The Financial Consumer Agency of Canada (FCAC) Monday published a new guide that aims to help seniors understand and deal with the financial realities of retirement.
Living in Retirement, which covers a variety of financial issues for seniors, is designed to provide information that will help prepare them to navigate their retirement years. The new resource is part of the FCAC’s program focusing on improving financial literacy around specific life events.
It addresses issues such as: budgeting in retirement; sources of retirement income; public pension benefits, tax credits and other benefits; working in retirement; preventing financial abuse and fraud; and, dealing with transitions, such as changing living needs, care giving and the loss of independence.
“Whether we retire early or work well into our elder years, we all need to think about our personal finance needs and plan accordingly,” said Minister of State (Finance), Kevin Sorenson, in announcing the guide’s release. “We are working to equip Canada’s seniors with high-quality information so they can make good financial decisions and safeguard their well-being.”
The launch the guide coincides with Financial Literacy Month in Canada. All month long in November, there are activities happening across the country to help Canadians increase their knowledge of personal finances.