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Posts from the ‘Living Benefits’ Category

24
Oct

Boomer + Sandwich Generation + Club Sandwich + Boomerang = Financial Instability

The Sandwich Generation was a term coined by Dorothy Miller in 1981 to describe adult children who were “sandwiched” between their aging parents and their own maturing children.  There is even a term for those of us who are in our 50’s or 60’s with elderly parents, adult children and grandchildren – the Club Sandwich.   More recently, the Boomerang Generation (the estimated 29% of adults ranging in ages 25 to 34, who live with their parents), are adding to the financial pressures as Boomers head into retirement. It is estimated that by 2026, 1 in 5 Canadians will be older than 65. This means fewer adults to both fund and provide for elder care.  Today, it is likely that the average married couple will have more living parents than they do children.

What are the challenges? Read more »

17
Aug

Start a family conversation about elder care

BY David Wm. Brown and Sarah Brown

Starting a conversation about someone’s age is a sure way to be the least popular person in the room. But while this is a no-go territory for cocktail party chatter, it’s a conversation you need to have with your parents.

Statistics Canada tells us that in 2007, people aged 45 to 64 paid for 75% of elder care. And now, a new generation is realizing that when their parents need long-term care, they’ll be called upon to fund it.

Read more

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16
Jun

Workers unprepared for financial impact of disabilities

Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability.

In fact, 76% believe that should they become disabled and unable to work for three months, there would be serious financial implications for their family, such as significant debt or an impact on retirement plans, finds an RBC Insurance survey.

Despite the concern, only 27% have discussed how a disability would financially impact their family. This number does not increase substantially among workers who’ve indicated that they’ve taken time off in the past because of a disability (33%).

Read more

 

Used with permission from Benefits Canada Magazine
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12
Jan

Five Financial Products You Should Own

By Brenda Spiering, Editor, BrighterLife.ca

You don’t need to be born with a silver spoon in your mouth to build wealth. With the right products, you can grow and protect a healthy nest egg.

Here are five key financial products that should be part of your plan:

1. Registered Retirement Savings Plan (RRSP)
As soon as you begin your working life, you should have a registered retirement savings plan (RRSP). It’s one of the most tax-effective ways to save for retirement. You’re allowed to contribute up to 18% of your earned income from the previous year to a maximum of $23,820 for 2013 ($24,270 for 2014). (If you’re a member of a group pension plan, your contribution room is reduced by your “pension adjustment,” an amount you’ll find listed on your T4.) Read more »