Ever heard of the Silver Tsunami? Well, it’s coming.
We’re not the only country this is happening to, but in Canada we have an ageing population.
Last I heard, we are rapidly approaching the point where we will actually have more people over the age of 65 than under the age of 15.
At first glance, that’s just a fun fact. But unfortunately, it’s a fact that carries some pretty heavy implications.
Perhaps the biggest concern is the dramatic increase in the cost of both old age security and healthcare.
These are two of the biggest expenses our taxes pay for each year. And as we have less people paying income tax, because they’re retiring, that means we’ll have less and less money to pay for something that’ll keep costing more and more.
Key point: make sure you build a solid nest egg. You’re probably going to need it.
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