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Retire Poor! Canadian Version. Here’s How
Ever see that headline? Nope
Generally speaking it’s not a destination many people are seeking. But lots of us arrive there. There’s this couple I know, and a single friend, all in their 60’s. Thinking about retirement and recognizing they did not do all the things they should have. So it’s made me think, and do a bit of research.
The financial advisors that target a different economic bracket (like the ones that expect to retire rich, or at least not poor), have lots of good advice for the wealthier demographic. They say things about how to take risks (or not) in investing, how and why to start saving for retirement when you are young. You can often read the advice they give to people about how to make the most of their investments in home, recreation property, RRSP’s, Tax Free Savings Accounts etc. I have noted there is very little advice for poor or lower income folks who are figuring out what retirement might look like. I guess there’s no money in it. (Pardon the pun).
Around a third of Canadians will retire needing the Guaranteed Income Supplement (GIS) when they start collecting their Old Age Security (OAS). Some of them don’t own a home and will need to pay from their limited income to rent a place to live. The Guaranteed Income Supplement is money the Canadian government gives to very low income…
