While most people have a good idea of their assets and future income, issues of capacity to make decisions regarding estate plans are much less likely to be present than in older populations. An elderly person preparing a bedside will towards the end of his or her life can raise suspicions, whereas a recent retiree attending the office of his or her lawyer does not raise the same red flags.
First, assuming that the baby boom is a post-war phenomenon means we jump to the wrong conclusion when guessing the cause. The baby boom was not the result of frisky soldiers returning to Canada. It was, instead, the result of the very good economic times in the period 1952 to 1965 allowing for at-home moms and large families.
Finding "the right one" these days can be very complicated, and by the one I mean the right financial advisor! Searching for an advisor that is the perfect match takes time, effort and plenty of research. Finding the right financial advisor is not necessarily a simple task but it can be straightforward if you follow some basic guidelines.
Seniors ought to age in the community along with the rest of us, enabling socialization and access to resources that keep them mentally, physically, and most importantly, socially active. Bringing up the standard of the actual facilities that already exist would be a good place to start, but a longer term vision requires new models altogether.
I might be betraying my demographic but I think it's time we seniors started asking for less. For years now, those in the over-60 age group have been making out like bandits while the younger generations struggle to make ends meet. Unlike in years past, there are now relatively few seniors in developed nations suffering in poverty. The iconic image of an aging widow living on cat food is today largely a myth. Older folks, for the most part, live comfortable lives.
Much is made of health care costs for the frail elderly. But the healthcare spending curve by age group is actually U-shaped with equally significant amounts spent for childbirth and early childhood problems. So is one okay and the other to be disparaged? Does it need to be said that we were all once born and will all eventually get really old if we're lucky?
If you are planning to move after you retire, put some careful consideration into the cost of living for that area. Look into the cost of real estate and see how far your money will stretch if you downsize from your current home. If you're moving to a different town or province, it's also worth looking into potential tax advantages for senior citizens in that area.
Let's face it: many people work better on a deadline. This is the same mindset that leads perfectly reasonable adults to the conclusion that saving for retirement can wait until tomorrow, until they get a raise or have taken the next vacation, or until they turn 30, 35 or 40. If you are approaching 40 and have procrastinated, it's time for a gut check.
The order of the day was to question the very existence of defined benefit pension plans. Yet these plans not only provide much-needed income to hundreds of thousands of retirees, they also benefit society as a whole. People who have paid into these plans throughout their lives acquire a level of financial independence that makes them much less dependent on government assistance in old age.