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And the direct costs pale in comparison to lost income and foregone vacation time.
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While it is a worthy goal to maximize your savings prior to retirement, it is even more important that you retire debt free. If you retire and are still making payments on car loans, mortgages, or high interest rate debts like credit cards and payday loans you require a much higher income in retirement to survive.
Canada faces a big demographic shift over the next 50 years, with a growing number of seniors and a movement of people to Western Canada, says a report from Statistics Canada. By the year 2063, Canad...
The conservative approach to seniors over the past few budgets has focused on tax breaks that only the wealthy can afford and raising the age of eligibility for OAS and GIS to 67. Canadian seniors deserve better.
Given 25 years of stagnant wages for middle-income earners and real wage decreases for lower-income earners, it's not surprising how difficult it is for people to save. Canadians have a low, and declining rate of saving, with some people using their Registered Retirement Savings Plans (RRSPs) as unemployment insurance programs.
Santa is a senior. My guess is he never had a defined benefit pension and needs the extra cash. He knows that although Canada has made great strides in eliminating seniors' poverty, too many of our older adults still live a low-income lifestyle, especially in major urban centres where costs of living are high. This Christmas season, I urge you to remember and reach out to the elders in your life.