Featured Post from Retire with Equity

Does Donald Trump Like Seniors?

The answer is complicated

Nov 22, 2024

7 min

Sue Pimento
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At 78, Donald J. Trump already has 13 years of experience as a senior citizen. During his previous presidency, he occasionally referenced his senior status, particularly when discussing issues affecting older Americans. For example, in the 2020 election campaign, he acknowledged his age and addressed fellow seniors directly in his messaging, sometimes referring to himself as part of the senior community.


Looking at his record, Trump appears to have a complex relationship with seniors. While expressing support for essential programs such as Social Security and Medicare, he often weaves the needs of seniors into his rhetoric. Yet some of his policy decisions have created mixed feelings among older Americans and advocacy groups. While pledging to protect these programs, he’s considered budget-cut proposals to reduce the funding of both these programs. Plus, his administration attempted to repeal the Affordable Care Act.


While even the smartest of experts have learned it’s difficult to predict what Donald Trump will do on key policy decisions, there are some clues as to how his move back into the Oval Office will impact Canada and, more specifically, seniors. This topic got me wondering. Does Trump (a senior himself), like seniors?


Let’s look closer at this demographic. Everyone knows that older people are the most reliable voters. The stats are compelling.


According to Elections Canada

- 75% of Canadians aged 65-74 voted compared to 48% of those aged 18-24.

- The statistics for our US neighbours are similar, with 70% of Americans aged 65+ voting and 50% of Americans aged 18-29 voting.


Knowing this voting power of the senior demographic, did Trump pander to this voting cohort? Yes, he most certainly did. He knew that as people age, their concerns narrow to a smaller list of critical topics such as Financial Security, Health, and Safety.  During his 2024 presidential campaign, Donald Trump focused heavily on appealing to older voters, who historically make up a significant portion of the electorate and are more likely to vote. His campaign emphasized economic stability, protecting Social Security and Medicare, and national security—particularly relevant to older demographics.


Let’s take a closer look at how the Trump administration could impact Canada's senior demographic in the following areas:


Inflation

Background: Inflation has a direct correlation to the cost of living. As the prices of goods and services rise over time, the purchasing power of money decreases – a challenge for many seniors.

Critical expenses like housing, healthcare, food, and utilities could increase noticeably, putting pressure on limited retirement incomes and pensions. All this is stressful. According to a 2024 national survey of over 2,000 Canadians (conducted by Leger on behalf of FP Canada), money remains the top stressor for Canadians, with 44 percent citing money as their primary concern; That's up from 40 percent in 2023 and 38 percent in both 2022 and 2021.


What This Means: Two of Trump’s biggest promises in his campaign (mass deportation of undocumented immigrants and more restrictive trade regulations) would have a "significant impact," according to an article by Ellen Cushing in the Atlantic.  A domestic labour shortage plus double-digit import taxes would raise food prices on both sides of the border. Cushing goes on to say that “deporting undocumented immigrants would reduce the number of workers who pick crops by 40-50%.” While this rhetoric may have played well during the campaign, you can't fake the simple math here. Fewer workers means higher wages. That means higher prices. And the senior demographic will be hit hard because of their fixed incomes. Many will eat less of the expensive grocery store items like fresh meat, fruits and vegetables to make ends meet. Food prices will inevitably climb with these policies. The only question is when. According to a new poll conducted for CIBC and Financial Planning Canada on November 27, 2023, approximately 75% of working Canadians still need a formal financial plan for retirement. And many retirees face economic difficulties.  A whopping 25% are still carrying debt into retirement.  Many also report they have a substantial portion of debt and report that their retirement lifestyle isn't as comfortable as expected. The impact of inflation could be dire with few solutions; it is different for these older Canadians because they cannot re-enter the workforce. The only saving grace is that many of the hardest-hit Canadians are homeowners with equity options.


Interest Rates

Prediction: According to Beata Caranci, SVP & Chief Economist of TD Bank, the US is likely to raise interest rates to control growth. Canada is also expected to increase its rates, mainly to keep the Canadian dollar stable against the U.S. dollar. The Bank of Canada could be forced to rescind the projected planned interest rate reductions or at least reduce them. However, it's a delicate balancing act.  Our economy could suffer if we don’t mirror the US increases in interest rates.


Impact: Increasing Canadian interest rates will impact seniors by increasing mortgage carrying costs. At the same time, older Canadians with investment savings could see increased returns on these savings. A rise in interest rates would also impact housing prices and foreign exchange rates.


House Prices

Background: Economic, demographic, and policy-related factors influence home prices in Canada. The new Trump administration will undoubtedly impact these factors. To understand this area, let's examine some significant variables affecting housing costs.


1. Supply and Demand

When housing supply is limited, and demand is high, prices rise. Conversely, when supply exceeds demand, prices stagnate or fall. Should the new administration adopt more restrictive immigration policies in the US, Canada might see an increased influx of skilled workers and families seeking an alternative place to live. Housing demand will likely increase in major Canadian cities—Toronto, Vancouver, and Calgary- resulting in price increases.


2. Population Growth

An increase in population or immigration boosts housing demand, particularly in urban centers, consequently increasing home prices. Canada welcomed 485,000 immigrants in 2024, many of whom settled in cities like Toronto and Vancouver. This influx has driven up demand for housing, contributing to price increases. The Canadian government has recently reduced the number of immigrants we allow into our country, dropping the number from 500,000 to 395,000 in 2025. Current immigration numbers plus any overflow from the US should keep demand buoyant and we could see home prices continue to rise.


However, Canada needs more housing, especially in high-demand urban areas. In addition to immigration, slow construction timelines and zoning restrictions are contributing factors.

Canada's ongoing housing shortage and the potential impacts of Donald Trump's election win in the U.S. could exert upward pressure on home prices, particularly in major cities like Toronto and Vancouver. These cities, already grappling with limited housing and high prices, will likely see further price increases due to increased demand. 


Without robust policy interventions to increase the housing supply, Canada’s housing prices, particularly in major centers, will likely continue rising. And there will be winners and losers here. This is great news for seniors wishing to sell and exit the market by finding other living arrangements, such as renting, moving in with family, or entering retirement homes. It is even better news for seniors wishing to age in place as they will have more equity to fund their retirement. But it’s disappointing news for those wishing to downsize and stay in the same communities. They may be able to sell high, but they could also be forced to buy high.


3. Foreign Currency

Trump's policies, such as tax cuts and protectionist trade measures, have historically strengthened the U.S. dollar. If similar policies are reintroduced, the U.S. dollar could become more robust due to increased investor confidence and perceived economic growth in the U.S. That’s bad for Canadians traveling or living in the U.S.  Trump's potential trade disputes, particularly with China, and his aggressive geopolitical stance could also create uncertainty in global markets. While this might temporarily strengthen the U.S. dollar as a haven, long-term concerns about trade wars and deficits could cause fluctuations, impacting the Canadian dollar's stability against the U.S. dollar.

This volatility directly impacts Canadians, especially those with significant financial exposure to the U.S. dollar.


A second Trump presidency will likely impact the exchange rate between Canadian and U.S. dollars, which is especially relevant for 85% of Canadian Snowbirds, who, according to Snowbird Advisor, spend winters in the United States. This number was estimated to be 900,000 in 2023. These seniors may face increased expenses for property taxes, utilities, and other daily living costs in the U.S. If exchange rate volatility persists, locking in more favourable rates or using specialized currency exchange services, US credit/debit cards with lower transaction fees, and using US dollar accounts might be wise - especially for more significant financial transactions.


The Bottom Line


One thing is certain. Trump's second term has the potential to impact many Canadian seniors if he implements the policies he discussed during his election campaign. While some could benefit financially from higher home equity and investment returns, many may need help with increased living costs, especially food and foreign exchange challenges, particularly Snowbirds and those on fixed incomes.  While we are all watching this situation unfold, one thing is sure.  It's difficult to predict if Trump’s second term will make Canadian or US seniors "great again."




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Sue Pimento

Sue Pimento

Founder | CEO

Focused on financial literacy and retirement strategies. Authoring new book on home equity strategies to help seniors find financial freedom

Pension ReformInterest RatesHome EquityMortgagesReverse Mortgages

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6 min

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Grandma thrived on independence, which she held onto with great determination. At 90 years old, she re-tarred her driveway by herself, much to the neighbours' surprise and my immense admiration. The tar application was as wrinkled as her skin, and she couldn't care less. She beamed with pride while I took her picture! She loved having visitors, and the parish clergy were frequent guests. She always welcomed them with a twinkle in her eye and a sharp sense of humour. Once, when the parish priest asked her if she ever thought about "the hereafter," she shot back, “Oh, I think about it every day when I go into the basement and ask myself, ‘What am I here after?’” That was Grandma: quick-witted, strong, and full of life. Our basement apartment was more than just a place to live; it was a lifeline. The benefits extended beyond us. Grandma stayed in the home she loved until she passed away peacefully at 96 years old, sitting at her kitchen table on my birthday. It was a poignant moment that reminded me how much she had shaped my life. The modest basement apartment not only sheltered us but also added value to her home. We inadvertently enhanced the property’s functionality and appeal by converting unused space into livable quarters. This represents a key advantage of ADUs in today’s economy. Given the housing shortages and rising costs, ADUs provide a practical solution by offering affordable rental options, increasing property values, and creating opportunities for intergenerational living. In recent years, governments have acknowledged the importance of ADUs, making it easier and more affordable for families to construct them. Changes to mortgage lending policies have been introduced to promote ADU construction. For instance, insured loans now cover up to $1.5 million, and the amortization period has been extended to 30 years, enhancing financing accessibility. Furthermore, the federal government has announced new refinancing options to allow up to 90% of the property’s value. At the same time, low-interest loans for ADU construction have doubled to $80,000, with repayment terms of 15 years. These welcome changes will lower financial barriers and assist homeowners in creating secondary housing units, addressing both affordability and housing shortages. This intergenerational arrangement we set up over three decades ago was a win-win in every way. It provided mutual support, strengthened family bonds, and created a housing solution that benefited both generations. Seniors can age in place with dignity and companionship while younger generations gain access to affordable housing and the chance to learn from their elders. The laughter, shared meals, and stories crafted memories that will last a lifetime. Moreover, ADUs can help ease housing shortages and increase the availability of affordable rentals. They represent a practical, cost-effective method to utilize existing properties better. For families, they offer flexibility—a space for aging parents, adult children, or even potential rental income. For communities, they supply essential housing stock without necessitating large-scale development. For a deeper dive into ADUs, here's a link to a post we shared last year https://expertfile.com/spotlight/10346/additional-dwelling-units--adus- What's Old is New Again It's often said that many things come back in style if you wait long enough. This may hold for ADUs, simply an old concept whose time has come again. Nonetheless, ADUs empower our younger generation to afford housing and achieve homeownership. They also provide vital support for our older generations, enabling them to age in place while generating much-needed income for a dignified retirement. Reflecting on the past, I often ponder who saved whom. Grandma’s indomitable spirit and sharp humour made every bump in the road worthwhile. She would tease me about the crooked shelves we installed and joke that our kitchen was so small we could stir the soup without getting off the couch. In truth, she gave me more than I ever gave her. Her strength, love, and unwavering sense of humour helped me navigate one of the most challenging times in my life. The quirky basement we built in 1991 may not have been perfect, but it served its purpose. Today, as ADUs gain popularity, they represent more than just housing; they embody connection, resilience, and finding creative solutions to life’s challenges. Whether it’s a basement apartment, a backyard cottage, or a garage conversion, ADUs can foster connection and help families thrive—just as we did all those years ago. And as for Grandma? She demonstrated that a touch of humour, plenty of love, and the occasional jab at a priest could keep anyone young at heart. Every time I think of her now, I can’t help but smile and wonder if, somewhere, she’s still re-tarring driveways and asking herself, ‘What am I here after?’ Don’t Retire … Re-Wire! Sue

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