Its not easy trying to fight back. For the older generation, I do not know what to suggest.West Niagara is blessed with two of the best support organizations/foodbanks in the country. They support over 1000 families in need. Folks are going to have to relearn old skills and learn to be adaptable and creative once again. I am fortunate in having been taught many old world skills. I will be relying on them a little more, and trying to impart that knowledge to my children, nieces, nephews, and the generation now being born.
I've heard that 10% retirement saving goal before. It's not realistic living on minimum wage and spending upwards of 60% of income on rent. Not realistic for those on a fixed income.
I followed that rule and had 2 different pension funds. Thanks to government created loopholes. One employer was allowed to borrow against the company pension. The company folded and so did the pension. With the stock collapse a few years back, my locked in RRSP, taken out from another past employer in trouble, lost 70% of its value overnight. First news of the mess was that all payments from the RRSP fund was being suspended until such time as the fund recovered sufficiently. Those already drawing on that pension were cut off for almost 5 years. They have only now started paying out again. I guess enough of the previous recipients had died off.
Big government and big business does not give a hoot about what happens to the average citizen