Helping clients understand everything from taxes to caring for loved ones
It's Seniors Month – and there’s a new resource to help advisors aid them in financially preparing for retirement and aging.
Seniors are Canada’s fastest growing demographic. As of July 1 last year, Statistics Canada reported there were more than 7.3 million Canadians aged 65 and over.
Advisors also know that seniors are retiring differently as well as financing their adult children’s first homes while worrying about how inflation and market volatility are eating into their financial cushions.
Advisors, therefore, are being urged to educate their aging clients more so they can weather all of the changes and challenges to safely move into, and through, their “third act”. But, where can you find the resources to cover everything that will impact these seniors?
The Winnipeg-based IG Wealth Management partnered with the Canadian Foundation for Economic Education (CFEE) to produce Money and You: Seniors Edition. It’s meant to enhance seniors’ financial literacy and confidence – for those both entering this phase as well as those already in it.
“It’s a free digital resource that’s available to all Canadians,” Christine Van Cauwenberghe, head of financial planning for the Winnipeg-based IG Wealth Management, to Wealth Professional, noting it is available in both English and French.
“It was created by a trusted third party, so it provides advisors with something efficient and effective to give to their clients who are looking for more information, especially since it’s pretty extensive with several modules. If it was printed out, it would be book size. For anyone who wants to provide more financial literacy and financial confidence for some of their older clients, it’s an effective way to do that.”
The Money and You: Seniors Edition covers everything from budgeting and maintaining financial control to government pensions. It lays out details about retirement income planning, protecting health and assets, death of a parent or spouse, borrowing money, transportation and travel, accommodation and lifestyle, investing, and planning for cognitive impairment as well as end of life.
CFEE, a non-profit, non-partisan organization, previously created a financial literacy guide for youth. 750,000 copies of it have been distributed to Canadian homes and schools during the past 25 years.
Van Cauwenberghe noted this seniors’ guide is also meant to aid all adult Canadians, whether they’re facing retirement or have parents in their senior years and may be struggling to understand everything from tax benefits to available supports.
IG’s advisors are already using it to augment the information they provide clients, even though most of them are already certified financial planners or have other designations such as being registered retirement consultants and regularly receive updating information and training.
“I know, for my team, being able to provide education to Canadians on all these levels is very meaningful,” said Van Cauwenberge, noting resource is also available to those without advisors.
“It’s important for Canadians that are moving toward retirement to understand that there are a lot of very specific rules. So, even if they’re not quite at the senior stage, but they’re thinking about retirement and want to know more about retirement benefits and tax planning, this is something worth checking out just to gain that extra knowledge and be prepared for when the time comes.”
