Growing older while living at home is a retirement goal for many people. Aging in place safely can be possible if you have the supports and services you need. Planning ahead can help you cover some of the costs. You may need to make some modifications to your home. And you may also need to consider the possibility of in-home assistance and other supports to stay in your home.

To cover costs, some seniors turn to unlocking the value of their home. A reverse mortgage is a loan that allows you to access your home’s equity without having to sell it. However, there could be higher borrowing costs and other fees. Find out more about the advantages and disadvantages of reverse mortgages.

There are other ways to borrow against your home, such as a home equity line of credit (HELOC) and a home equity loan. Learn more about the options and considerations for borrowing against your home.

It’s wise to look ahead and plan for the unexpected so you can make the most of the resources available to you. The OSC’s Profiles of Retirement survey found 61% of pre-retirees currently saving for retirement had not considered unexpected costs related to health or long-term care in their planning. Just like having an emergency fund, there are things you can do to be ready in case your health circumstances change. Find out more about planning for long-term care.

All firms and their financial advisors in Canada are required to ask their clients to name a Trusted Contact Person (TCP). Sharing the name of someone you consider to be a trusted contact can help protect your accounts and give you peace of mind.

“Naming a Trusted Contact Person is an important step in protecting your financial well-being,” said financial literacy specialist, Terri Williams. “If your financial advisor cannot reach you for some reason, they have an emergency contact. Your TCP does not have any control over your finances, but they may be able to give your financial advisor some insight as to your whereabouts and your well-being.”

Williams, who is also a member of the OSC’s Seniors Expert Advisory Committee, shared an example of when a TCP could play an important role. If you are incapacitated in the hospital and your financial advisor is trying to reach you, the advisor could call your TCP to ask why you haven't been answering your phone or emails. 

“If you have allowed it, the TCP will be able to give your financial advisor an update and may be able to put them in touch with your Power of Attorney for Property if a financial decision needs to be made quickly or a deadline is looming,” said Williams. “Remember the TCP does not have any power to make any financial decisions for you.”

She noted Seniors Month is a good time to consider the importance of protecting your financial well-being by naming a TCP. And family members and friends of older adults can also help bring awareness to the role of a TCP.   

“Many baby boomers are increasingly looking after their aging parents,” said Williams. “Not only are they spending more time caring for them physically, but their financial dealings may be increasingly their responsibility as well. Adding another layer of protection for their aging parents is good practice and a TCP does just that.”
 
Williams noted a trusted neighbour, relative or friend who is close to the parent could act as the TCP.

From finfluencer videos to ads on social media, there’s a lot of investing information floating around online. But what you see may be incomplete or misleading — and it may not comply with securities laws. Before investing, learn more about how to evaluate investing information found on social media.
 
And if you see a celebrity endorsing an investment (including crypto assets), think twice. Famous faces are often used to promote things — with or without their knowledge. Find out more about what to watch for if you see a celebrity promoting an investment product.

Following the crowd can help you simplify complex decisions like investing. But you could lose money by investing in something just because everyone else is. Find out how to avoid herd behaviour.

Your retirement plan may consider multiple sources of income. An annuity is a contract with a life insurance company. You deposit a lump sum of money, and they agree to pay you a guaranteed income for a set period of time — or for the rest of your life.

Here are some recent developments and publications:

• Canadian Securities Administrators urged vigilance against online financial abuse of older Canadians and highlighted the importance of a naming Trusted Contact Person.
• The OSC’s Investor Advisory Panel released its 2023 Annual Report summarizing its activities, submissions, consultations, and meetings.
• The Canadian Investment Regulatory Organization (CIRO) issued its first Investor Survey, aimed at gathering crucial insights into the current financial concerns and trends affecting Canadian investors.
• Canadian securities regulators announced a multilateral initiative to support capital-raising by extending the role of exempt market dealers.
• CSA announced appointments of members to its Investor Advisory Panel.
• World Whistleblower Day: Canadian securities regulators recognized whistleblower contributions to fair and efficient markets.

Recently the Bank of Canada announced the first interest rate cut since March 2022. An interest rate is the amount a lender charges as a percentage of the total amount borrowed. Find out more about how interest rates affect your investments.

Your financial advisor can provide valuable support to help you manage your investments. But like any relationship, your confidence in your advisor can change over time. Sometimes life changes, such as getting divorced or becoming widowed, can make you rethink your relationship with your advisor. Find out things to consider if you’re thinking of making a switch.

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