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Happy old spouses reaching a pension plan agreement
Reverse Mortgage

In this article, we explain what a pension plan is, discuss the main types of pension plans in Canada and explore other ways to supplement your retirement income, such as a reverse mortgage. There are three main different types of pension plans in Canada offered by employers: A defined contribution pension plan (DCPP), a defined benefit pension plan (DBPP) and a pooled registered pension plan (PRPP). Defined contribution pension plans are the most common type of pension. Defined benefit pension plans (DBPPs) are a type of pension that guarantees you’ll receive a specific – or defined – monthly income when you retire. A Pooled Registered Pension Plan (PRPP) is offered by financial institutions on behalf of employers (and their employees) and self-employed individuals.

Continue Reading 9 min read
an-elderly-couple-playing-with-their-granddaughter-in-front-of-their-home
Reverse Mortgage

A reverse mortgage can be a good idea for Canadians 55+ who own their own home and are looking to meet their cash flow needs during retirement. A reverse mortgage can supplement government pensions and retirement savings and is often used to cover unplanned medical expenses, home renovations, living expenses, or to consolidate debt and reduce debt payments.

Continue Reading 10 min read
mature-couple-looking-at-each-other-and-smiling-talking-about-interest-rates
Reverse Mortgage

Similar to conventional mortgage rates, reverse mortgages are offered with fixed or variable rate terms and are impacted by the actions of the Bank of Canada (BoC). Since the BoC raised its overnight interest rate for the third time this year, to 1.50%, on June 1, mortgage rates are no doubt on the minds of many homeowners. This is also true for Canadians with a reverse mortgage or those considering one.

Continue Reading 8 min read
modern-mature-woman-using-laptop-for-online-dating
Reverse Mortgage

Detective Constable Kristin Thomas, has been with the Toronto Police Services for 23 years. She is an experienced fraud investigator working in the Financial Crimes Unit, Corporate Crimes Section. According to Constable Thomas, the fraudsters’ scams play to the victims’ loneliness –and with one thing leading to another, they develop into romance. To avoid falling into the elaborate traps set by these predators, Thomas suggests being extra careful about what you post online or how you word your profile. Most victims never even meet their predator face to face. If you think you are being scammed, Thomas suggests getting support from friends, family, or your doctor. it’s essential to look for the signs of fraud that Constable Thomas describes and learn how to quickly recognize these signs and reach out for help.

Continue Reading 5 min read
african-american-senior-couple-using-mortgage-refinance-calculator
Reverse Mortgage

A mortgage refinance can be a useful financial tool, allowing homeowners to cash in some of the equity in their home and/or secure a considerably lower mortgage interest rate. Refinance mortgage calculators in Canada are really helpful when planning for this process. There are costs involved when refinancing a mortgage, so when you need to know if it’s worth it to refinance, a mortgage calculator can help, as well as being able to help you plan the best time to refinance your mortgage.

Continue Reading 10 min read
senior-couple-signing-line-of-credit-document
Reverse Mortgage

Lines of credit in Canada are extremely popular: around three million Canadians have a home equity line of credit, while many more have a personal line of credit in Canada. So, what is a line of credit loan and why is it so popular?

Continue Reading 14 min read
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Retirement Planning

happy-senior-couple-reading-about-GRSP
Retirement Planning

A Group Retirement Savings Plan (GRSP) is a collection of individual Registered Retirement Savings Plan (RRSP) accounts that an employer sponsors for its employees. It is typically administered by a plan provider, such as an investment or insurance company. Employers provide GRSPs to help employees save for retirement and take advantage of better management fees. Employers who sponsor the GRSP also have the option of contributing to individual employee plans. The main difference between a GRSP and an RRSP is that a Group plan is administered by an employer on behalf of employees, while an RRSP is solely the responsibility of the individual plan holder.

Continue Reading 8 min read
elderly Asian couple looking at their LIF policy in ipad
Retirement Planning

A Life Income Fund (LIF) is one way to convert your pension to income. In this article, we explain what a LIF is and how it works. We also discuss LIF withdrawal rules and other ways to supplement your retirement income, such as a reverse mortgage. A LIF is a registered account designed to provide you with an income throughout your life using funds from your locked-in pension. If you decide to convert your pension to a LIF, you’ll also have to choose the investments to hold in your LIF, which something that your financial advisor can help you with. You’ll also have to decide on the amounts you’ll need to withdraw each year from your LIF, based on government withdrawal rates

Continue Reading 8 min read
Financial Planning for Women Empowering through Financial Literacy
Retirement Planning

Over the course of many years, women have made great strides towards gaining gender equality. But there is one area that women continue to experience a significant gender gap. This is their involvement in their own financial planning and investment decisions. Both men and women believe that financial planning is a necessity for furthering gender equality. In a report entitled Gendered Financial Literacy – A Global Perspective, even though Canadians performed better than many other countries overall, there was still a significant gender gap. Approximately 78% of Canadian men were identified as being financially literate however this dropped quite substantially for Canadian women to around 60%.

Continue Reading 8 min read

Lifestyle

retired-couple-enjoying-travelling-and-smiling
Lifestyle

Whenever someone tells me they are thinking of selling their home and moving somewhere like Mexico because of the lower cost of living I get nervous. Before you make a major life change like selling everything and moving to a place like Mexico to benefit from a lower cost of living you need to think things through and test things out. Another important detail that many people forget to consider when planning a move to someplace like Mexico is the importance of their existing relationships with friends and family and the community they live in. When you move somewhere far away you will lose your support network of friends and family. In summary, having close, positive relationships reduces stress in our lives and significantly impacts our overall well-being.

Continue Reading 5 min read
senior-couple-sitting-in-front-of-their-house
Lifestyle

Aging in place refers to the ability to live in your home safely, comfortably, and independently for as long as you are able. That means having access to the services, health care, and support you need to be secure and comfortable in your home. There are many advantages to aging in place. Being able to stay in your home keeps you rooted in your community and the memories you’ve made in your home. It also allows you to maintain your independence and not have to follow a mealtime or activity schedule. It often means being near family and friends. Engaging in the day-to-day activities that have provided meaning and fulfillment over the years can enrich your quality of life.

Continue Reading 10 min read
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Lifestyle

Every June, Canada celebrates Seniors Month and the contributions those over 55 make to communities across the country. This year’s theme is Stay Active, Connected, and Safe. We believe that all three of these goals play a key role in a happy and healthy retirement. Staying active is often considered the golden bullet when it comes to your health. Research shows that getting 150 minutes (5 x 30 minute sessions) of moderate intensity exercise throughout the week can reduce your chances of developing heart disease, stroke, type 2 diabetes, certain cancers, and osteoarthritis. And those are just the physical benefits. Mental health advantages include lower risk of depression, anxiety, stress, and even dementia.

Continue Reading 7 min read
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Ambassadors

pattie-lovett-reid-sitting-and-smiling-in-pink-dress
Pattie Lovett-Reid

Conventional wisdom tells us that older Canadian women are reluctant to talk about their finances because it’s “not polite.” However, HomeEquity Bank is working to smash this stigma and empower Canadian women 55+ to take charge of their financial future by encouraging them to ask the right questions and considering all the financial solutions available to them. While older Canadian women are often stereotyped as financially “vulnerable,” HomeEquity Bank’s research found that women reported improved financial wellness scores as they aged: 63% of older Canadian women reported a financial wellness score of 60+, compared to only 46% of younger women. If you fall into that camp, HomeEquity Bank’s new Financial Wellbeing tool is designed to help you get a measure of your financial wellbeing and provide you access to customized resources.

Continue Reading 4 min read
Mary Deanne Shears with printing press background
Joyce Wayne

When Mary Deanne Shears joined The Toronto Star in 1968, there were few women in the expansive, bustling newsroom. When she left The Star, 36 years later, she’d been the newspaper’s first woman City Editor and the Star’s first woman Managing Editor. She started her climb to the top echelon of the organization by being a wonderfully quick typist. In 1979, she became The Star’s City Editor, the first woman to do that job. During her seven years in the top position, Shears hired more women reporters, who she describes as changing the energy in the newsroom. Shears believes that the position of women in the media today is more complicated than it was when she was the Managing Editor at The Star.

Continue Reading 6 min read
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