What’s next for Canada’s retirement programs?
Canada’s seniors are increasingly turning to a program that offers a guaranteed retirement income, and a new program is looking to boost the number of people in the program.
The Royal Canadian Mounted Police (RCMP) announced Monday that it will be rolling out a program called the Loyalty Program.
This is a program in which seniors can receive up to $150,000 in support payments, plus an additional $50,000 if they want to take out a home equity loan.
This support will be paid out over the next two years and will be administered through the Royal Canadian Legion.
The Loyalty program was created to provide support for seniors with lower incomes and who live in remote communities.
The program has been available since the 1980s, but the RCMP said it will now be rolled out to all senior citizens across the country starting next year.
The RCMP is encouraging Canadians to get involved and get involved with the program to be the first to benefit.
The RCMP said it hopes that the program will increase participation in retirement and help the country meet the retirement goals set by the federal government.
The RCMP said in a news release that it is helping more than 30,000 senior citizens, and those who live on reserve, find new employment and a stable income.
The initiative has been popular with retirees, with more than 70 per cent of respondents saying they would recommend it to someone in their 70s or older.