sad-guy-pennies-retirement-fund

Most Canadian seniors (93%) prefer to live and age at home, finds the Federation of Canadian Municipalities (FCM).

However, 700,000 senior-led households face a housing affordability challenge. A combination of modest incomes and high living costs mean that one-in-four senior-led households are spending more than 30% of their income on shelter; and, seniors who live alone experience poverty at twice the rate of others.

“Every day, our team hears from older Canadians who want to remain in their homes and communities, but find the financial challenges very stressful,” states Yvonne Ziomecki, SVP, HomEquity Bank.

One reason finances have been adversely affected, notes the FCM study, is because only one-third of the Canadian workforce is covered by a registered pension plan.

Also, according to HomEquity Bank, 30% of Canadians nearing retirement have $50,000 or less in savings. And, almost 70% of those nearing retirement still carry debt. More than one-third of Canadians (35%) nearing retirement plan to use the value of their home to generate retirement income.

Here are some articles to help seniors.

Educate clients about retirement income

Help clients boost retirement plans, income

10 questions to ask before your clients retire

Help clients nearing retirement

Originally published on Advisor.ca
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CURT.HANSELMANN.7

Is it the taxpayers’ fault they didnt save for retirement? Or that they dont want to use their home equity. Should the taxpayer subsidize [further] seniors’ income so they can leave a bigger inheritance to their adult kids?
one-in-four senior-led households are spending more than 30% of their income on shelter…how does that compare to those of us working still, paying mortgages or rent, putting kids through college, PAYING TAXES, and all the other expenses? Are seniors all that bad off? Not in my experience…and I serve hundreds of them!!

Sunday, January 3 @ 8:44 pm //////

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