Booming Economy = Financial Stress

Alberta is enjoying a time of great prosperity and seniors are pleased for all who benefit. However with great prosperity comes a significant pressure on the price of goods and services. Though the increase in the cost of living affects all citizens it creates considerable additional financial stress for those living on fixed incomes. Seniors may or may not have sufficient income to meet their daily living needs. If they do today they most likely will not in the future. The largest expense for most families including seniors is their home and the associated costs. We all have to live somewhere. We keep hearing about the rapidly increasing cost of home ownership and/or rent in Alberta. Imagine the financial stress of dealing with these escalating costs if you were living on a fixed income. It is generally agreed if not universally agreed that there is considerable benefit (including financial) to society/taxpayers to have seniors remain in their homes as long as is safely possible. Yet many seniors and the numbers are growing, do not have the financial means to properly maintain their home or pay ever increasing rent.

Seniors United Now believes we can provide rational input into the provincial governments’ recent commitment to “create more affordable housing and options for seniors on fixed incomes that are faced with increasing housing costs”. Seniors United Now is attempting to meet with Greg Melchin, Minister of Seniors and Community Supports to discuss and initiate provincial government action on the following recommendations:

v That income thresholds for all senior benefit programs be increased by a minimum of 50% over the next five years and the subsequent indexing of these thresholds.

v That specific qualifying expenses be deductible in determining:

-The total annual income of seniors to which the Alberta personal income tax rate applies.

-The total annual income of seniors that measures their eligibility for all senior benefit programs.

Qualifying expenses would as an example include:

-Additional expenses incurred as a result of spouses having to live separately due to care requirements.

-Additional expenses incurred when a senior(s) can no longer perform required household duties.

v An increase in seniors housing units that cap rents at 30% of annual income

v That a loan program be developed that allows seniors to complete necessary repairs, modifications and replacements to their principal residence.

-Loan would be fully repayable when borrower(s) move out of residence.

-Loan would be interest free

v An increase in senior health/home care benefits and the indexing of these benefits.

v An increased focus on addressing transportation issues such as:

-aging driver support

-affordable alternative community transportation

v The establishment of an Independent Seniors Advocate

Seniors are not looking to be enriched. Rather, they are struggling to find a stability and sustainability of wellness within their homes and community.

Seniors United Now or SUN as we are more commonly referred to is a non-profit, non-partisan, province wide organization. Our vision is to be a leading resource and advocate on seniors’ issues.