Three Essential Tips for Managing Your Fitness… from an article posted on the McMaster University Portal on July 31, 2024
Managing finances effectively becomes increasingly important as we age. Whether you are preparing for retirement or simply looking to ensure your savings last, a strategic approach to money management can provide you with peace of mind and financial security.
Here are three essential tips to help you navigate your financial journey:
A well-structured budget is your roadmap to financial stability. Start by listing all sources of income, such as pensions and any investments. Next, track your monthly expenses, from essentials like housing and utilities to non-essential such as dining out. By comparing your income with your expenses, you can identify areas where you may be able to cut back or adjust your spending. Use budgeting tools or apps to make this process easier and keep your financial goals on track.
Carrying debt into retirement can be a significant stressor. Focus on paying off high-interest debts, such as credit card balances, as a priority. Consider consolidating debts or refinancing if it reduces your interest rates. Additionally, avoid accumulating new debt by using credit cards sparingly and planning major purchases carefully. A debt-free lifestyle not only improves financial health but also enhances your overall quality of life.
As you age, your investment strategy should evolve to match your risk tolerance and income needs. You may consider shifting from high-risk investments to more stable options that provide steady returns. Regularly reviewing your portfolio can ensure it aligns with your retirement goals and allow you to make any adjustments needed. Consulting with a financial advisor can provide personalized guidance, helping you balance growth with security and navigate market changes effectively.
By implementing these strategies, older adults can manage their finances with confidence and enjoy their retirement without unnecessary financial stress. Planning and staying informed can help you make the most of your resources and achieve long-term financial stability.
Government of Canada Launces Call for Proposals for Community Projects to Help Seniors… from Employment and Social Development Canada News Release on Aug. 1, 2024
New Horizons for Seniors Program marks its 20th anniversary and nearly 40,000 local projects since inception
Canadians deserve to age with dignity. That comes down to choice, to affordability, to inclusion, and to community. For 20 years, the New Horizons for Seniors Program (NHSP) has helped the Government of Canada deliver on that promise to Canadian seniors by supporting those organizations working to make their lives better.
Today, Canada’s Minister of Seniors, Steven MacKinnon, launched the 2024–25 call for proposals for community-based projects through the NHSP.
Organizations can apply for funding to deliver projects that will help seniors be more connected and active members of their communities. Organizations are encouraged to reflect the four national priorities for this cycle as part of their projects:
The NHSP funds a wide variety of projects, such as online computer classes, financial literacy and fraud prevention education, meal deliveries, and the purchase of equipment to help keep seniors informed, connected and engaged.
The call for proposals is open until September 12, 2024. Applicants are encouraged to submit their applications electronically on the Grants and Contributions Online Services portal. Creating an account is a one-time process that allows organizations to apply for various Employment and Social Development Canada funding opportunities in a secure web environment. Organizations serving seniors can access support to prepare their application by contacting their nearest NHSP office.
Quotes
“Every year, the New Horizons for Seniors Program funds thousands of projects that enrich the lives of Canadian seniors, fight loneliness and build community. I encourage all eligible organizations to apply to this year’s call for proposals.”
– Minister of Labour and Seniors, Steven MacKinnon
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Can Canada’s Labour Force Rebound After Boomers Retire?… from an article published by Global News and written by Sean Previl on August 7, 2024
A new study by Statistics Canada is trying to answer the looming question of how the country will be impacted once the remaining baby boomer generation retires — and it points to immigration as a factor that could both help and challenge.
The study, released Tuesday, looked at how different immigration levels and labour force participation rates would impact both the size and the composition of the force through to 2041.
It comes just ahead of the labour market report set to be released this week.
According to the study, labour force participation has declined since the early 2000s and it’s expected this will continue until 2030 when the last group of baby boomers reach age 65.
Jean-Dominique Morency, a co-author of the study and demographer at Statistics Canada, told Global News this is because after that point it will be smaller cohorts such as gen X retiring, which will have less of an impact than the large baby boomer generation.
“The impact on the labour force participation rate will be small or there will be no impact on this rate,” he said in an interview about retirements after roughly 2030.
The study notes that come 2030, if Canadian immigration remains at the set 500,000 permanent immigrants per year target set by the federal government, the labour force participation rate will stabilize and reach approximately 64.6 per cent by 2021.
That would amount to a growth from 21.7 million in 2023 to 26.8 million in 2041 — by comparison, the labour force increased from 16.1 million in 2001 to 20.5 million in 2021.l
Claire Fan, an economist with RBC Economics, told Global News newcomers can have a big impact on the labour force and, in turn, the economy.
“When you do add in newcomers, they tend to be younger as well and then that’s why it matters for the participation rate,” she said.
“Essentially what they would do, think of it this way, is it slows the aging of the labour force by pumping in, essentially, prime-age workers predominantly…. That really does help in terms of slowing this sort of a clock of how demographics can quickly age in Canada.”
The study didn’t suggest there would be a major difference in labour force participation between immigration targets of 500,000 or 750,000 but did warn that a complete halt to permanent and temporary immigration as early as 2024 could lead to a decline as early as 2025.
A halt could drop the participation rate down to the same 20.5 million seen in 2021.
Age also is a factor influencing participation rates, with the study noting older workers staying on the job could have a “greater impact” on the overall participation rate.
The study showed the proportion of people age 55 and older has doubled since the early 2000s, from 10.9 per cent in 2001 to 22.4 per cent in 2021.
“If they stay longer to participate in the labour force, this can help maintain the overall participation rate,” Morency added debt load is surging. Here’s they can manage it
Increasing productivity remains a challenge, as well.
“If you don’t have productivity growth, the only way for labour or wages to grow is essentially to take away business profit and vice versa, and that’s not really sustainable over the long run,” Fan said.
Diana Palmerin-Velasco, senior director, future of work at the Canadian Chamber of Commerce, told Global News tapping into underutilized domestic talent, finding methods to keep experienced workers in the workplace and accelerating the adoption of technology can also help avoid economic impacts from big waves of retirements.
She added that while some of the looming challenges are on the horizon, now is the time to tackle them.
“We have known for years that we have an aging population; we have known for years that we are going to face this wave of retirements. How are we preparing for that?” she said.
“I think we need to be more intentional and to be better prepared for what is coming up tomorrow.”
How to Challenge Ageism in our Everyday Lives… from an article posted on the McMaster University Portal on July 24, 2024
Ageism is all around us. From stereotypes in the media to assumptions in the workplace, ageism can limit opportunities and even create social isolation for older adults. The good news is that we can be part of the solution and combat it together to create a more inclusive world for all ages. Here are four ways you and those around you can help.
Ageism affects everyone. By breaking down stereotypes, we can create a world where everyone feels valued and respected, regardless of age. Let us work together to create a society where age is just a number, not a barrier.
Seeing Clearly: Maintaining Eye Health as We Age… from an article posted on the McMaster University Portal on July 9, 2024
Our vision is a precious gift, and as we age, our eyes undergo changes which can increase the risk of certain eye disorders. Maintaining good eye health as we age is important and can help prevent vision problems. Below are a few strategies you can employ and some important things to keep in mind.
By following these tips and prioritizing regular eye exams, you can take proactive steps towards maintaining good eye health and enjoying clear vision for years to come. Remember, early detection and treatment are key for managing eye problems. Do not hesitate to talk to your healthcare provider about any concerns you might have.
Canadian Securities Administrators Urge Vigilance Against Online Financial Abuse of Older Canadians and Highlights the Importance of a Trusted Contact Person
Older adults can often be the target of financial scams. Scam artists take advantage of those who may be socially isolated or have diminished capacity and who have accumulated savings over time. Advancements in technology, like artificial intelligence (AI), have created new avenues for criminals to exploit these vulnerabilities and deceive victims. AI voice cloning allows scammers to impersonate family members or friends in urgent need of money. AI can also be used to easily manipulate images and videos, known as deepfakes, to create credible personas on dating sites and social media along with fake celebrity endorsement ads.
The CSA urges older Canadians to be cautious and offers these tips:
Trusted Contact Person: a valuable safeguard
Canadians can further protect themselves by assigning a Trusted Contact Person (TCP) to their financial accounts. An appointed TCP gives a financial advisor another resource to turn to if they cannot reach their client, or if they suspect their client may be a victim of financial abuse or fraud. A TCP does not have power of attorney or any access or view into the clients’ accounts at any time.
Take action if you think you or someone you know is being taken advantage of financially. A trusted friend, family member, police officer, lawyer, local securities regulator, or staff member at your financial institution can provide guidance.
The CSA also has a number of investor tools and resources available online to help Canadians become more informed investors. Investors can follow @CSA_News on X (formerly Twitter), @CSA.ACVM on Facebook and subscribe to the CSA’s Investor Alerts.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
