Inflation, natural gas prices push some seniors to delay retirement, says adviser

Record inflation, including a steep jump in natural gas prices, has caused more people in northern Ontario to delay retirement, says a Sudbury retirement adviser.

"There's something like a 20 per cent increase in those that have put off retirement who are still working because of the fact that they're looking at their finances and looking forward to retirement," said John Lindsay, also chair of the Sudbury chapter of the advocacy group CARP.

On July 1, natural gas prices for Enbridge customers in northeastern Ontario increased by 18.5 per cent.

The company has said the average customer will see their natural gas bill rise by $5 per month over the next three months. 

The extra cost comes as Canada faces an inflation rate of 7.7 per cent, the biggest increase since 1983.

"Well, I think it is going to hurt for some for sure," Lindsay said about the natural gas price hike.

"But is it going to have an overall effect compared to, you know, the prices for food, which are essential. You can always turn down the thermostat a bit, but you've got to keep that tummy full for sure."

Some relief from natural gas prices

Beyond turning down the thermostat when outdoor temperatures drop, homeowners can apply for federal grants up to $5,000 through the Canada Greener Homes Initiative.

The grants cover home retrofits such as new insulation, thermostats, and more efficient space and water heating equipment, like heat pumps.

David St. Georges, the communications director at ReThink Green, said that to qualify for grants, homeowners need to get an energy audit from organizations like the Sudbury-based non-profit organization dedicated to environmental sustainability.

It recently started to offer energy audits, where an auditor sees what work a house might need to be more energy efficient, and St. Georges said demand has been high.

"We are getting lots of calls for the audits," he said.

"And it's not just the natural gas piece. It's just individuals who want to maintain their home and also have home value. If you've made this investment, you want to make sure you have the opportunity to make these changes to your home, to new standards."

St. Georges said even a small area with poor insulation can lead to a lot of heat loss, and higher costs in the winter.

An initial energy audit from ReThink Green costs $500 and a subsequent audit is $200. But St. Georges said homeowners can recoup up to $600 of that cost from the Canada Greener Homes Initiative.