Income of the Retired Population in Québec

The study covers the income of people aged 65 and over as well as some of the financial characteristics of retirees aged 55 to 64. The study looks at income levels and sources and shows income changes for people aged 65 and over as reflected in statistics for 1981, 1991 and 2001.

The income of retired Quebeckers is compared with the income of retirees in the other Canadian provinces.

Principal conclusions

People aged 65 and over

• The dependence of seniors on government assistance programs has declined over the years. However, the Old Age Security program is still an important source of income, especially for women.
• The place occupied by the Québec Pension Plan (QPP) in the total income of seniors has almost doubled in the past 20 years and the place occupied by supplemental pension plans has increased by almost two and a half times. Supplemental plans were the main income source for seniors in 2001. The proportion of people receiving pensions both under the QPP and under a supplemental pension plan has increased significantly.
• The retirement income of men is higher than that of retired women. Furthermore, more men than women receive a pension under the QPP and a supplemental pension plan. The average pension for men is higher than that for women.
• Over a 20-year period, the income of Quebeckers aged 65 and over increased at the same rate as the income of all Canadians in the same age group. However, the rate of increase for Quebeckers was higher than the rate for Ontarians.
• Quebeckers are more likely to receive benefits under assistance programs than people in Ontario and the Western provinces.

People aged 55 to 64

• Retirees aged 60 to 64 are twice as numerous as those aged 55 to 59 and their employment income is lower, especially in the case of women.
• Throughout Canada, younger retirees are better off financially than older retirees because younger retirees have a higher average income. This is true even though older retirees may have an additional source of income, such as a pension under the QPP or under the Canada Pension Plan (CPP).
• The proportion of retirees is higher in Québec and the Atlantic provinces than elsewhere, but retirement incomes are lower.
• For a large number of retirees, employment income is a significant income top-up.

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