Finance: A Piller of Modern Retirement

 The financial goal of the vast majority of retirees is not to accumulate wealth in itself but to have sufficient resources to provide security and the freedom to live the lives they want. Many retirees find that managing money in retirement can be even more challenging than saving for it. Overwhelmingly, the issue of affordability was one of the most prevailing concerns of seniors in every community. Due to the rising costs of living, many of us report we cannot afford our rent, pay bills, buy food, find money for home repairs or pay for over-the-counter medications and other health-related expenses.

We work our entire lives and feel strongly that pension incomes are not enough to meet our basic needs. This has placed significant pressure on organizations to stretch funding to support seniors in their communities. It is not surprising to hear about the financial hardships experienced by low-income seniors, as 50% of B.C. seniors have incomes that are less than half of the incomes of the working-age population. Government pension incomes for seniors have not kept pace with rising costs and in B.C., 31% of B.C. seniors receive the Guaranteed Income Supplement (GIS), a monthly federal benefit for seniors with low incomes. The number of seniors receiving GIS has increased by more than 20% over the past five years, from 263,764 to 319,428 seniors.

In B.C., if a senior receives the GIS, they may qualify for the BC Seniors Supplement (BCSS), a monthly provincial top-up income benefit for low-income seniors. In 2022, 91,539 seniors received the provincial BCSS.

The Ministry of Social Development and Poverty Reduction increased the BCSS in 2021 for the first time since 1987, from a maximum of $49.30 to $99.30 per month for single seniors. However, most single seniors receiving BCSS do not receive the maximum, and the BCSS is not indexed to inflation, whereas the OAS and GIS are indexed. The BCSS continues to be ranked the fourth lowest subsidy in Canada.

Service providers shared their concerns about seniors who say they are falling further Seniors and service providers are concerned that rising costs are pushing more older people, who are often on fixed incomes, into poverty and homelessness Many service providers stated the rising cost of living Even in today’s volatile market, retirees’ greatest financial worries are unexpected expenses and the cost of health care and long-term care. One in four seniors in B.C. live on incomes of less than $23,000 per year. This is a significant cause for concern when B.C.’s poverty line threshold for a single senior is estimated at $25,000. While many British Columbians struggle with income and affordability issues, low-income seniors face disproportionate barriers, especially single seniors living alone, because they often live on fixed incomes. The key to financial preparation is looking holistically at how one wants to live in retirement, not just how much money may be needed and planning how to do this well before retirement.

Purpose: A Pillar of Modern Retirement

 We all need a reason to get up in the morning a sense of purpose. Retirees with a strong sense of purpose are happier, healthier and live longer. They report deriving their strongest sense of purpose from spending time with loved ones. They also face a new challenge and opportunity, how to use their newfound time affluence. They don’t just want to keep busy; they want to spend their time in useful and rewarding ways. A striking 89% of Canadians agree that there should be more ways for retirees to help in their communities. In the vibrant tapestry of life, each day offers a new thread to weave into our unique story. As you embark on the stimulating journey of retirement, it's essential to recognize that this chapter is not an end, but a new beginning. Finding a sense of purpose is key to making the most of this time, and it can transform your mornings from moments of routine into opportunities for joy and fulfillment.

Imagine waking up each day with a spark of excitement, knowing that your day holds promise and potential. This sense of purpose can stem from a variety of sources, and it's about discovering what resonates most with you. Perhaps you have always harbored a passion for painting, writing, or playing a musical instrument. Retirement provides the perfect canvas to explore these creative pursuits, allowing you to immerse yourself in activities that bring you joy and satisfaction.

Connecting with others can also be a profound source of purpose. Volunteering your time and skills to help those in need not only enriches the lives of others but also brings a deep sense of fulfillment. Whether it's mentoring young professionals, assisting at local community centers, or participating in charity work, these acts of kindness create a ripple effect of positivity, enhancing your own sense of worth and belonging.

Learning something new can be another exciting avenue. Delving into a new hobby, enrolling in a course, or even traveling to explore different cultures and histories can invigorate your mind and spirit. The beauty of retirement lies in the freedom to pursue these interests at your own pace, allowing you to savor the journey of discovery and growth.

Physical activity can also play a crucial role in maintaining a sense of purpose. Whether it's gardening, hiking, yoga, or joining a local sports club, staying active not only benefits your health but also provides structure to your day. The satisfaction of setting and achieving fitness goals can be incredibly rewarding, boosting both your physical and mental well-being.

Spending quality time with loved ones, nurturing relationships, and creating new memories can be profoundly enriching. Whether it's planning regular family gatherings, taking trips with friends, or simply enjoying daily moments with those who matter most, these connections are the heartbeats of our lives.

Ultimately, finding your sense of purpose in retirement is a deeply personal journey. It's about embracing the freedom to pursue what genuinely makes you happy and fulfilled. As you explore these new paths, remember that every morning is an opportunity to add another beautiful thread to the tapestry of your life. So, rise each day with curiosity, passion, and the confidence that this new chapter is filled with endless possibilities waiting to be discovered.

Family: A Pillar of Modern Retirement

Family relationships are a cornerstone of fulfillment for most retirees. These connections provide emotional support, companionship, and a sense of belonging, making them essential for overall well-being. For many Canadians today, the concept of family extends beyond blood relatives to include “families of affinity,” which encompass close friends and chosen family members who offer the same level of support and connection.

Generational generosity is a defining characteristic of today's retirees. Many are willing to go to great lengths, both personally and financially, to support family members in need. This support can take many forms, such as helping with childcare, providing financial assistance, or offering a listening ear during challenging times. Retirees often prioritize their family's well-being, even if it means sacrificing their own financial security.

Family members provide a network of love and care, helping retirees navigate the ups and downs of life. This support can significantly enhance emotional well-being, reducing feelings of loneliness and anxiety.

Regular interactions with family members combat social isolation, promoting mental and emotional health. Shared activities and celebrations create lasting memories and a sense of belonging.

Family members often assist with daily tasks, medical appointments, and home maintenance, helping retirees maintain their independence and quality of life.

Retirees frequently step in to help family members financially, whether through direct assistance or by contributing to education costs, home purchases, or other significant expenses.

Retirees without close family or friends face greater risks of physical and social isolation, which can lead to a decline in both mental and physical health. Isolation can increase the likelihood of depression, anxiety, and cognitive decline, making it crucial to foster and maintain strong social connections.

To help retirees build and maintain strong family relationships, encourage regular communication: including regular phone calls, video chats, and visits. These can help maintain strong bonds, even if family members live far apart. Encouraging retirees to stay connected with their loved ones can reduce feelings of isolation.

Promoting family involvement in care by involving family members in the care and decision-making process for retirees can strengthen relationships and ensure that retirees feel supported and valued.

Activities that bring different generations together can create meaningful interactions and enhance understanding between family members. This can include family outings, holiday celebrations, and shared hobbies.

Community centers and senior organizations often offer programs and events designed to foster social connections and support. These resources can be particularly valuable for retirees who may not have close family nearby.

For retirees without close blood relatives, forming bonds with friends and community members can provide similar benefits. Encouraging participation in social groups, clubs, and volunteer activities can help retirees build these valuable connections.

While supporting family members is a priority for many retirees, it is essential to balance this generosity with personal financial security. Clearly defining how much financial support you can provide without compromising your own needs is crucial. Communicating these boundaries to family members can prevent misunderstandings and financial strain.

Consulting with a financial advisor can help retirees create a plan that allows them to support their families while ensuring their financial security. Advisors can offer guidance on budgeting, investments, and long-term financial planning.

Financial assistance is just one way to support family members. Offering time, advice, and emotional support can be equally valuable and less financially burdensome.

Family relationships are a vital pillar of modern retirement, providing emotional nourishment, companionship, and practical support. By fostering strong family bonds and balancing generational generosity with personal financial security, retirees can enjoy a fulfilling and enriched retirement. Encouraging open communication and leveraging community resources can further support retirees in building and maintaining these essential connection

Health: A Pillar of Modern Retirement

Physical health naturally declines with age, but interestingly, research shows that mental, psychological, and emotional well-being often improves. Despite this positive trend, there is a crucial disconnect between our health spans and lifespans. On average, Canadians live in poor health for about nine years, highlighting the need for a greater focus on maintaining overall health throughout our lives.

Maintaining health can be problematic if a seniors lives in a small community. Many seniors have moved to small communities or have aged in these small communities in my province. Transportation for medical reasons is a particular concern for many seniors, especially for people living in smaller communities. Costs associated with travel for medical reasons include transportation, accommodation and meals. Seniors on low or fixed incomes often cannot afford these additional costs especially when they must make multiple trips for ongoing medical issues. There is some assistance available through the provincial government’s Travel Assistance Program (TAP), health authority bus programs and non-profit organizations such as Hope Air, but many seniors continue to express concerns about the costs associated with medical transportation. 

Cognitive or brain health is of supreme importance to retirees and their families. Alzheimer's and other dementias are conditions that retirees fear the most, surpassing concerns about cancer, heart attacks, or even infectious diseases like COVID-19. This fear underscores the necessity of proactive measures to support brain health as we age.

Maintaining physical health is essential for a fulfilling retirement. Regular exercise, a balanced diet, and routine medical check-ups can significantly enhance the quality of life. Engaging in activities like walking, swimming, or yoga can help maintain mobility, strength, and cardiovascular health. Additionally, staying hydrated and consuming a diet rich in fruits, vegetables, whole grains, and lean proteins can provide the necessary nutrients for overall well-being.

Equally important is mental health. Those of us who remain mentally active and socially engaged tend to experience higher levels of happiness and contentment. Activities such as puzzles, reading, learning new skills, and socializing with friends and family can stimulate the brain and contribute to mental sharpness. Many communities offer programs and clubs specifically designed for seniors, providing opportunities to connect with others and participate in enriching activities.

Emotional health also plays a vital role in overall well-being. As we age, maintaining a positive outlook and managing stress becomes increasingly important. Practicing mindfulness, meditation, or engaging in hobbies can provide emotional stability and joy. Building and maintaining strong relationships with family and friends can offer support and reduce feelings of isolation.

For those concerned about cognitive decline, several proactive steps can be taken. Regular mental exercises, such as memory games and problem-solving activities, can help keep the brain sharp. Additionally, managing chronic conditions like diabetes and hypertension, which are risk factors for cognitive decline, is crucial. Staying informed about new research and treatment options can also empower seniors and their families to make informed decisions about their health.

Access to healthcare is a fundamental aspect of maintaining health in retirement. Regular visits to healthcare professionals, preventive screenings, and timely medical interventions can address potential health issues before they become severe. We and our families need to advocate for comprehensive and compassionate healthcare services that cater to their unique needs.

While ageing brings inevitable changes to physical health, there are numerous strategies to promote mental, psychological, and emotional well-being. By focusing on holistic health practices, we can enjoy a higher quality of life and make the most of our retirement years. Encouraging open communication between us and our adult children can foster a supportive environment where health concerns are addressed proactively, ensuring that our golden years are truly golden. 

Healthcare costs can quickly add up, particularly for seniors who require frequent medical attention, medications, or specialized treatments. 

Regular visits to doctors and specialists are essential for monitoring health and preventing diseases. Without insurance, these visits can be costly. Prescription drugs can be expensive, especially for chronic conditions that require ongoing treatment.

Therapy, counselling, and mental health programs can provide invaluable support but often come with significant costs. Memberships to gyms, fitness classes, and wellness programs designed for seniors can be beneficial but may be out of reach financially for some.

Ageing in place may require modifications to the home, such as installing ramps or grab bars, as well as purchasing assistive devices like hearing aids or walkers. If society wants seniors to age in place they need to support us in accessing these vital services, several strategies can be employed:

Many governments offer programs specifically designed to assist seniors with healthcare costs. In Canada, programs like the Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) provide financial support to low-income seniors. Additionally, provincial health plans often cover many essential services.

Seniors may be eligible for subsidized health plans that reduce out-of-pocket costs for medical care and prescriptions.

Local community centers, non-profits, and senior organizations often offer free or low-cost health services, fitness programs, and social activities. These organizations can be a valuable resource for low-income seniors.

Some pharmaceutical companies offer programs to provide medications at reduced costs or even for free to those who qualify.

Many charitable organizations focus on supporting seniors, providing everything from financial assistance to free health clinics and wellness programs.

Encouraging family members and caregivers to be involved can help ensure that seniors are accessing all available resources. They can assist with navigating the complex healthcare system and applying for benefits.

Telehealth can provide accessible and often more affordable healthcare options for seniors, reducing the need for in-person visits and associated costs.

In conclusion, maintaining health in retirement is crucial for a fulfilling and happy life. While the costs can be significant, a combination of government programs, community resources, and family support can help low-income seniors access the necessary services. By working together, we can ensure that all seniors, regardless of their financial situation, can enjoy the highest quality of life possible as they age