Policy Brief No. 24 - Are Female Baby Boomers Ready for Retirement?

Due to their life-course socio-economic conditions, many female boomers may suffer large decreases in well-being as they head into retirement. Pension reforms which increase retirement age will disproportionately disadvantage those already in low income. While changes to the Canada Pension Plan (CPP) will reduce losses from poor or sporadic labour force participation, these changes are too late to help the early boomer women. Likewise, while research suggests that improving retirement outcomes must begin with improved labour market conditions, inequitable conditions persist. Therefore, any current policy change will miss helping the early boomers. Finally, with increasing rates of chronic disease and longer lifespans, policy must aim toward health and wellness promotion, providing a wider range of integrated care options, and clear estimates of added costs so that Canadians can adequately prepare for retirement