retirement planning

Helping Elderly Parents Manage Their Money

It is always a difficult transition when people move from being the ones taking care of their family to the position where their family takes care of them. This is especially true when it comes to finances.

Because these changes usually happen very gradually, many adult children do not immediately recognize the need their parents may have for additional help with managing their finances. In many cases, aging parents simply don’t feel comfortable asking children or other family members for help.

Long-Term Care Solutions

Long-Term Care Solutions

There is a common misconception that, if left unaddressed, can having a devastating effect an individual’s long-term financial well-being. It is the belief that long-term care costs are fully covered by provincial health care plans if you or a loved one ever need this special type of care.

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Unfortunately, this is simply not the case. While programs do exist to cover some needs like these, most of the burden of long-term care costs usually fall to the individual or their family members.

Retirement Savings Late Starter?

Harry and Sally both earned high incomes and liked to live the good life. They leased higher end European cars, took two-week exotic vacations almost every year, and lived in a house much larger than they truly needed. To accomplish this lifestyle, they put off retirement savings. Now in their forties, Harry and Sally are realizing they have some catching up to do. Listed below are a few things to consider:

Delay no more - Procrastination or bad breaks may have derailed a savings plan. Now is the time to make savings a priority.

Traveling in Retirement

One of the top retirement goals for many is travel. As many as 1.5 million so called "snowbirds" travel to the Southern United States during the winter. With summer just around the corner, thoughts turn to travel within our borders, too. The Canada Safety Council states that a few simple precautions can help ensure a safe, healthy and enjoyable trip any time of the year.

The Quick Start RRSP

Maureen, age 20, figures she can save $400 each month; or she can keep frittering it away at the mall. She lives with her parents and they think she should save it. Dad says, "Put it into an RRSP and get a tax break as well." Her friends think RRSPs are for old fogies and she doesn't need to start thinking about retirement savings until she's 30.

Redefining Retirement

Retirement used to mean a gold watch, a pension and spending time on hobbies or new pastimes. For some this may still be true, but times have changed and there are new realities that will affect how retirement will look in the future.

The largest segment of the population in Canada today, the "Baby Boomers", started retiring in large numbers a few years ago. Those born in 1947 are considered the first Baby Boomers and they reached age 65 back in 2012. Many were in position to retire immediately while some of their peers have had to postpone or scale back their retirement plans.

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