Older Canadians struggling with monthly expenses

Meeting expenses is challenging for many Canadians aged 55 and older, finds a survey by the Chartered Professional Accountants of Canada.

While 50% of those 55 or older appear to be meeting their monthly expenses with ease, 25% are finding it difficult.

A majority of the respondents (60%) expect their savings and income to be sufficient to last the rest of their lives, but 30% of those surveyed aren’t as optimistic.

Advisor’s Suzanne Sharma writes about six ways to help clients who are nearing retirement and having trouble making ends meet.

“The client could set up a GIC or annuity ladder, which will help stretch income. A life-only annuity is another option if he wants maximum cash flow and isn’t as worried about protecting capital.”

Read her other suggestions here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.