The province’s Seniors Advocate, Isobel Mackenzie, wants to dispel a few myths about the lives of older folks when she presents a talk Saturday at a public event at Kwantlen Polytechnic University.
Mackenzie is going to dive into a number of issues surrounding seniors, who will count for one in four B.C. residents by 2031.
“I’ll start by painting an accurate picture of seniors and do some myth-busting on some of the hyperbole surrounding the state of seniors,” said Mackenzie, who is invited to the Melville Centre at 11 a.m. to speak to members of Third Age Learning at Kwantlen (TALK), a society that engages local older adults and seniors on current affairs and history.
Among those myths is the rate of dementia.
“The vast majority of seniors will not get dementia; they’ll keep their wits,” said Mackenzie.
Another myth is that people are bound to end up in retirement or care homes.
“The vast, vast majority of seniors will live in their own homes” until they die, she stressed.
A talk about seniors is now, naturally, a talk about the baby boomer generation.
And while there are deep concerns about housing affordability and seniors, Mackenzie notes it is this generation that is largely well-situated to weather the storm of old-age financial stress, thanks in large part to the high rate of home ownership.
“If you’re mortgage free, you don’t have a housing problem. It’s a problem for life-time renters who have limited incomes (savings) with rents rising beyond inflation, which is creating a problem for seniors and for seniors in Richmond,” in particular, said Mackenzie.
She said more seniors (those age 65 and over) are choosing to work.
“People are living longer and healthier and they started working later in life (often because they went to post-secondary school.)”
As a result, many of the oldest baby boomers (age 71) are still working.
Some senior renters may be working still because their savings/investments aren’t providing for them as much as expected, with historically low interest rates.
She said seniors can dip into their home equity but the reverse mortgage industry is not well regulated and can be predatory as it operates outside of the main banking system, she noted.
Mackenzie believes the government should step in and provide secure loans against home equity at government interest rates (similar to property tax deferrals with low, simple interest).
For instance, as people age they can no longer perform their own services (wash a car, mow a lawn etc.). So, the government could provide at-cost, minimal interest stipends backed by one’s home equity.
Her overall point is that seniors need to be ready.
“Expect to be active and engaged well into your 80s,” said Mackenzie, noting seniors are volunteering more than ever these days.
Like dementia, Mackenzie said health concerns may be overblown.
“The majority of seniors are quite healthy. For those 85 and over, half are still healthy. The other half is a grab bag of illnesses and chronic conditions,” said Mackenzie.
Furthermore, 85 per cent of seniors over age 85 still live at home.
Contact Sonya at [email protected] for event details.
