While the government is providing CERB for the working population, the only thing they've offered for seniors is to eliminate the mandatory minimum RRIF withdrawals.
There is no help for them because they didn't have income to begin with and if you think OAS and CPP amount to anything, you're mistaken. My parents get ~$1200 for OAS/CPP (for both of them) per month.
They relied on their RRIF which just shrank by one year's worth of withdrawals.
Many or most boomers have employee pension plans to rely on, in addition to their savings. Employee pension plans are of course a thing of the past now, except for government workers.
Everybody's retirement savings just took a big hit, but things are already rising again thanks to government action.
The government is providing much-needed help, for people who qualify, but isn't going to make up for what people are losing. Especially people who rely on tips, and people who rely on commissions, and freelancers, and self-employed people, and people who own businesses that are shuttered.
This could not be less true. Boomers have lost their RRIF's and unlike millenials, they don't have the rest of their lives to get over the financial hurdles.
Just add the 2020 depression to the ongoing list of hurdles that Millennials "have the rest of their lives toget over".
-years of their career lost to the 2020 depression
-years of their career lost due to the 2008 recession
-years paying off student loans due to skyrocketing tuition fees
-decreased capacity for savings due to increasing share of stagnant salaries being consumed by skyrocketing rents and real estate prices
-increased requirement for retirement savings due to disappearance of employee pension plans.
For the Boomers the retirement goal was "Freedom 55"... for Millennials the retirement reality is Tombstone 85: you might get to stop working when you're dead. Throwing in an economic collapse or global pandemic every 10 years or so isn't going to help.
-k