Here are some resources to answer financial questions related to this stage in life.


Retirement planning

A retirement plan helps you decide what type of lifestyle you’d like to have, how much you need to save and how to manage your money after you stop working. Retirement planning is about managing your money so you can make the most of your retirement years. Your retirement plan should balance your needs, wants and the reality of your finances.

3 reasons to have a retirement plan

  1. Set goals. A plan helps you set goals for retirement, including the age when you want to stop working and your lifestyle.

  2. Know how much to save. It can help you figure out how much money you need to save to live comfortably in retirement.

  3. Choose what to invest in. A plan can guide your investment choices based on your goals and your risk tolerance.

Review savings plans

Saving

How much you need to save depends on 3 things:

Are you eligible for a seniors tax credit?

As a senior, you may qualify for certain tax credits. You may also be able to claim expenses like medical costs and caregiver costs.

Learn more

Wills and estate planning

Estate planning involves identifying who you want to give your assets to and when (during your lifetime, at death or sometime after death).

Your estate plan may also include:

  • Ways to meet the financial needs of your family members if you die or become incapable of managing your affairs

  • Steps to minimize taxes that you or your estate might pay, and

  • A plan to sell or pass on your ownership stake in a business.

Documents commonly used in estate planning

A will is the cornerstone of an estate plan, but your plan may also include:

Helpful resources kits

Get more resources to help you protect your money.


See more resources

Learn more about wills and estate planning

Financial abuse

Aging can be accompanied by health, mobility, or cognitive changes that may affect a person’s ability to make decisions later in life, as well as their susceptibility to financial exploitation and fraud.

It’s important to recognize that these factors may affect different individuals at different points in their lives, and to significantly different degrees.

If you believe or suspect that someone is stealing funds or manipulating you into giving them money, access to accounts, or financial power, here are some steps you can take to help stop the behaviour:

Protection from financial abuse

To get a better understanding of elder abuse visit Canadian Network for the Prevention of Elder Abuse (CNPEA) which has tips and resources for Canadians in every province.

Visit www.cnpea.ca to learn more