For savers in Canada, a sinking feeling

[marmar]

from the Globe & Mail:



Colleen Wallace is frugal, and proud of it.

The 70-year-old resident of Chelsea, Que., a rustic enclave north of Ottawa, managed to make ends meet while raising a daughter on her own, and despite being laid off from her federal government job 17 years ago. She doesn't have a computer, and she uses a rotary dial phone with a party line – a relic of a bygone era in telecom. She collects a pension, has a modest investment portfolio and her house is paid off.

“I’m not hurting but there’s no room for any exotic spending,” Ms. Wallace says. “I’m very good with my income. I’ve never gone into debt and never spent more than I can afford.”

But like millions of Canadians who are either approaching the end of their working lives or living on fixed incomes in retirement, Ms. Wallace faces an array of economic forces that appear to be stacked against her, and she is worried about her financial well-being.

It’s the saver’s dilemma. Life for these Canadians has become an uncomfortable squeeze between weak returns on their investments, stagnant incomes and the steadily rising cost of everything from food to fuel to housing. ...............(more)

The complete piece is at: http://www.theglobeandmail.com/globe-investor/personal-finance/for-savers-in-canada-a-sinking-feeling/article2326301/

[shraby]

1. Not much different for retirees here in the U.S.

[Darth_Kitten]

2. I probably won't retire at 65....

I never thought I would; most people can't make do on whatever pensions they receive, plus savings, etc.
Bravo for those who are very careful with their money, but even that is not good enough, it seems.

Yes, in Canada, the real Harper agenda is being released, full force. It's going to get really bad before it might start to get better.

[Snake Alchemist]

3. This is why I will be retiring some place where English is not the primary language. nt