According to a national study conducted on behalf of the Financial Planning Standards Council (FPSC), women are significantly more likely than men to lose sleep over financial worries. While the study found that 42 per cent of Canadians (excluding Quebecers) rank money as their greatest stress, 51 per cent of women, versus 40 per cent of men, are more likely to stay awake at night mulling over their financial woes. Health Canada places long-term stress on issues such as financial problems as a major contributor to adverse health complications. These can range from heart disease to mental health issues. Stress is also a risk factor in alcohol and substance abuse, as well as weight loss and ga

So far in this series, we have suggested things to think about for the first two phases of retirement: Active and less active lifestyle and Getting help. In the third stage of retirement, activities and outings may have mostly stopped and significant medical expenses, as well as possible long-term care costs, might be required. Here is our advice on how to proceed if you need to navigate a move to continuing or long-term care: THE TABLES HAVE TURNED In the transition from child to teen and adult, there is a natural excitement when we first learn to drive, buy a car and move into a place of our own. The reverse happens when those things are no longer possible. Moving into a long-term or conti

In Part 1 in this series , we provided insights about the active and less active phases of retirement and how to enjoy the fruits of your labour without compromising future financial needs. There may come a time when your activities and related expenses are greatly reduced, yet health-related expenses increase. To suit changing mobility and other health challenges, you may opt to get in-home help or move to an assisted living facility. Here are our tips for navigating the most common second phase of retirement, when you may seek more help with your day-to-day needs. STAYING AT HOME There is an increasing trend for people to stay in their own home as long as possible. Unfortunately, decreased

The joys of retirement are many, including time to travel, socialize, play golf or other recreational pursuits, and generally enjoy a more leisurely pace. Planning ahead can help ensure you have the financial resources to enjoy these activities, worry-free, for as long as possible. Planning also means considering your later years of retirement, when you may slow down or need additional care. In this series of three articles, we offer tips to smooth the transition through the most common phases of retirement. ACTIVE RETIREMENT This is the phase, typically between ages 65 and 75, where you have the hips and heart to participate in active endeavours. Now’s the time to get out the bucket list an

No matter what your age, retirement planning should be a part of your financial plan so that you’re prepared to make the most of this rewarding phase of life. In this overview of the “Navigating retirement” series, we outline the most common priorities to focus on—and missteps to avoid—when planning for your post-work years. PLANNING MAKES PERFECT A happy and fulfilling retirement starts with the right financial plan . With your financial planner, create a detailed and realistic plan by: Determining your financial and other life goals Understanding the cost of meeting your goals, taking into account your other life expenses and the resources you anticipate having Creating a plan that address