I think Mr. Carrick is living in an alternate reality.  According to Statscan 80% of private sector workers have no employer pension of any kind.  Pensions started to disappear in the private sector 30 years ago.  As Benjamin Tal recently said, the income numbers may look good for todays seniors but won't look so rosy 10 years out once most of the baby boom generation retires and the previous generation passes on.  CPP, OAS, and GIS provides a minimum income of $17,300/year.  CPP & OAS provide just over $20,000.  Despite having paid off a mortgage and saving what most would consider a tidy sum, unless interest rates rise to around 5%, most single seniors of the baby boom generation will have a very tough time without a reasonable return on their savings.  To expect most of these folks to manage stock market portfolio is madness.  Inflation on the necessities of life are well beyond the figures Mr. Carrick quotes.  But hey, let them eat cake.