Insights

Most working Canadians look forward to retirement. The day that they can turn in their laptop, work tools, and security access cards and transition into a life of relaxation and free time is one that gets most people excited. And for good reason. Retirees typically have more time to live life on their terms with way more time to do it without work getting in the way. But, the transition from working life into retirement isn't always perfectly smooth. Having had a front row seat to a lot of new retirements, I have had a chance to see what works well for people and areas where they struggle. Here is a list of the 3 biggest areas where I've seen new retirees struggle.

The cost of a long-term illness or other health condition that will require an extended stay in a long-term care facilities is one of, if not the largest unknown expense that a retiree may encounter as they age. According to the Long Term Care Association, 1 in 5 seniors over the age of 80 has a complex healthcare need that can only safely be met in a long-term care facility. And according to Statista from survey data gathered in 2021 - 40% of long term care stays are between 1 and 3 years, 21% are between 3 and 5 years, and 14% of stays are greater than 5 years. While many seniors may be fortunate enough to avoid needing enhanced care services in retirement - the risk is still significant enough that retirees should be discussing how they would respond in the event that the need for this type of care arises. In this video we will cover the health conditions that may necessitate a stay in long term care, the different types and levels of long-term care support in Canada and their associated costs, and how retirees should be planning for the potential costs and lifestyle impact that a move to long-term care will bring.

In this video, I’m going to walk you through the 5 big decisions that retirees need to think about as they plan out their retirement investment plan. If you get these 5 decisions correct, you will be able to enjoy a virtually stress-free retirement when it comes to your investment portfolio.

Today we're going to talk about a mailbag question that came in from a viewer asking about how to treat the proceeds of a RRIF that fell into their deceased parent's estate. I'm going to step you through the question, some of the considerations that the viewer asked me to cover, and I'm going to walk through the answer that I provided to them in email.

I invited Markus on the channel today to have a conversation with me about it. We talked about why people in their 50’s and 60’s are susceptible to falling for investment fads and schemes, stories from his nearly 2 decades working with Canadian retail investors, different types of risky investments that can draw people in, and Markus shares some words of wisdom that may help you avoid being pulled into a risky investment scheme.

According to a recent study by Ipsos Reid, 57% of pre-retirees surveyed and 37% of retirees surveyed indicated that running out of money in retirement was among their top financial concerns. Far and away, the greatest fear that I hear from people getting ready for retirement is the fear of running out of money. In this video I am going to walk you through 4 steps you can take if you are worried about running out of money in retirement.

I was recently asked for my thoughts on reverse mortgages. The topic can bring up strong feelings and troubling stories of family members who took out a reverse mortgage and had a bad financial outcome. But, like many financial products, reverse mortgages are a tool. They can do a lot of damage in situations where they are used incorrectly. And they can be a great solution for a retiree who meets a number of important criteria.