benefits not being there– With such a large number baby boomers moving closer to retirement, there is a fear that the government social nets will fall short of being able to provide an adequate retirement income.
- Working population decline– Will the population in the work force be able to sustain the current government social nets is a concern for both government as well as the baby boomers. What burden will the baby boomers be placing upon their children and children’s children, is a concern.
- Longer life expectancy– Life expectancy over the last ten to twenty years has steadily been increasing. With the advances in medicine, science and technology, we are experiencing longer life and expect that this trend will continue. This means that the baby boomer draw on the government social nets will have a longer deration than ever before, putting even greater threat on the retirement benefits.
- Company pension plans are decreasing as the workforce model changes – Pension plans have become a burden for corporate Canada, and they have been increasingly changing the working model in an attempt to decrease this burden.
- Retirement financial power –Concern with rising costs and cost of living even those who have financial plans are worried that they will fall short.
But this only addresses the financial implications of retirement and to the Prepper while being important is not the only thing to be concerned about. Prepper look not only at theirs and the financial world conditions, but at the whole of the world conditions, and to the Prepper there is a lot more to be concerned about and to plan for than just their finances. The Prepper is concerned about everything from food supplies, rationing, housing, heating, resource availability and a whole lot more. This is why many Preppers are turning to self-sufficiency models (which we will cover in another article) for their future requirements. Some are projecting that there will be an increase in communal or cooperatives forming in the coming years.
The Doomsday retirement plan
In one aspect of a doomsday scenario, everyone who survives it is essentially retiring from society and the world as it used to be. The doomsday scenario is the forced retirement plan, weather you are ready or not for everyone. The first question in a doomsday scenario is, will anyone survive, and then from there if you do survive what will the world you survived into be like. It is the second question that occupies the mind of the doomsday Prepper, and so instigates the need to prepare for everything and anything.
For the doomsday Prepper, financial concerns are not the major concern as the belief is that the financial model that exists today will no longer exist. In a doomsday scenario there will be much greater concerns that the money in your pocket let alone in a bank or anywhere else if these institutes even exist anymore. The doomsday Prepper is truly a survivalist on steroids, and as such must prepare for the inevitable worst case scenario.
What is happening now?
In Toronto and the GTA, Preppers have formed associations, and there are many other forms from communal groups forming from cooperative apartment blocks to communal farms and mini settlements. The emphasis of these groups and communities is on self-sufficiency and being prepared.
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With thanks and gratitude Clayton.