Generation 50 News

Older Canadians fiercely independent

2009-08-25T15:49:00.000-07:00

(NC)—A new survey shows that seniors are a fiercely independent bunch who will do whatever it takes to avoid moving into a nursing home or extended care facility. The Ipsos-Reid study reveals that nine out of ten people aged 65 to 85 want to live independently for as long as possible.

Although the study revealed a strong desire for independence, it also showed that close to three-quarters of seniors will not admit to needing help around their home. Holly Quinn, chief nursing officer of Bayshore Home Health, the sponsor of the study, says this attitude could be detrimental and suggests families take a number of steps to plan for a future of independent living:

1. Talk openly with family, friends and health care professionals about future needs and possible living arrangements.

2. Evaluate current living arrangements. A smaller house that requires less maintenance or one that has fewer stairs might make sense. Or consider making home modifications.

3. Consider hiring help for housekeeping, grocery shopping or traveling to medical appointments.

You can learn more about independent living online at www.bayshore.ca or toll-free at 1-866-265-1920.

Source: www.newscanada.com

Older Canadians more prepared for dying than aging

2009-08-04T12:45:00.001-07:00

(NC)—A recent survey designed to provide a 'snapshot' of Canadians aged 65 to 85 has provided some surprising results to those working on the frontlines with aging Canadians.
According to the study conducted by Ipsos-Reid, nine out of ten Canadians between the ages of 65 and 85 have a will, half already have a cemetery plot and 44 percent have a pre-arranged funeral. At the same time, much fewer are actually taking the necessary steps to help ensure they're leading independent lives for as long as possible.

“The survey results show a big discrepancy between seniors' desire to remain in their homes and the plans they're taking to reach this goal,” says Holly Quinn, chief nursing officer for Bayshore Home Health, the sponsor of the survey.

Although the vast majority of older Canadians will do everything they can to avoid moving into a nursing home, less than half have researched ways to help themselves live independently at home. Many seniors believe they can avoid a nursing home by relying on their family to care for them. Yet according to the survey, families don't appear to be talking about the issue.

According to Quinn, experience has shown her that seniors are afraid to introduce the idea of outside help with family members. “Their greatest fear is that they'll be put into a nursing home,” she says. “They're really hoping that they'll be okay, they'll stay healthy and then die peacefully in their sleep.”

With many of today's seniors living longer, healthier lives, the right mix of nursing, personal care, home support and companionship services will help them live comfortably in their own homes for a longer period of time. Talking openly about options and services is an important first step.

More information on independent living and home care is available online at www.bayshore.ca or toll-free 1-866-265-1920.

Source: www.newscanada.com

Women boomers need to plan for retiring alone

2009-07-13T13:07:00.001-07:00

(NC)—Women who find themselves single in retirement face increased financial risks, says a new report from the BMO Retirement Institute.

Some may have lived their entire lives as part of a couple, and therefore never put a solid “single retiree” plan into place. A spouse's death or divorce could leave them starkly unprepared.

“Our research suggests that a growing number of Canadian women are retiring alone, and this presents unique set of financial, emotional, and planning challenges,” says Tina Di Vito, director, Retirement Strategies, BMO Financial Group. “Based on our research, many single women boomers are not prepared for the potential effects on personal finances of being found suddenly single and the importance of having a contingency plan.”

For the most part, women still earn less in the workplace, and may have worked fewer years while raising children. This translates to fewer savings and less access to benefits, such as company pensions.

According to the 2006 National Population Health Survey, 43 per cent of Canadian women who have undergone a marital breakup, either divorce or separation, had a substantial decrease in household income, while only 15 per cent of separated or divorced men had a financial decline.

When a spouse dies, the resulting loss of earnings, particularly if the spouse was still active in the labour force at time of death, are usually very difficult to replace.

When it comes to retirement savings, history shows women in particular lean towards GICs as the 'safe' investment option, but there is a real risk of GICs being too conservative, yielding a lower rate of return over the long term.

As a result, many women, especially those without survivor income sources to fall back on, may need to rethink their long-term investment strategy and prepare more actively for the possibility of becoming single in their retirement years.

Source: www.newscanada.com

Single boomers face unique retirement challenges

2009-06-29T08:14:00.000-07:00

(NC)—A growing number of Canadians are retiring alone and need to take action to ensure their financial future, according to a new report from the BMO Retirement Institute.

“Whether by divorce, death, or never marrying in the first place, the odds of being single at some point during retirement are high,” said Tina Di Vito, director of retirement strategies for BMO Financial Group. “Regardless of how or why one finds themselves unmarried in retirement, one thing is certain: it presents a unique set of financial, emotional, and planning challenges.”

The BMO Retirement Institute's recent report, Retirement for One – By Chance or By Design, identifies a number of distinct challenges for men and women over 40 who retire alone, such as:

• Lack of knowledge about retirement programs
• Must devote a larger share of income to living expenses, leaving less for savings
• Less room to maximize Canada Pension Plan
• Greater gap between income and expenses
• Challenged to find suitable and affordable housing

The report identifies six key areas that, if properly addressed, can improve a single person's chance for a successful retirement, including:

• Plan for retirement as early as possible
• Build and sustain wealth
• Understand income and expenses
• Consider where you'll live when you're older
• Focus on social and emotional well-being
• Devise a comprehensive health strategy

More information is available online at www.retirementyourway.com.

Source: www.newscanada.com

Tips for planning retirement on your own

2009-06-08T09:02:00.000-07:00

(NC)—Common wisdom holds that every Canadian should start saving for retirement as early as possible, and that holds equally, if not more true for singles than their coupled counterparts.
Yet, despite their heightened need for financial planning, singles are less likely to be informed about their financial well-being in retirement.

“A recent report from the BMO Retirement Institute identifies a number of distinct challenges for men and women over 40 who retire alone,” says Tina Di Vito, director, Retirement Strategies, BMO Financial Group. “We believe proactive planning and professional advice go hand in hand. By working with a BMO investment professional who understands the diverse issues facing singles in retirement, Canadians can develop a thoughtful plan and enjoy greater peace of mind.”

When Canadian singles nearing retirement were asked to rate how well they understand public retirement programs, more than 30 per cent responded “not at all”, less than their married peers. When singles that had an intended retirement date in mind were asked if they had gathered retirement information during the past five years, 60 per cent answered “no.”

Not only are couples more likely to have dual incomes and more access to health and pension benefits, they also appear more likely to discuss their retirement plans together and gather the necessary information to create a joint retirement plan.

BMO believes there are six key areas that, if properly addressed, can improve a single person's chance for a successful retirement, including:

• Plan for retirement as early as possible.

• Build and sustain wealth.

• Understand income and expenses.

• Consider where you'll live when you get older.

• Focus on social and emotional well-being.

• Devise a comprehensive health strategy.

• Visit with a professional investment professional to develop a comprehensive retirement plan.

More information is available online at www.retirementyourway.com.

Source: www.newscanada.com

Retirement “light” is preferred

2009-06-01T09:14:00.000-07:00

(NC)—Although currently only 8 per cent of retired Canadians say they're still doing paid work, it'll be quite a different story for future generations of retirees. According to the 2008 edition of Desjardins Financial Security's Rethink Retirement survey, 62 per cent of workers over 40 are planning on going into semi-retirement.

When asked what this semi-retirement will look like:

• 37 per cent indicate they'll be self-employed;

• 35 per cent hope to remain with their current employer;

• 18 per cent would like to work for a different employer.

As for why they want to stay with their current employer:

• 30 per cent love their job;

• 15 per cent know their job well;

• 11 per cent work in a good environment;

• 8 per cent have a good salary;

• 5 per cent have access to group insurance;

• 5 per cent might choose to work part-time for their employer.

What's the magic age?

According to the majority of respondents, the ideal age to retire is 60. Among workers over 40, 63 per cent believe this will be possible. Gen-Xers, aged 30 to 44, think the ideal age to retire is 57, and 1 in 2 would place it somewhere between 40 and 55.

Life goes on (after work)

Despite the fascination with this “light” version of retirement, we can't lose sight of the fact that, sooner or later, the majority of Canadians will have to take control of their financial security.

“It's still as important as ever for workers to prepare for their financial future, no matter what their retirement plans are," says Karrina Dusablon, director, Education Centre and Global Management at Desjardins Financial Security. "Though we might really believe we'll be able to keep on working for years to come, eventually we'll all have to face up to the physical limitations brought about by age or other challenges such as illness, layoffs or new technologies.”

Source: www.newscanada.com

Healthy and fit leads to happier 50+ generation

2009-05-25T08:32:00.000-07:00

(NC)—More and more people over the age of fifty are hitting the gym, hiking trails and other fitness venues to increase their active lifestyles, keep physically fit and improve their quality of life. It is becoming increasingly clear that the problems we once associated with aging are actually related to disuse of the body – and the baby boomer generation are becoming wise to this fact.

However, it isn't only about bigger biceps and quads. One part of the body that many people don't realize is directly linked to overall health is the mouth. However, good oral hygiene contributes to more than just an attractive smile and the elimination of bad breath. In fact, keeping your teeth and mouth clean can reduce the risk of heart disease and other medical conditions. In an effort to keep your mouth healthy, many oral healthcare professionals recommend incorporating a rechargeable power toothbrush into your daily routine, like a Philips Sonicare, which offers many advantages over regular manual modes.

“The Philips Sonicare FlexCare adapts to your oral care needs and is clinically proven to remove significantly more plaque,“ says Court Elliott of Philips Electronics, a global leader in personal care products. “Whether it's a power rechargeable toothbrush that helps improve oral hygiene, or a CFL light bulb that cuts down on energy consumption, Philips is dedicated to improving consumers' health and well-being.”

Generation 50+ are sweating to the oldies and continuing to keep their bodies in great shape. It is important for them – and everyone else for that matter – to remember to keep their mouths fit and healthy as well.

Source: www.newscanada.com

Scam artists pursue adults over 50

2009-05-19T10:02:00.000-07:00

(NC)—March is Fraud Prevention Month. The Ontario Securities Commission (OSC) reminds all investors, and particularly those over 50 to be aware of the signs of investment fraud.

On top of preparing for retirement, many people in this age group are still financially responsible for dependent children and aging parents – causing worry about not having enough money for retirement. Scam artists prey on this fear by promising high-return, low-risk investments. In reality, these investments are usually high-risk products that are not right for people looking to protect their nest egg as they approach retirement - if the investment exists at all. Either way, you could lose some or all of your money.

Think you can't be scammed? Research shows that people with investing experience are more open to investment opportunities and willing to take risks. In addition, experienced investors are more willing to make their own investment decisions, without getting advice from an independent financial adviser. These tendencies can make you vulnerable to fraud.

Read Protect your money – avoiding frauds and scams, and the Investment Fraud Checklist to learn how to protect your money from fraud. You can download free copies of these or other OSC investor publications online at www.checkbeforeyouinvest.ca or call toll-free 1 877 785 1555.

Source: www.newscanada.com

Seniors, hear this and speak up

2009-04-23T08:27:00.000-07:00

(NC)—Seniors represent the fastest growing segment of our population, expected to make up one quarter of the country's population. Many of these individuals are significantly affected by communication disorders and experience problems with their speech, language, swallowing and hearing. Hearing loss is the third most prevalent chronic disability among older adults and 6-12% of seniors experience speech, language or voice difficulties.

The services of speech-language pathologists and audiologists help seniors to improve their ability to communicate which allows them to optimize their health, independence, safety, socialization and overall quality of life. Speech-language pathologists provide assessment, treatment and follow-up for: difficulties speaking or understanding, voice problems, thinking and memory problems and swallowing difficulties. Audiologists provide assessment, treatment and follow-up regarding: hearing loss, balance problems, tinnitus (noises or ringing in the ears) and related disorders.

Consumers should seek the services of a qualified professional. Speech-language pathologists and audiologists are important collaborative partners in the primary health care system, working to maximize communication and, in turn, participation in the community.

Using the services of a speech-language pathologist or audiologist helps ensure seniors can continue to enjoy engaging, productive and rewarding lives. Early detection is vital. If you suspect a problem help is available online at www.speechandhearing.ca.

Source: www.newscanada.com

Reverse mortgages provide seniors with equity boost

2009-03-30T08:41:00.000-07:00

(NC)—Distressed stock portfolios and a softening real estate market are just some of the economic issues currently impacting Canadians. Seniors, the country's largest growing demographic, are also increasingly concerned. A recent Angus Reid survey revealed that a majority (53 per cent) of Canadians over 60 feel less secure about their financial future, compared to this time last year.

Major swings in the stock market can wreak havoc on the investment portfolios of those on fixed incomes. Losses on investments combined with increased economic uncertainty have had a significant impact on the retirement plans of many Canadians. In fact, Angus Reid reported that 37 per cent of Canadians over 60 who have not yet retired have been forced to delay their retirement plans due to the current economic downturn.

The doom and gloom forecasted by many economists has motivated some seniors to seek out additional sources of income: one popular option being a reverse mortgage. For more than 20 years, Canadian Home Income Plan (CHIP) has been providing homeowners aged 60 and over with a stable and reliable financial solution, which enables them to access up to 40 per cent of their home's value, with no income, credit or medical requirements.

As many seniors are discovering, a reverse mortgage can fill the equity gap left as a result of declining stock values. This can provide an attractive alternative to simply selling off one's investments and missing out on the potential to recoup losses. Leveraging the equity in a home can provide seniors with the opportunity to take advantage of the current cost of stocks and build a stronger investment portfolio.

By obtaining a CHIP Home Income Plan and unlocking the equity in their home, Canadian seniors can augment their income and enjoy their retirement. More information on this topic can be obtained online at www.chip.ca, toll-free at 1-866-522-2447, or from your financial planner or banker.

Source: www.newscanada.com

Options for cash do exist for seniors

2009-03-23T09:48:00.000-07:00

(NC)—Canadian seniors are feeling the impact of the slowing economy. Fifty-three per cent of those over 60 are worried about their financial future compared to this time last year, according to a 2009 Angus Reid study. What's more, 68 per cent of Canadian seniors are concerned about investment losses this year.

In tough economic times like this, many seniors are beginning to seek out additional sources of cash to meet their short and long term financial needs.

For Canadians aged 60 and older who don't want to sell their home or downsize, two options are available: a reverse mortgage or a home equity line of credit. But which is better? In short, it depends on the individual's overall personal needs and financial position.

Short Term vs. Long Term Needs

With a line of credit, you borrow money and begin paying it back (with interest) immediately. This makes sense if your needs are short-term and you can pay it back quickly. But what if you need the money for a longer period of time? Then you have to be prepared to make regular monthly payments for some time to come. If you're like many seniors living on a fixed income, these extra monthly payments could be too much for your budget to handle over an extended period of time.

A reverse mortgage is different because you can choose not to make any payments until you decide to move or sell your home. Instead, the interest simply compounds on the outstanding balance of the reverse mortgage over time while the entire value of your home appreciates over the long term. When you sell your house, you pay off the accumulated amount of the loan and keep the rest.

Unlike lines of credit, reverse mortgages are an excellent way to supplement your income on an ongoing basis. You can choose to access a fixed amount each month. Or you can take out a lump sum and use it to build an investment portfolio that will generate extra cash flow.

Canadian Home Income Plan (CHIP) allows seniors to receive up to 40 per cent of their home's current appraised value in tax free cash. CHIP provides an estimated amount based on the age of the homeowners, location and type of home, and its estimated value. Money can be taken in one lump sum or in planned advances over time. Additionally, CHIP Home Income Plan does not require any income or medical qualifications, which is not the case with home equity lines of credit.

More information on this topic is available online at www.chip.ca or toll-free at 1-866-522-2447.

Source: www.newscanada.com
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Good news about reverse mortgages

2009-03-17T16:07:00.000-07:00

(NC)—As the decline in the real estate market continues to plague communities across the country, Canada's senior population is being forced to deal with the sobering realities of depreciating home values. A recent Angus Reid survey revealed that 44 per cent of Canadians over 60 are worried about a decrease in their home's value.

A slowing economy and tighter credit access has led to a rather grim outlook for the retirement plans of thousands of Canadians. In fact, 37 per cent of Canadians over 60, who are not retired, have had to postpone their retirement plans as a result of the current economic situation, according to Angus Reid.

But what does this mean for the increasing number of Canadians who rely on reverse mortgages as a form of additional income in their retirement years?

Since reverse mortgages are a long term financial solution that enables seniors to access home equity as a lump sum to invest or supplement monthly income, short term fluctuations have little effect on the day-to-day access to cash. So taking out a reverse mortgage now may be a good way to tap into home equity without selling in a down market.

In fact, at a time when real estate has fared much better than other investments, stocks in particular, it can sometimes be an opportune time to rearrange your asset mix. Leveraging the equity in a home can provide seniors with the opportunity to take advantage of the current cost of stocks and build a stronger investment portfolio.

Designed exclusively for homeowners aged 60 and older, CHIP provides seniors with a stable financial solution for the long-term and enables them to access up to 40 per cent of their home's value, with no income, credit or medical requirements.

More information on this topic is available online at www.chip.ca, or call 1-866-522-2447.

Source: www.newscanada.com
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Achieve your New Year's resolution to eat healthy

2009-03-02T12:56:00.001-08:00

(NC)—Once winter arrives, many people tend to go into hibernation mode - high caloric comfort foods are what we crave and we certainly get our share of rich food during the Holiday period. However, for many seniors, these same delicious foods can come with a high fat and salt content that can affect their health and quickly derail any New Year's resolutions to eat healthy.

“Regardless of when you start, healthy eating can help you maintain and improve your health,” says Rob Huppée, Vice President, Fitness, Recreation and Nutrition, Origin Evergreen retirement community in Mississauga, Ontario. “Adults over the age of 70, have unique dietary needs. They require fewer calories, yet their need for essential nutrients stays the same and in some cases even goes up; older adults need more calcium, Folate , Vitamin D and B6” This can prove to be a challenge for some seniors and it's especially true during the winter months when we may be naturally inclined to eat calorie-rich foods.”

Huppée offers the following healthy eating tips for seniors:

• Eat nutrient dense foods such as whole grain breads and cereals, fruits and vegetables, legumes, fish, poultry or lean meats

• Don't forget the fiber – not only are whole grained breads and cereals, legumes, and many fruits and vegetables nutrient dense, but also great sources of fiber to keep you regular

• Don't skimp on flavour – replace salt with herbs and spices

• Forgo heavy creams and butter for low-fat milk and cheeses and non-hydrogenated vegetable oils

• Lean cuts of meat, such as chicken breast, pork loin are low in fat

• Fish, such as salmon or trout, offer Omega-3 and healthy fats and are an excellent source of protein

• Choose your fluids wisely – regular soft drinks, fruit juices and alcohol are high in calories. As thirst is a poor indicator of hydration, striving to drink eight glasses of water a day will keep you well hydrated during dry winter months

“Healthy eating combined with physical and mental exercise can mean the difference between an independent mobile senior and one who is dependent on others,” says Huppée. “Living in a retirement community such as Origin Evergreen is hugely beneficial for diet and overall health and well-being. Not only do you have many amenities, the Swing fitness programs, Mental Fitness programs and Social activities, but also a dedicated team of food and nutrition specialists that work together to assist in the development of the nutritionally sound gourmet menus for the community's Harvest Dining Room.”

More information on Origin Evergreen's amenities and Harvest Dining Room are available online at www.originevergreen.ca.

Source: www.newscanada.com
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Consider splitting your income if on a pension

2009-02-23T09:54:00.000-08:00

(NC)—Thanks to new tax rules introduced in 2006, some Canadian taxpayers on a pension can now take advantage of income splitting. The government estimates that allowing pension income splitting has provided more than $1 billion in tax relief for older Canadians.

“For qualifying taxpayers, splitting their pension income means hundreds or even thousands of dollars of tax savings,” says Cleo Hamel, a senior tax analyst with H&R Block (hrblock.ca). “But it is only qualifying pension income, so not everyone can split their income.”

Taxpayers with eligible pension income can split up to 50 percent with a spouse or common-law partner. When there is one spouse who has very little income, the tax savings are substantial.

“You need to meet three requirements to split income: the government considers you a pensioner, you have a spouse or partner who qualifies to receive the split, and you have the right kind of pension income,” says Hamel (1-800-HRBLOCK).

Most periodic pensions and superannuation payments, including foreign pensions (with the exception of income from a U.S. Individual Retirement Account), qualify for splitting. If you are 65 or older at the end of the year, it also includes annuities and payments from a Registered Retirement Income Fund (RRIF). If you are under 65, these types of payments will also qualify if you are receiving them due to the death of a previous spouse or common-law partner.

The list does not include Old Age Security payments, Canada Pension Plan (CPP) benefits, retiring allowances, death benefits or lump sum withdrawals from your RRSP. You may be able to split your CPP with a spouse or common-law partner through the Human Resources and Social Development Canada.

“If you want to take advantage of the pension-income-splitting provisions, the Canada Revenue Agency (CRA) will require both you and your spouse or common-law partner to file new Form T1032, Joint Election to Split Pension Income with your 2007 income tax return,” says Hamel.

Source: www.newscanada.com
Visit us online at: www.thenewsleader.ca

Seniors can trust NETFILE for secure tax filing

2009-02-16T09:28:00.000-08:00

(NC)—Seniors who may be worried about whether online tax filing is secure can rest assured. NETFILE, the Canada Revenue Agency's (CRA) online tax filing system, has taken steps to provide several layers of protection that make the process safe and secure.

For example, before you can even begin to file your income tax online, you have to enter your personal four-digit access code. You can find it on the information sheet of your T1 personal income tax return package. Your access code, along with your social insurance number (SIN) and date of birth, become your electronic signature. Remember, though, Internet security is a two-way street. Keep your access code a secret, always close your computer after working on your return, and never send your access code or your SIN by email to anyone.

The CRA ensures that your personal and financial information is transmitted in an encrypted format between your computer and its Web servers. This ensures that computer hackers and other Internet users cannot alter or view data being transmitted. The CRA uses sophisticated security techniques to protect its Web site. State-of-the-art encryption technology and security procedures protect your personal information at all times.

NETFILE could be the way to go for seniors who want to save time and money, and get their refunds faster. You can find all the information you need at www.netfile.gc.ca.

Source: www.newscanada.com
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Get fit in the winter months

2009-02-09T13:18:00.000-08:00

(NC)—Cold winter winds, dangerous icy patches on the sidewalk, and sometimes physical limitations can deter many seniors from being active during the winter months.

While skating, skiing or snowshoeing are exciting, they are also very taxing for many and can be dangerous for some. The good news is that there are many fun, effective indoor fitness programs that can keep seniors in top shape in 2009.

“Keeping fit in the winter months is essential to our health as we age,” says Rob Huppée, Vice President Fitness, Recreation and Nutrition Programs, Origin Retirement Communities. “By keeping your muscular strength and endurance levels up, you can reduce your risk for falls, and remain mobile and able to more easily transition into spring and summer outdoor activities.”

Strength training, aqua-fitness, tai-chi, modified yoga and even Nordic pole walking, are all activities that can be enjoyed indoors.

For those living in retirement communities, such as the new Origin Evergreen community in Mississauga, Ontario, other options can include dance classes, which are not only good for the body but also the mind. They offer an opportunity to socialize with others.

“Many seniors who live on their own tend to become 'shut-ins' during the winter months,” says Huppée. “The benefit of living in a retirement community such as Origin Evergreen is that you can join in on social fitness programs, or group trips to shopping malls for early morning indoor walking. This retirement community in Mississauga has over 42,000 square feet of amenities space, which means that you don't need to leave the building and still enjoy several laps of walking.”

More information on Origin Evergreen's senior fitness program is available at www.originevergreen.ca.

Source: www.newscanada.com
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Keep skin looking healthy this winter

2009-01-26T15:24:00.000-08:00

(NC)—Cold winter weather and dry indoor heat is a terrible combination for skin of any age. Sore and dry hands, cracked skin and chapped lips are all outcomes of a cold Canadian winter. For seniors, their skincare regime should be different than that of a younger adult or a child.

The daily skincare regime that may work well to keep skin supple and moisturized for a 20 to 50 year old, does not work for an older adult.

Many factors can negatively affect elderly skin such as harsh soaps, hot water, excessive cold or heat, dry air and wind. As many seniors spend much time indoors where the air can get very dry, it is essential to keep skincare top of mind.

In order to combat these winter issues, elderly individuals can take several steps to ensure their skin stays healthy all winter long.

According to Angie Ursomarzo, Spa Manager at Origin Evergreen retirement community's Evergreen Spa in Mississauga, Ontario, these are some of the things seniors should do on a daily basis to ensure optimal skin health:

• Stay hydrated by drinking eight glasses of water a day

• Take short and warm showers or baths as opposed to long and hot ones

• Use mild skin care products that do not dry out skin

• Moisturize daily, particularly after a bath or shower using a moisture-rich body lotion

• Use a humidifier to combat dry air

“Keeping on top of daily skincare needs for seniors can result in great-looking skin and an overall glow,” says Ursomarzo. “An occasional trip to an aesthetician with experience in senior skin needs is a good idea. The Origin Evergreen community's spa, which specializes in senior skincare, offers residents living in the community no need to face extreme winter weather.”

More information on Origin Evergreen's Evergreen Spa facilities and skincare is available online at www.evergreenspa.ca.

Source: www.newscanada.com
Visit our website at: www.thenewsleader.ca

Finance renovations for barrier-free living

2009-01-19T08:57:00.000-08:00

(NC)— Having lost his wife six months ago, Martin Pickford had to learn quickly to adapt to independent living in a wheelchair. Since Martha, Martin's late wife, performed almost every task for him, Martin was confronted by many challenges that he didn't know how to deal with such as cooking dinner, taking baths and going to the grocery store. The 61 year old and his wife of 20 years once considered renovating their two-storey home to accommodate his physical condition, but couldn't come up with the thousands of dollars required for such an overhaul.

On the suggestion of a close friend, Martin consulted a financial advisor who advised him about CHIP Home Income Plan as a sound way to finance renovations for barrier-free home living. Through a CHIP Home Income Plan, Martin learned that he could convert up to 40 per cent of his home's equity into tax-free cash and not have to worry about regular monthly payments until he decided to sell.

“With this new found financial freedom, I was able to fully equip my home and my car with assistive devices, which has provided me with complete independence and given me a sense of autonomy,” said Pickford.

CHIP Home Income Plan is a simple and sensible financial solution that allows Canadian seniors over the age of 60 the ability to enjoy life on their own terms. Taking out a CHIP Home Income Plan can make a world of difference for seniors with physical disabilities. “My life has become my own thanks to the CHIP Home Income Plan,” added Pickford. “Having completed the renovation, I can now invest some of the extra income into a new home business that will provide financial growth and even more self-sufficiency.”

More information on this topic is available at online at www.chip.ca or by calling 1-866-522-2447.

Source: www.newscanada.com
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Seniors improve cash flow by unlocking equity in their homes

2009-01-12T09:16:00.000-08:00

(NC)— When seniors enter into their retirement phase, many hope to take advantage of this time in their life and do the things they always dreamed of such as travel, upgrade or renovate their kitchen, or help their children or grandchildren buy their first home. Often though, increasing maintenance costs and rising property taxes coupled with the lack of continued income make it difficult for them.

There is, however, a solution, for Canadians over the age of 60 who find themselves facing difficult financial choices in retirement – a CHIP Home Income Plan. This simple, sensible borrowing option allows seniors to unlock the value they have worked hard to build up in their home, while continuing to live in it and maintain ownership. It enables seniors to access up to 40% of the value of the home in tax-free cash, making it possible for them to improve their day-to-day cash flow.

“A CHIP Home Income Plan can make a world of difference for seniors, particularly retirees, whose finances are affected once they stop working and their income decreases,” notes Ian Adams, a financial planner with Olympian Financial Inc. “I often present it as a borrowing option to clients, especially those whose net worth is mainly tied up in their home and investments. It is a smart way for seniors to live their retirement the way they planned and enjoy life on their terms.”

More information on this topic is available at online at www.chip.ca or by calling 1-866-522-2447.

Source: www.newscanada.com
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Wouldn't it be nice to retire in your own home?

2009-01-05T08:47:00.000-08:00

Money Matters:
(NC)— Home is where the heart is. Knowing this, many seniors want to spend their retirement in the home they have lived in for years. Often, however, the loss of income brought on by retirement makes this difficult and seniors consider downsizing.

While downsizing may seem like the best option for seniors in a cash crunch, this is not always the case. There are so many costs associated with downsizing, including purchase or rental price of the new home, real estate commissions, legal fees, and moving expenses, that the return may not be as great as originally thought.

Another simple and sensible alternative for those facing financial struggle in retirement is CHIP Home Income Plan, which allows seniors to access the equity they have built up in their home, while continuing to live there. With a CHIP Home Income Plan, Canadians 60 years and older can access up to 40 per cent of their home equity tax-free, and maintain ownership and control of their home.

“So many times I meet with potential senior clients who are hoping to gain and save money by selling their family home,” says Kelly Healy, a Toronto realtor with Sutton Group. “Once I understand that their motivation is purely financial, I will suggest they research a CHIP Home Income Plan and compare its costs and benefits to that of moving so they can determine which option is best for them.”

Adds Healy, “My experience has shown me that very often seniors prefer to stay in their home, a place that is familiar to them and around the people and places they love. The truth is, by unlocking the value in their home, seniors can often receive the same amount of money they'd save by downsizing, or even more. And they still continue to benefit from the future appreciation in the value of their home.”

More information on this topic is available at online at www.chip.ca or by calling 1-866-522-2447.

Source: www.newscanada.com
Visit Eddie the Dalmatian's Blog: www.frameyourpets.com

As life changes... so should your financial plan

2008-12-30T08:15:00.000-08:00

(NC)—Whether you're saving up for a new home, putting your kids through university or investing for retirement, your financial plan is the road map to achieving your goals. But according to Patricia Lovett-Reid, senior vice president, TD Waterhouse Canada Inc., your financial plan needs to evolve as you go through major life changes.

Lovett-Reid outlines some typical events that should trigger a meeting with a financial advisor to revisit your financial plan.

Change in marital status
“A change in marital status almost always means a change in your financial situation and objectives,” says Lovett-Reid. “You'll want to review how your new status will affect taxation. Consider opportunities for income splitting and update the beneficiary designation in your RSP or RIF to take advantage of the tax-free rollover that's available to a surviving spouse or a common-law partner.”

A new dependant
“Having a baby or adopting a child brings responsibility along with joy,” says Lovett-Reid. “A child means additional expenses and planning for the future. An extended parental leave, for example, may mean a lower household income. You'll also want to consider life and disability insurance and update your wills to name a guardian who will raise your children should unforeseen circumstances arise.”

Purchase of a home
“Your home is likely the biggest purchase you'll ever make, and a mortgage the largest financial commitment you'll ever have. To protect your family and your investment in your home, you will want sufficient life and disability insurance to cover the amount of your mortgage if something were to happen to you or your partner.”

Job change
“Whether you accept a promotion or decide to pursue an independent career path, your decision has far-reaching implications for your finances. If you receive a sizeable increase in salary, for instance, you'll also have a higher income tax bill, and you'll want to contribute the maximum to your RSP to reduce the tax owed.”

Inheritance
“Inheriting money might seem like a boon, but it also means more decision-making,” says Lovett-Reid. “If the inheritance is substantial, you'll want to schedule a complete financial review so that you can deal with the impact on your tax situation and estate planning needs.”

Websites such as www.tdretirement.com can be a valuable resource for more information on financial planning throughout life's big events.

“Whenever you experience a major change in your situation, financial advice can help you see your options more clearly,” concludes Lovett-Reid. “Expert guidance can establish which steps may be necessary to keep your family secure and to keep your financial plan on track.”

Source: www.newscanada.com
Visit us online at: www.thenewsleader.ca

Is an RSP swap right for you?

2008-12-18T08:39:00.000-08:00

(NC)—Like many Canadians, you likely have most if not all of your retirement savings inside your Retirement Savings Plan (RSP). However, different types of investment returns are taxed differently. You could be missing an opportunity to improve your post-tax returns by holding the right investments inside and outside your RSP.

In other words, it might be time for an RSP “swap”.

There are two types of investments that should be considered for a swap. From a tax perspective, it can benefit you to keep investments that generate capital gains or dividends from Canadian corporations (“Capital A”) outside your RSP, and to keep fully taxable interest-generating investments (“Interest B”) inside it.

“This strategy is particularly beneficial to those who maximize their RSP contribution every year and who also regularly invest outside a retirement plan,” says Patricia Lovett-Reid, senior vice president, TD Waterhouse Canada Inc.

Let's assume you currently hold mostly “Capital A” investments inside your RSP and mostly “Interest B” investments outside it. In other words, you are not making the most of tax efficiency – and you are not alone. This is what a great many Canadian investment portfolios look like.

Help is on the way. Current tax laws allow you to swap a “Capital A” investment with an “Interest B” investment, as long as three conditions are met. First, you need to have a self-directed RSP. Second, the “Capital A” asset and “Interest B” asset you plan to swap must be equal in value. And third, the “Interest B” that is headed for your registered plan has to be RSP-eligible. Under these conditions, the swap won't count as an RSP contribution and won't affect your RSP contribution room. And the asset moved from your RSP into the non-registered portfolio (“Capital A” in our example) won't be taxed.

After the swap, “Interest B” will grow tax-free inside your RSP and “Capital A” will be subject to tax from the day of the transfer. If “Capital A” generates capital gains from that point on, half the gain must be included in income in the year that the investment is sold.

However, gains made by “Capital A” up to the date of transfer will remain in the registered plan and will not be subject to tax until the funds are withdrawn from the plan.

When you swap investments, fees should be minimal, as most transactions aren't considered commissionable trades. Instead, the asset location is simply changed from registered to non-registered — or the other way around.

“There may still be tax consequences as a result of an asset swap, especially if the value of the asset being swapped into your RSP has grown considerably over its 'book value', which is the asset's price when you purchased it,” continues Lovett-Reid. “That's why I urge anyone thinking of doing a swap to talk to a financial professional first .Then you can be sure that you will be making the best move possible.”

Source: www.newscanada.com
Visit Eddie the Dalmatian's Blog at: www.frameyourpets.com

A new way to save for retirement – tax free

2008-12-15T08:21:00.000-08:00

(NC)—Money. You earn it, save it and spend it. Starting January 1, 2009, you also get to keep more of it tax-free.

The federal government has introduced the Tax Free Savings Account (TFSA). Under the new plan, Canadian residents aged 18 or older with a Social Insurance Number can open a TFSA and contribute up to $5,000 per year. The TFSA is a highly flexible savings plan that can be used for any purpose at any time — from a major purchase to a vacation to building up your retirement nest-egg.

“It doesn't get any better than this,” says Patricia Lovett-Reid, senior vice president, TD Waterhouse Canada Inc. “Income and growth in the account are not taxable, and any withdrawals are also tax-free. Withdrawals are added to your contribution room in the following year and unused contribution room can be carried forward indefinitely. This is very attractive to investors in all life stages.”

Unlike a registered Retirement Savings Plan (RSP), your contribution room is not based on earned income, and there is no upper age limit for contributing to the plan. The accumulated savings can also be bequeathed tax-free to your beneficiaries as part of your estate.

According to Lovett-Reid, the TFSA is the perfect complement to an RSP or registered Retirement Income Fund. “It can provide an additional source of tax-free income without affecting government benefits such as Old Age Security. You get peace of mind knowing that you can access the TFSA tax-free without being bumped into a higher tax bracket, or worrying about the impact on your other benefits.”

Retirees profit in others ways as well. If they receive more RIF or pension income than they need, they can contribute the excess to their TFSA and benefit from the tax-free income and withdrawals.

“The TFSA is a new savings tool that everyone can benefit from immediately and over the long term,” concludes Lovett-Reid. “Its flexibility, tax-free withdrawals, and the ability to contribute up to $5,000 every year regardless of your income level, and even throughout your retirement, make it a must for any savings or retirement plan.”

Source: www.newscanada.com
Visit us online at: www.thenewsleader.ca

Seniors cash in on buyers market

2008-12-12T08:32:00.000-08:00

(NC)—After a decade-long boom in housing prices, Canadians are finally facing the realities of a buyer's market. With real estate prices stabilizing and houses spending more time on the market, is the home no longer the potential source of wealth for seniors who've counted on it to support their retirement plans?

Seniors wishing to tap into their home equity in order to enhance their income, still have some attractive options. Many Canadians aged 60 and older are turning to the CHIP Home Income Plan as a simple, safe way to access the home equity in their home while the real estate market stabilizes.

Through CHIP's reverse mortgage solution, seniors are able to lock-in the value of their home and convert built-in equity into tax free cash while still having the opportunity to benefit from the long term appreciation of their home. Additionally, with no payments due until the home is sold, CHIP provides seniors with greater financial stability and flexibility in times of economic uncertainty.

In a buyers market, like today, seniors can expect to sell their homes for less money and experience a longer sales cycle. During periods of uncertainty in real estate markets, CHIP affords seniors with financial security for the long-term.

Don't let an unpredictable real estate market ruin your retirement.

More information on this topic is available online at www.chip.ca or toll-free 1-866-522-2447.

Source: www.newscanada.com
Visit us online at: www.thenewsleader.ca

The ins and outs of a reverse mortgage

2008-11-24T08:57:00.000-08:00

(NC)—For many Canadians, the thought of retirement is an exciting one, conjuring up images of travel, days spent at the cottage and visits with grandchildren. Unfortunately, some seniors are caught off guard by the expenses associated with retirement and a pension might not always be enough to make ends meet.

This is why more seniors are turning to reverse mortgages to increase their cash flow and enjoy a more satisfying retirement. A reverse mortgage is a special type of loan that converts the equity built up in your home into cash. For more than 20 years, CHIP Home Income Plan has been providing a simple and sensible solution to help increase the financial stability of Canadians 60 years of age or older.

But when it comes time to investigate the option of a reverse mortgage for yourself, or a loved one, be sure to consult with a financial planner and develop a clear plan to ensure you get the most out of your reverse mortgage.
Here are some common questions to consider:

• How important is home ownership to you?
- Reverse mortgages are ideal for those looking to stay in their homes as the full amount of a reverse mortgage only becomes due if the home is sold, or if the homeowner decides to move.
- You also maintain ownership and control of your home and, once it is sold, you keep all the equity that is left over once the reverse mortgage is repaid.
• How much equity can you access?
- Through a CHIP Home Income Plan, seniors can receive up to 40 per cent of their home's current appraised value. CHIP first provides an estimated amount based on the age of the homeowners, location and type of home, and its estimated value. The money can be taken in one lump sum or in regular advances over time.
- You receive the money tax-free and no payments are required, so the full amount only becomes due when you choose to move or sell. The interest on the loan is simply added to the outstanding balance.
• In what ways, can a reverse mortgage, like a CHIP Home Income Plan be used?
- There is a wide range of needs and wants that can be addressed with the CHIP Home Income Plan solution, including improved cash flow for monthly expenses, estate planning, and investment preservation and maintaining an overall good standard of living during retirement.

More information on this topic is available online at www.chip.ca or toll-free 1-866-522-2447.

Source: www.newscanada.com
Visit us online at: www.thenewsleader.ca

Give your parents a financially stable retirement

2008-11-17T10:59:00.000-08:00

(NC)—It wasn't long after university that Gary realized he'd have to move away from the town where he grew up. Computer programming jobs were scarce in a community of 2,000 and the booming economy in Alberta was simply too much to resist. Still, Greg was always sure to save some vacation time and make the trip home at least twice a year to see his parents, Don and Louise.

But during his last few visits home, Gary noticed a change in the house where he spent his childhood. Paint was chipping, floorboards creaking and the front walk was beginning to shift from the deep frost of winters past. It was clear that his recently retired parents were having trouble keeping up with the day-to-day repairs of their home.

Gary's suspicions were confirmed over Sunday dinner when his mother mentioned that they had considered hiring someone to make a few repairs but simply couldn't afford it. The cost of retirement was far greater than anticipated and Don and Louise had to cut back in all areas of their life, not just household repairs.

Gary's initial reaction was to offer his parents financial support, but after much consideration, he realized that his parents would simply not accept it. Gary's father had always cherished his independence as a small business owner and would never dream of seeking financial help – especially from his son.

The answer came that evening when the family was watching television. In between programs, Gary noticed an advertisement for CHIP Home Income Plan, a simple and sensible financial solution designed for homeowners aged 60 and older.
By securing a CHIP Home Income Plan, Canadians over 60 can access up to 40 per cent of the equity in their home, which improves not only their overall cash flow, but, like Gary's parents, ensures seniors have the financial resources they need to keep up with the cost of living.

Gary suggested that his parents consider accessing their home equity. After all, it was a major portion of their assets and they were entitled to use it in retirement. Now, thanks to CHIP, Don and Louise have the money they need to lead a retirement free of financial worries, and Gary can look forward to many more trips home.

More information on this topic is available online at www.chip.ca or toll-free 1-866-522-2447.

Source: www.newscanada.com
Visit us online at: www.thenewsleader.ca

Four tips for passing the cottage on to the kids

2008-11-10T09:33:00.000-08:00

(NC)—For many, the family cottage is passed down through several generations. However, difficulties may arise when the actual ownership of the property passes from one generation to the next. The transfer may be subject to capital gains tax if the property passes to a child or grandchild.

“Transferring ownership of cottages or other recreational properties is a particular challenge today, as the value of recreational properties has been rising,” says Patricia Lovett-Reid, a senior vice president with TD Waterhouse Canada Inc. “Your heirs could be forced to sell the property just to pay the taxes. If you will be in a position to transfer property to the next generation, it's important to start planning today.”

Lovett-Reid recommends people consider the following:
Open the discussion -- Speak to your children about whether they want to keep the property and share in its upkeep. Involve them in discussions about sharing it and potential upgrades that may be needed. This is a very important step, as the lifestyles and financial resources of your children may differ.
Expanded estate planning -- If one child is not interested in the property, you may want to think about equalizing that child's share of your overall estate with other assets.
Hold the property in trust -- One way to possibly save on tax and retain control of the property is to create a testamentary trust in your Will, to hold the property in trust for your children. Be sure to advise your children of your decision.
Choose your trustee carefully -- Given the complex nature of a trust, think carefully about the selection of an experienced trustee to administer the trust.
“It really pays to talk to your financial advisor about these issues,” concludes Lovett-Reid. “They can ensure that you get the professional help you need to avoid common pitfalls and keep the recreational property in the family.”

Source: www.newscanada.com

Have you visualized your retirement?

2008-11-03T08:07:00.000-08:00

(NC)—Typically, people in their twenties are saving for a vacation trip or paying off their student loans. Those in their thirties are shopping for their first home and buying new cars, and the forties generation are saving for their children's university education or eyeing a family cottage.

The reality is that those with decades before retirement often think about financial goals that are closer at hand. They have difficulty visualizing what life will be like when they don't have to go to work every day.

“Many have no idea how they are going to spend their retirement,” says Patricia Lovett-Reid, a senior vice president with TD Waterhouse Canada Inc. “While they may be putting money away in an RRSP, they haven't considered whether they will continue to work, where they will live or what their expenses will be.”

Lovett-Reid says that the difficulty in visualizing their 'golden years' leaves many investors without a proper plan to save and invest for retirement. However, by considering some key factors, investors can more easily develop a retirement plan that fits with their current lifestyle and budget.

1. Will you continue to work?
Some people decide to continue working for the added income, to take on new challenges or simply to remain active and involved. By thinking ahead about what your own needs and aspirations will be when you reach retirement age, you can begin to answer this key question.

2. Where will you choose to live?
If you're considering selling your current home, think about where and when you might want to move. Family relationships, the location of friends, the appeal of a warmer climate, or access to good health care services and medical expenses' coverage could all be considerations in your choice.

3. What are your ongoing family responsibilities?
Even in retirement, you may still have children or parents who count on you for support. Insurance strategies and estate planning can be effective ways to manage these responsibilities.

4. What activities do you want to pursue?
People are living longer and leading increasingly active lives. You may want to take up new hobbies, travel, volunteer or continue your education.

“Lifestyle choices and ongoing responsibilities are huge factors in planning for your retirement,” concludes Lovett-Reid. “It's very important to talk to a financial advisor who can help align your financial assets with your dreams and create a plan.”

Source: www.newscanada.com

What will work mean to you in retirement?

2008-10-28T08:54:00.000-07:00

(NC)—A survey of Canadian retirees conducted for TD Waterhouse in March 2008 asked: “If you could offer advice to someone planning for retirement, what would it be?” Almost 60% of respondents said, “Take time to prepare for and understand what you want out of retirement.”

“Planning for the next stage in your life is taking on extra significance,” says Patricia Lovett-Reid, a senior vice president with TD Waterhouse Canada Inc. “That's because, for many of us, the goal of early and total retirement is being replaced by a desire to stay in the workforce and take on new opportunities.”

A recent Statistics Canada study showed that six in 10 Canadians aged 50 to 64 were employed or looking for work in 2006. That's 2.1 million people — more than double the number in 1976. The elimination of mandatory retirement at age 65 means many more Canadians will work past the traditional retirement age.

“Today it is much less likely that our working lives will come to a sudden halt,” continues Lovett-Reid. “Instead, we are staying in our careers longer, working part-time or starting new businesses. Work is now seen as part of the transition into retirement.

Self-employment is a popular option, says Lovett-Reid. Not only does working for yourself provide income, it offers independence and the opportunity to pursue personal interests and opportunities.

“The role work will play in our future will affect how we plan and save for retirement,” concludes Lovett-Reid. “That's why it's very helpful for pre-retirees to sit down with a financial advisor and discuss the next phase of their lives.”

Here are some questions to consider before your meeting:
• What does work mean to you?
• Do you need to stay busy?
• Does the idea of starting a business appeal to you?
• Do you have the skills and entrepreneurial drive to succeed in self-employment?
• Could you, or the beneficiaries of your estate, benefit from the extra income that working longer will bring?

If you've already started thinking about working during your retirement years, be sure to talk to your financial advisor. That way you'll be able to identify your goals clearly and develop a plan to reach them.

Source: www.newscanada.com

Dos and don'ts of travel insurance

2008-10-02T16:53:00.000-07:00

(NC)—What do seniors need to know before they head south for the winter? AIG Travel Guard (www.travelguard.ca) offers some dos and don'ts for Snowbirds.

Do get travel insurance to protect your investment. Travel isn't getting any cheaper, so buying travel insurance means that you have options if something happens that's beyond your control while you're away.

Don't rely on credit card travel insurance or the government health insurance plan to pay your medical bills. Why take the chance that they won't cover all of your medical expenses.

Do book early. The sooner, the better. Insurers are more likely to give you a deal if you book well before your departure date.
Don't hold back any health information. Even minor changes in your pre-existing condition or a new prescription needs to be shared with your insurer. Otherwise you risk being denied your claim when you need it most.

Do your research. Know what you need, what you want and understand all of your plan's details. Work with your insurer to find out exactly what you're covered for and ask a lot of questions. Good insurers want you to understand every detail before you leave.

Do consider purchasing the loss and damage waiver for your rental car through your travel insurance. If you rent a car at your sunny destination, purchasing the loss and damage waiver through a travel insurance company, such as AIG Travel Guard, can cost you much less than through the rental car company.

Source: www.newscanada.com

Top five travel insurance tips for Snowbirds

2008-09-29T08:47:00.000-07:00

(NC)—Travel insurance can seem very complicated, but it doesn't have to be. Good travel insurers, such as AIG Travel Guard, work to ensure their customers know what their insurance plans will and will not cover, and how to get the protection they need.

1. Get an insurer with live assistance, 24 hours a day, 7 days a week. Even the Canadian government recommends that Canadians purchase travel insurance plans with this feature. A toll-free 800 number is another great feature to have so that you can call for assistance without paying long distance fees from wherever you are.

2. Make sure you have emergency medical evacuation in your plan. A good plan will get you appropriate medical care no matter where you are.

3. Check that your insurer pays your bills up front so you're never out of pocket. Reimbursement may take time and if you don't have the money available immediately when you need it, you could have problems getting the care you need in an emergency.

4. Personalize it. Some insurers offer add-ons that can give peace of mind and even save you money. Do you want to cover your golf clubs while you're away? AIG Travel Guard's Golf Protector Coverage add-on, for example, covers your clubs, bag and shoes from theft or damage and covers your pre-paid green fees if you or your golf partner can't play due to a medical emergency.

5. Get added value. Your travel insurance plan should add extra value to your trip. AIG Travel Guard (www.travelguard.ca), for example, offers a unique Concierge Service. One phone call can help you book a tee-off time, make dinner reservations or find the only store in the state that isn't sold out of that toy your grandson wants.

Source: www.newscanada.com

Ask an expert: Travel insurance expert answers Snowbirds' biggest questions

2008-09-25T08:04:00.000-07:00

(NC)—Joel Donin, director, AIG Travel Guard shares his advice for seniors to get the most protection – and peace of mind – from their travel insurance.

I know that I need medical insurance while I'm down south for the winter, but is there anything else that I need?
Medical insurance is essential outside of Canada, but there's more to good travel insurance than just medical coverage. There are a variety of options that can be personalized to the way you travel. Trip cancellation and trip interruption are both important, particularly if you're flying.

If you get sick and have to be admitted to hospital, you will also want the insurance to pay for a loved one to be at your bedside.

Travel insurance that's comprehensive may include concierge services, which can quickly assist in rebooking flights if there is a snowstorm or your connecting flight leaves you stranded. It can also help you find the nearest auto repair shop if you're driving south and have car troubles along the way.

Plus you can get all of these features as part of a very affordable insurance package.

What can I do to save money on my travel insurance plan?
Believe it or not there are a few ways that you may be able to save money on your travel insurance plan. First, book early. A few months before you leave, compare rates from different companies. Many people stick with the same insurer year after year because it's easy, but you may not be getting the best rate.

While you can't change your age or your medical condition, you can research your options. As a rule, the younger and healthier you are, the more likely you are to find a competitive rate. Work with your doctor to fill out the medical questionnaire, and be sure to be honest. If your questionnaire is inaccurate or you change prescriptions, you risk voiding your policy.

Generally travel insurance rates rise each year, but some insurers, such as AIG Travel Guard (www.travelguard.ca), work to keep rates affordable for everyone.

Source: www.newscanada.com

Finding relief in the garden

2008-08-19T16:09:00.000-07:00

(NC)—The feeling of soil sifting through fingers is soothing, and digging can be very therapeutic for sore, arthritic hands. It is no wonder that gardening is one of the most popular physical activities among older adults. However, sometimes arthritis pain may be what keeps them from enjoying their favourite hobby.

Gardening, especially the first time at the start of the season, can bring about soreness. Stretching prior to and every 15 minutes during gardening helps to avoid excess stress on joints and muscles, and reduces stiffness.

Using garden tools specifically created for arthritis sufferers is also great as they are padded for an easier grip, and have longer or extendable handles to avoid bending. Light-weight children's tools help reduce strain, especially when working close to the ground.

The chili pepper that may be growing in your vegetable garden also provides muscle and joint pain relief in the form of capsaicin, the substance that causes it to be hot. Capsaicin-based topical analgesics, like Relief Matrix, applied before going outside can temporarily block pain offering hours of gardening enjoyment. For more information visit www.reliefmatrix.com.

Source: www.newscanada.com

Need a spare? Canadian seniors and baby boomers still play like kids

2008-07-31T16:35:00.000-07:00

(NC)—For some, growing older means slowing down. Sure, you can't run a five minute mile the way you once did and sliding into second base probably isn't going to happen any time soon, but many seniors and baby boomers are laughing in the face of this out-dated attitude proving that they can give their kids (or grandkids) a run for their money.

With increasingly more physical activities geared toward the senior and boomer population such as marathons, tennis and even senior Olympics, there's no excuse not to stay active. The latest term for this demographic according to CARP, the Canadian Association for the 50 Plus, is "Zoomers" to recognize these boomers with a little extra zip.

For those who are still young at heart but perhaps have slowed down due to aches and pains, there are new innovative gaming technologies that are low impact but don't skimp on the physical benefits. In fact, the Celebrex Bowling Classic recently rolled into major cities across Canada to show seniors living in various retirement centres that the bowling lanes can now come to them – virtually!

The Celebrex Bowling Classic is a virtual bowling tournament pitting friends against friends in the pursuit of physical activity and lifelong health. Although many would believe that video games are "just for kids" the Celebrex Bowling Classic proves that seniors are still able play like kids.

"Even though we'd never done virtual bowling, our team was determined to win," said Ms. Isobel Scott a participant in the Celebrex Bowling Classic. "It was lots of fun and now it's something that I can do with my grandkids, which is great."
Innovative technologies such as virtual bowling are great ways to keep the body active and the mind sharp, two important components to lifelong health. Daily physical activity is important as we age and 30 minutes a day is all that's needed for positive health benefits.

"Staying active is so important because as people age being physically active means they're able to control their life – both from a physical stand-point but also to maintain their independence," Bonnie Hatfield, Director of Recreation for Donway Place. "Activities like the Celebrex Bowling Classic are also great for the social aspect which is another important element to consider as we age."

So whether you're trying to run your best race or bowl your best game, the important thing to remember is there are more ways than ever to get out there and get active.

Source: www.newscanada.com

Freedom 55? Preparing for retirement

2008-07-21T08:06:00.000-07:00

(NC)—You're "50-ish", and retirement is closer than you think. How do you plan wisely?

According to chartered accountant Frederic Gregoris in Mississauga, it's never too late to start saving, so review both your spending and saving habits.

"How much money you will need depends on your lifestyle and expectations. For most people, 'Freedom 55' doesn't exist, and many have done little planning at this stage. Although ages 50 to 60 are peak earning years, people are still coping with basic living expenses, including university costs for children, a mortgage and other overheads that limit their ability to save."
"Plan to retire gradually if you can," advises Don Beach, a retired chartered accountant living in Greenwood.

"This cushions the impact of retirement – both financially and emotionally. When you retire depends on your individual situation, but start planning for it well in advance. You may also want to develop a hobby that can grow into a home-based business as a source of retirement income. A home-based business offers tax advantages and lets you deduct some expenses while you are still employed, and later in retirement."

Savings Strategies
"Live within your means during your working years," continues Beach, "and avoid a maxed-out credit card. Avoid non-deductible interest on personal expenses. Be tax conscious. If taxes can be deferred, this gives you more funds to save and invest over your working life.

"While RRSPs are good retirement savings vehicles, the new Tax–Free Savings Account (TFSA), introduced in the 2008 budget, may become just as popular. Just remember that it's not available until next year.

"An RRSP allows you to deduct your annual contribution, but it can become costly when you retire and start withdrawing it at age 71. Then, you're adding to your taxable income, which will likely put you in a higher tax bracket and may even prevent middle-income earners from getting income supplements like Old Age Security," explains Beach.

"With a TFSA, you can contribute up to $5,000 annually. Although you do not get a deduction for your contribution, no tax will be levied on future investment returns or withdrawals."

Invest Wisely
"As part of your savings strategy, learn to be a savvy investor. You're responsible for your investments," says Gregoris.
"It's important to minimize taxes on your investments and create more after-tax cash flow. Interest, dividends and capital gains are taxed at different rates. A CA can explain the tax consequences of your investments.

"Be aware of your aversion to risk, and be realistic in your expectations of returns – there is no such thing as the golden apple. If you are investing with a financial adviser, look at his/her fee structure. Is it a flat fee or one based on performance? Should you be investing in high cost mutual funds?" asks Gregoris.

An excellent investment is your house – it's an asset that can give you a significant tax-free return. Try to pay down your mortgage, and put the mortgage interest you're saving into an RRSP. Or, invest in an RRSP and put the tax refund toward the mortgage.

- News Canada

Older Canadians more prepared for dying than aging

2008-06-30T14:27:00.000-07:00

(NC)—A recent survey designed to provide a 'snapshot' of Canadians aged 65 to 85 has provided some surprising results to those working on the frontlines with aging Canadians.

According to the study conducted by Ipsos-Reid, nine out of ten Canadians between the ages of 65 and 85 have a will, half already have a cemetery plot and 44 percent have a pre-arranged funeral. At the same time, much fewer are actually taking the necessary steps to help ensure they're leading independent lives for as long as possible.

"The survey results show a big discrepancy between seniors' desire to remain in their homes and the plans they're making to reach this goal," says Holly Quinn, chief nursing officer for Bayshore Home Health, the sponsor of the survey.

Although the vast majority of older Canadians will do everything they can to avoid moving into a nursing home, less than half have researched ways to help themselves live independently at home. Many seniors believe they can avoid a nursing home by relying on their family to care for them. Yet according to the survey, families don't appear to be talking about the issue.

According to Quinn, experience has shown her that seniors are afraid to introduce the idea of outside help with family members. "Their greatest fear is that they'll be put into a nursing home," she says. "They're really hoping that they'll be okay, they'll stay healthy and then die peacefully in their sleep."

With many of today's seniors living longer, healthier lives, the right mix of nursing, personal care, home support and companionship services will help them live comfortably in their own homes for a longer period of time. Talking openly about options and services is an important first step.

More information on independent living and home care is available online at www.bayshore.ca or toll-free at 1-866-265-1920.

- News Canada

Top five tips for aging gracefully and staying active

2008-06-21T14:32:00.000-07:00

(NC)—Getting older doesn't have to mean slowing down. In fact, being physically active is an important part of living a healthy life. Here are some ways to incorporate activity into your daily life.

1. Aim for 30 minutes of activity a day. If you can't do this all at once, try to do 10 minutes of activity three times a day.
2. Research your community facilities and programs to see what's available.
3. Find simple activities that fit your life.
• walk to work or at lunch;
• get off the bus or subway one stop earlier;
• walk on the spot during TV commercials;
• do an extra lap around the perimeter of the grocery store while shopping;
• lift soup cans or bottles of water when walking outside or "on the spot";
• do chair exercises while you're sitting at work or in front of the TV.
4. Find an activity buddy. It's easier to stay motivated with someone else encouraging you.
5. Proactively manage aches and pains – they're not a "normal part of aging." Work with your doctor to help manage pain so you can stay active.

- News Canada

Help seniors live independently for as long as possible

2008-06-16T10:53:00.001-07:00

(NC)—The overwhelming majority of people aged 65 to 85 want to lead independent lives for as long as possible. But a recent survey from Bayshore Home Health and Ipsos-Reid shows that few are actually taking the necessary steps to help ensure they can remain in their own homes.

How can you help a loved one avoid the move to a nursing home or delay it as long as possible? Here are a few suggestions courtesy of Bayshore Home Health:
• Talk openly with family, friends and health care professionals about future needs and possible living arrangements.
• Evaluate current living arrangements. A smaller house that requires less maintenance or one that has fewer stairs might make sense. Or consider making home modifications.
• Most falls occur at home, especially in the kitchen, on the stairs or in the bathroom. Make sure stairs are well-lit, eliminate throw rugs and use a non-skid bath mat.
• Consider hiring help for housekeeping, grocery shopping or traveling to medical appointments.
• Investigate the possibility of having a nurse visit to help with on-going care or recovery from a recent hospital stay.

More information on independent living and home care is available online at www.bayshore.ca or toll-free at 1-866-265-1920.

- News Canada

How to choose a home health-care provider

2008-06-09T08:32:00.000-07:00

(NC)—Today nearly three million Canadians receive care at home – a number that will continue to climb as our population ages. Knowing what to look for and the right questions to ask are an important part of choosing the home health provider that is right for you.

"Hiring a home health care provider lets seniors who want to stay in their homes remain independent for as long as possible," says Mary Plaudis, RN and spokesperson for Bayshore Home Health. "But selecting a quality home health care provider can be confusing." Plaudis suggests you ask these questions in order to find one that's right for you:
• What kind of services do you provide?
• What type of training has your staff received?
• How do you ensure the quality of your service?
• How do you evaluate the skills of your staff?
• Do you provide a personalized care plan?
• Will you consult with my doctor?
• Will my caregiver be supervised by a nurse?
• Will you assist in investigating my home care funding options?
• Do you ensure your staff are bonded, insured and professionally licensed or certified?

You can learn more about home care online at www.bayshore.ca or toll-free at 1-866-265-1920.

- News Canada

Seniors Month: Seniors more fit than ever

2008-06-03T16:39:00.000-07:00

(NC)—Since June is recognized as both Seniors Month and Recreation Month, seniors are being encouraged to participate in all kinds of events and activities that are planned throughout the province. Excellent resources in your community can be found at HealthyOntario.com.

Whether you're interested in dancing, swimming or walking, you may be surprised to find out what's available just around the corner.

Many seniors enjoy walking, or sailing or traveling together. Companions make for great company and help keep you motivated. Memberships are also available at local community centres and provide a great chance to stay strong and flexible. You can also lift weights and sign up for yoga and Tai Chi classes.

Seniors with mobility problems can also get active. Many community organizations adapt exercise programs to help. Seniors with disabilities can also use special devices to stay active at home such as grab bars and skid-proof mats to provide stability and prevent falls.

Best of all, getting active is a great way to meet other people to socialize, have fun and stay fit.

If you're looking for more reliable health related information including senior nutrition and disease prevention, be sure to visit HealthyOntario.com.

- News Canada

Seniors use home equity to live their dream retirement

2008-05-28T17:03:00.001-07:00

(NC)—Wanda and Leo Leporte had always enjoyed travelling. Whether it was the weekend getaway to the Muskokas, the family vacations to Florida or their 25th wedding anniversary trip to Hawaii, the Leporte's best memories came from their travels.

Having recently retired from their respective careers, the Leportes were now ready to spend their retirement years travelling. In fact, they had chosen a Mediterranean cruise as their next destination. Unfortunately, the Laportes soon realized that the money they had saved for retirement didn't match their travel plans.

"While we had money to live comfortably during our retirement years, it wasn't quite enough given the amount of travelling we wanted to do," said Leporte. "We looked into several financing options, including a line-of-credit, but we couldn't meet certain financial qualifications given our recent retirement. Also, with our limited income, we wouldn't have been able to make the monthly repayments."

That's when the Leportes heard about CHIP Home Income's planned advances. CHIP's Planned Advances give Canadians over 60 the flexibility to access up to 40 per cent of their home's equity in tax-free cash when and as they wish. Unlike a line-of-credit, CHIP home income does not require any medical, income or credit qualifications. Additionally, since clients do not have to service their debt on an ongoing basis, the income that they receive can be directly applied to their monthly expenses.

"It gave us the extra boost we needed so that we could continue to travel for the rest of our retirement without having to worry about paying down our debt every month," said Leporte. "Best of all, we have peace of mind that we will always be able to count on having access to our home equity – even if our medical or income situation changes."

For more information on a how CHIP Home Income Plan may benefit you, visit www.chip.ca or call 1-866-522-2447.

- News Canada

Seniors – hear this and speak up

2008-05-12T08:47:00.000-07:00

(NC)—Seniors represent the fastest growing segment of our population, expected to make up 1/4 of the country's population. Many of these individuals are significantly affected by communication disorders and experience problems with their speech, language, swallowing and hearing. Hearing loss is the third most prevalent chronic disability among older adults and 6-12% of seniors experience speech, language or voice difficulties.

The services of speech-language pathologists and audiologists help seniors to improve their ability to communicate which allows them to optimize their health, independence, safety, socialization and overall quality of life. Speech-language pathologists provide assessment, treatment and follow-up for: difficulties speaking or understanding, voice problems, thinking and memory problems and swallowing difficulties. Audiologists provide assessment, treatment and follow-up regarding: hearing loss, balance problems, tinnitus (noises or ringing in the ears) and related disorders.

Consumers should seek the services of a qualified professional. Speech-language pathologists and audiologists are important collaborative partners in the primary health care system, working to maximize communication and, in turn, participation in the community.

Using the services of a speech-language pathologist or audiologist helps ensure seniors can continue to enjoy engaging, productive and rewarding lives. Early detection is vital! If you suspect a problem consult your yellow pages or visit the Find A Professional area of our website to find a speech-language pathologist or audiologist near you: www.caslpa.ca.

- News Canada

Seniors Quick Tip: How to protect your joints

2008-05-05T09:58:00.001-07:00

(NC)—Don't lose your independence due to mobility problems. It's true that your joints will undergo a certain amount of wear and tear as you age, but treating them with care could keep them pain free. Here are some quick tips from joint health specialists:
• A sufficient intake of minerals and vitamin C is important for the synthesis of healthy connective tissue. Minerals shown to give a positive impact are copper, zinc, manganese, and boron. One of the best ways to obtain a complement of these minerals is to add fresh nuts, seeds, and non-citrus fruits to the diet.
• Research shows that vitamin D, with its anti-inflammatory effect, may help protect your joints – and natural health products like Cell-fx are a soluble source of chondroitin sulphate, a critical building block of cartilage. Professional athletes are known to use this daily supplement to help reduce bone and joint pain.
• Regular exercise is key in keeping connective tissue healthy, strong and supple. Research shows that people who exercise regularly experience 25% less muscle and joint pain in their old age than people who are less active. Isometrics, or resistance exercise, is recommended for strengthening a joint. It works by contracting the muscles surrounding the affected area, but with no movement at the joint.
• Flexibility and stretching exercises are vital to the maintenance and rebuilding of supple connective tissue. Strengthening the joint and connective tissue within its full range of motion is extremely important for maintaining pain free functionality.

- News Canada

Strong immune system important for seniors

2008-04-30T16:02:00.000-07:00

By J.C. Carroll

(NC)—The ability to fight off infection diminishes significantly as we age. Medical professionals explain that the body's immune system functions less effectively in older adults than it does in the young.

Specifically, lymphocytes (cells produced in the lymph glands) are essential to the production of infection-fighting antibodies—and as we age, we are less capable of producing them. An important recommendation therefore is to keep the immune system strong — and fortunately, due to the on-going advancements in the understanding of human health, there are several every day measures we all can take:
• Maintain an active social life. Loneliness, loss, bereavement and depression pose serious challenges to the immune system. The opposite is true however if seniors remain busy, productive, mentally stimulated and socially engaged.
• Eat well. Good nutrition is important for optimum immune function and that includes lots of fresh fruit, vegetables, lean proteins, fibre, and calcium rich foods.
• Add dietary supplements: Check with your doctor to determine which supplements are recommended. The proprietary extract of North American ginseng root (found in the natural health product Cold-fx) is scientifically proven to boost the immune system.
• Establish a regular sleeping pattern: Sleep not only provides rest and rejuvenation for our physical body, it also helps reinforce and replenish the immune system.

- News Canada

Chili pepper helps fight arthritis pain

2008-04-21T08:56:00.000-07:00

NC)—Over 500 years ago Christopher Columbus returned to Spain with what he thought was an exotic form of black pepper. It was really a completely different species – the chili pepper! For the next few centuries, the chili pepper was used primarily for cooking. By the early 19th century doctors began to tap into its fieriness.

Capsaicin, the hot substance in chili peppers, has been used since the mid-1800's to treat a variety of medical conditions. Long believed to be a stimulant for the whole body, it's been used to aid digestion, the nervous system and circulation. The most common application of capsaicin has been in topical analgesics for muscle and joint pain relief.

With current concerns over pain relievers, Vioxx, Celebrex and Naproxen, it's back to basics for arthritis sufferers.

Capsaicin-based topical analgesics offer temporary, localized pain relief with minimal side effects. Arthritis sufferers should look for products, like Relief Matrix, that carry either 0.025% or a stronger 0.075% concentration of capsaicin. For more information about capsaicin, visit www.reliefmatrix.com.

- News Canada

Does the man in your life have troubles with the aging process?

2008-04-10T08:26:00.000-07:00

(NC)-Between the age of 40 and 55 or older, men can experience something very close to female menopause called andropause. Both phenomenon are a natural step in the process of aging. For many years, hormone replacement strategies have focused primarily on menopausal women. In women, menopause is marked with the cessation of menstruation, but male menopause may be a misnomer as men continue to be fertile beyond andropause. Not all men get such a clear-cut signal even if they experience drop in hormone levels. In men, lower levels of available testosterone are responsible for many symptoms, some more difficult to track and more serious than others.

All men will experience a lowering of their testosterone levels starting at age 30, but not all will present symptoms such as changes in mood , fatigue, loss of energy, sex drive and physical agility. Although no one can reverse the course of time or nature, there are still things you can do to help uncover the silent effects and prevent the development of certain medical conditions. Low levels of testosterone put men at higher risk of getting osteoporosis or cardiovascular disease.

Exercise, eating healthy foods and managing the weight can help minimize the impact of andropause on how your man feels about himself and others around him. Ask your doctor about available treatments. Hormone replacement therapy for men can help increase available testosterone levels, overcome symptoms and help reduce the risk of developing osteoporosis or cardiovascular disease. Studies have shown that older men with lower levels of testosterone could be at higher risk of developing cognitive/memory diseases such as Alzheimer's disease. Studies have also demonstrated that hypogonadal men (those with low testosterone levels) had an increased incidence of depression.

Is he taking andropause seriously?
Because it is harder to track, the long-term effects of andropause should not be taken lightly. Although apparent symptoms such as a decline in sexuality and overall energy, changes in mood and depression can really have an impact on the quality of life, the risk of cardiovascular disease and osteoporosis increase in men with andropause and should be closely monitored.

During the Second Annual Andropause Consensus 2001 Meeting the Endocrine Society brought together a group of medical specialists who recommended that screening for testosterone deficiency should begin at age 50 or 55 and be repeated every five years or more frequently if symptoms are present. Ask your physician to have 'bio-available testosterone' checked as part of your annual check-up. Restoring testosterone has shown to be beneficial to men on many levels. In Canada, 20 to 30 per cent of osteoporotic fractures occur in men and the incidence is on the rise. Monitoring the level of testosterone can help prevent osteoporosis. By making a few lifestyle changes, like healthy eating habits, exercising, and better weight management, men can influence the course of things. This can help him feel more energetic, motivated and positive, decrease anger, irritability, sadness and the decline in mood he may have been feeling for a while. Your doctor may also recommend hormone replacement therapy to overcome symptoms, as it has been associated with very positive responses. Talk to your physician to learn more about what testosterone replacement therapy can do for you.

The silent effects of andropause
Although some of the symptoms that accompany andropause are obvious, there are more silent, difficult to track effects that need to be identified. In men with andropause, more bone tissue is lost than regenerated because not as much available testosterone can help bone formation. Also, testosterone provides much of the bone protecting estrogen found in a man's body. Low testosterone results in more fragile, weaker bones (osteoporosis) leading to increased risk of hip fractures, pain, and in many cases loss of independence. About one in eight men over the age of 50 has osteoporosis. Although more research needs to be conducted, there seems to be a clear association between a low testosterone level and an increase risk of cardiovascular disease.

To learn more about andropause, its effects and treatment, talk to your doctor or visit the Canadian Andropause Society http://andropausesociety.ca.

- News Canada

Elderly more at risk of fire

2008-04-08T16:08:00.000-07:00

(NC)—The elderly are more at risk of injury from fire and are less likely to own alarms. The importance of having working smoke alarms has been emphasized over the years through the effort of fire services. Although these campaigns have increased awareness of the smoke alarm message amongst the general population, a key target group – the aged – still lag in their fire preparedness.

"Many do not have adequate protection in terms of smoke alarms on every level of the home. Additionally, there is a great percentage who do not adhere to a regular maintenance schedule," says Raffi Nersesian, spokesperson for Kidde Safety Canada, an industry leader in fire protection equipment. Typical maintenance involves testing the unit, changing batteries or replacing the whole alarm every ten years.

Aggravating the situation, is that some elderly people may be particularly at risk from fire due to health problems or reduced mobility.

Fire safety advice for the elderly
- It is essential to install a smoke alarms on every floor to gain those precious few minutes of warning which could help you escape to safety.
- Install tamperproof smoke alarms with sealed 10 year batteries. This offers the convenience of not having to change the battery, and is more economical in the long term.
- People with some hearing impairment might be better to have an interconnect ed system, with two or more alarms, where smoke detected in one room will set off all the others in the connection. An electrician will be able to advise you about linking the alarms.

For people who are not be able to hear a conventional smoke alarm there are special devices available, which make use of a vibrating pad and/or flashing light instead of the audible signal. Further information on protection and prevention is available by calling toll free 1-800-565-1976, or visiting www.SafeAtHomeTips.com.

- News Canada

More Canadian couples living past age 85 - Are you and your partner financially prepared?

2008-03-30T10:35:00.000-07:00

(NC)-The biggest surprise about long term care is how much it costs and how quickly retirement savings can be depleted, explains certified financial planner, Mark Halpern. "At current rates, the cost of private long term care can easily exceed $5,000 per person, per month - a significant burden to shoulder."

Many people think they can sell the house for the funds needed to cover care costs, if necessary; however, this usually isn't a viable option, according to Halpern. "Elderly couples may find that one partner requires facility care, while the other lives at home. So, shoring up needed funds for quality care by selling the house can be a problem."

Another option for care is to rely on provincially funded care facilities and programs, which can present challenges. For example, the partner who remains at home has little say in where his or her loved one will be placed and that could be in a facility a fair distance from their home. Sadly, that could mean the other partner could find coordinating travel to visit their partner very taxing, costly, and those visits potentially less frequent.

Preparing for future care costs in advance can help to ensure loved ones receive the best quality care available and relieve stress on family caregivers. A financial advisor can help prepare a retirement planning strategy that includes a plan to manage future long term care needs.

Beyond the financial aspects of planning for retirement and long term care, it's important to know if your current insurance policies provide any long term care coverage. Often, people assume long term care costs will be covered by an existing insurance policy, or through an employee group benefit plan - when this generally proves untrue.

If current insurance policies do not include long term care benefits, Canadians can purchase long term care insurance for added peace-of-mind.

There are a range of long term care insurance options available within Canada - some require you to submit receipts for reimbursement. Others, like Manulife Financial's LivingCare, provide a regular monthly income that can be used for care at home or in a facility, home modifications or medical equipment - all without receipts. With LivingCare the monthly benefit doubles once facility care is required. In addition to individual coverage, LivingCare offers the innovative option of Shared Coverage for couples. More information is available at: www.livingcare.ca.

Credit: www.newscanada.com

Our golden years - what to consider?

2008-03-30T10:34:00.000-07:00

(NC)-While many Canadians know the personal sacrifices that often accompany elder care, few of us have created plans for our own long term care needs.

According to a survey commissioned by Manulife Financial1, 38 per cent of Canadians have provided hands-on long term care assistance to a family member or friend. Caregivers say the greatest personal toll is the 'time crunch' - not surprising as many also care for children. Yet despite this fact, only 21 per cent of us have factored long term care into our retirement plans.

"It's rare to see individuals plan for their long term care needs. They recognize they will grow old and require help, yet few actually visualize this. Not surprisingly, they find care costs are much higher than imagined," explains Dr. Rubin Becker, a respected gerontologist.

While Canadians have many concerns when it comes to their own potential long term care needs, one of the biggest worries (51 per cent) is becoming a burden on their family.

Credit: www.newscanada.com

Fear factors on aging

2008-03-30T10:33:00.001-07:00

(NC)-A survey for Manulife Financial revealed Canadians' fears about aging:

Fear factors among Canadians

Deteriorating physical health 67%

Loss of independence 66%

Putting self or partner into a care facility 55%

Running out of money 53%

Deteriorating mental health 53%

Being a burden to family 51%

Credit: www.newscanada.com

Create a game plan for your retirement

2008-03-30T10:32:00.001-07:00

(NC)-Whether it's the game plan for an NFL football game or a shopping list for your weekly groceries, committing things to paper is an important step in accomplishing them. Creating a game plan or a life plan is especially important when it comes to retirement. Thinking about what you will be doing and how you will be paying for retirement can seem daunting, but meeting with an investment professional at your local bank can make the process easier.

"We see a lot of clients spend more time planning week-long vacations than something like retirement that could last 20-30 years," said Tina DiVito, director of retirement at BMO Financial Group. "People have more options than they think they do. At BMO Financial Group we've developed a "thoughtbook" as a way to help our baby boomer clients begin to identify their dreams and develop a plan to live a fulfilling retirement."

DiVito describes life planning as a process in which you asses your values, explore your dreams, gain insight into what you envision for your retirement and finally, set some goals. The process emphasizes the importance of assessing life and philosophical issues in the retirement planning process as a means of ensuring that one's finances are in sync with one's retirement aspirations.

Working directly with an investment professional, BMO's Define Your Path workbook helps you determine what you want to accomplish and how you want to live in retirement. It looks at key areas such as:

. Possibilities: What will your future look like? What matters most to you? Have you considered the practicalities of where you'll live and how you'll spend your time?

. Reveal: How prepared are you to achieve your future plans? Are there things you can do now to bring you closer to your retirement dreams?

. Ignite: Developing an action plan, setting goals, and working towards making your vision a reality.

"We know from our research that boomers want to put their own stamp on retirement and it's more likely to happen if you develop a plan first." said Di Vito.

For tips, advice and more information on this topic, listen to the Retirement Your Way podcast series found at www.bmo.com/retirementyourway. The booklet Define Your Path is also available by speaking to an investment professional at your local bank branch.

Credit: www.newscanada.com

Make small changes now to live a better life

2008-03-30T10:30:00.000-07:00

(NC)-Aging brings a variety of new physical, emotional and mental challenges, as well as experiences. For example, the unavoidable realities of wrinkles, grey hair and bifocals test our character and our sense of self. But by making small changes now, Canadians can prolong their quality of life.

In a BMO Retirement Your Way podcast, Dr. Michael Baker, Physician-in-chief of the University Health Network in Toronto and a member of BMO Financial Group's Advisory Council on Retirement provides the following tips to help you get the most out of your golden years:

1. Quit Smoking: The number one thing is not to smoke and if you are smoking - quit. It's the most profound lifestyle issue there is.

2. Watch your weight: Rapidly moving up into the No. 2 lifestyle issue is weight control. Various studies show that lowering your volume of caloric intake can help increase longevity. While keeping your weight down is not always simple, it's important to remember that staying at a healthy weight delivers significant lifestyle benefits. Additionally, the incidence of heart disease, stroke and diabetes in North Americans who are overweight is immensely higher than those who are not.

3. Keep mentally active: While the causal relationship is not documented, we know that people who keep busy with activities such as playing bridge, belonging to a book club and doing crossword puzzles have a lower incidence of depression. Depression becomes more common as we age and can be a contributor to dementia.

4. Don't forget your regular check-up: Not only is it common sense that we want to keep things like heart disease, diabetes and electrolyte levels under control, but doing so will also often improve your brain's mental activity without impacting the neurological tissue itself.

5. Enjoy all that life has to offer: It is important to remember that aging itself is not a disease. "From sustaining quality of life to managing the demands of aging parents, we hear from our boomer clients that they are looking for some guidance and advice as they navigate this new phase of their life," said Kris Vikmanis, head of retirement market at BMO Financial Group. "That's why we've created the Retirement Your Way podcasts, a series that looks at a variety of issues boomers face as they approach retirement."

For more information on this topic, listen to the Retirement Your Way podcast series found at www.bmo.com/retirementyourway, or speak to an investment professional at your local bank branch.

Credit: www.newscanada.com

Seniors seeing the light

2008-03-26T15:05:00.001-07:00

(NC)—At age 60, most people need four times more light to see as well as they did when they were 20. Fortunately, the lighting industry offers a wide range of design-friendly options to satisfy the needs of senior eyes.

"As we age, our corneas begin to develop layers like an onion," says Dan Blitzer, a continuing educator for the American Lighting Association. "These layers absorb more of the light coming into our eyes, so less light reaches the retina and its light receptors. Also, the lenses in our eyes develop tiny fissures that tend to capture more blue light, so what gets through to the retina is more light waves in the yellow spectrum. The net result is that as people get older, they get less light from their environment."

The experts agree that replacing all your 60 watt bulbs with 100 watt bulbs probably won't solve the problem, and could even be a safety concern if you put a 100 watt bulb in a fixture not rated for it.
Use Portables when Remodeling is not Practical

Not everyone is able or willing to completely remodel their home. Fortunately, many portable lighting options are available. For example, if you like to read in your favorite easychair in front of the fire, consider a torchiere that bounces light off the ceiling to create a glare-free environment. Or a floor lamp with a movable arm might be more to your taste. Hobbyists can clamp a portable light right onto their work table, Gilbertson suggests.

In the bedroom, installing a headboard with built-in reading lights is less costly than a remodel, yet more flexible than a simple lamp on your bedside table. Blitzer points out that the light (and its controls) can be installed in the center of the headboard, so that the light shines directly on the reader and not on the sleeping partner. Further, if the reader falls asleep with the light on, the partner can turn off the light without climbing out of bed.

For more information about lighting for the aging eye, visit www.american lightingassoc.com to find a certified lighting consultant near you.

- News Canada

New information on RRIFs for Seniors

2008-03-21T10:48:00.001-07:00

(NC)—If you're approaching retirement, it may be time to think about converting your Registered Retirement Savings Plan (RRSP) from a vehicle for savings to a source of retirement income. This is legally required by the end of the year in which you reach age 69.

One of the choices you have is to set up a Registered Retirement Income Fund (RRIF). A RRIF turns your RRSP investments into an income stream to last throughout your retirement years. When you convert all or some of your RRSP to a RRIF, you still control and invest your retirement savings, and the income generated within the RRIF continues to grow tax-free. However, you must withdraw a minimum amount of money from a RRIF every year, and this money is taxed.

There are many options to consider, not just RRIFS, so it's important to do your homework. A new information product called Consumer Issues for Seniors is chalk full of reliable, accurate and trustworthy information on many consumer issues facing seniors today, including RRIFs and other consumer choices for seniors. Federal, provincial and territorial government representatives responsible for consumer affairs produced the information which is available at www.cmcweb.ca/awareness.

- News Canada

Services for Seniors guide - a one-stop shop

2008-03-12T15:09:00.000-07:00

(NC)—One of the most challenging things about being a consumer is not knowing where to go for information, especially when it comes to government services.

The problem can be particularly frustrating for seniors. To help, the federal government has produced a helpful new guide, Services for Seniors.

The guide is designed for Canadian seniors, those over 50 who are planning their retirement, families of seniors, or their caregivers. It lists more than 120 federal government resources for seniors and their families, including information on finances and pensions, health and wellness, housing, safety and security, veterans and Canada's military, consumer issues, travel and leisure, and computers and learning.

Research conducted by Service Canada has found that Canadian seniors are not always aware of the services available to them and would appreciate being able to see all government initiatives described in one complete guide. The Services for Seniors guide does just that and more, offering information on how to easily access these programs through Service Canada. There's even a helpful section on how to contact provincial or territorial government offices.

The guide is presented in a larger-than-average print size for readers whose eyesight may be a problem. It is also available in alternate formats. You can view or download the guide at servicecanada.gc.ca. You can also obtain a copy through 1 800 O-Canada (1 800 622-6232 or TTY 1 800 926-9105), by email at guide@canada.gc.ca or in person at one of the 320+ Service Canada Centres nearest you.

- News Canada

Seniors: Renew your Guaranteed Income Supplement every year

2008-03-12T14:58:00.000-07:00

(NC)—Service Canada is reminding all seniors who receive the Guaranteed Income Supplement (GIS) to renew their eligibility for the benefit. The best way to do this is to file an income tax return by April 30 every year, even if you have no reportable income. The GIS provides monthly, non-taxable income to low-income seniors who are receiving Old Age Security benefits.

For more information on the GIS or to request an application form, call Service Canada toll free at 1-800-277-9914 for service in English, or 1-800-277-9915 for service in French. You can also visit servicecanada.gc.ca or drop in to one of more than 320 Service Canada Centres across the country.

Tax Volunteers at the Canada Revenue Agency are also available to help seniors with tax filing. For information about where to get assistance in filing an income tax return in your area, contact the the Canada Revenue Agency toll-free at 1-800-959-8281.

- News Canada

Tips to lighten your load

2008-03-10T08:25:00.001-07:00

(NC)—If you're like most people, the hamper is always full and the ever-growing pile of laundry waiting to be washed never seems to go away. In fact, the average family with children does at least six cycles of laundry per week. Here are some time-saving suggestions:

• Use a stain remover stick and get stains out when they happen instead of waiting to launder them later.

• Dry clothes faster with the new Quick Dry Garment Drying Station from Hamilton Beach. This novel drying rack has a motorized fan that blows cool air to dry your clothes up to 75 per cent faster than a regular rack. Check out www.dryingstation.com to see a video demonstration.

• Remove clothes from the dryer promptly and fold right away. You'll have less static cling and wrinkles, cutting down on the amount of laundry that needs to be ironed.

• Use a machine-washable mesh laundry bag for each family member's socks and smaller items to eliminate sorting and matching later.

- News Canada

Seniors shine light on grandkids' future.

2008-03-07T16:39:00.000-08:00

(NC)—The thought of saving money for university can be daunting. In addition to ever-increasing tuition fees and book prices, students also have to deal with everyday living expenses, such as rent and utility bills. While many students are reasonably aware of the cost of tuition, they often overlook or underestimate the cost of living during their university years.

Fortunately, Canadian grandparents are stepping in and lending an extra hand in financing their grandchildren's education by leveraging their home's equity. The CHIP Home Income Plan, designed exclusively for homeowners aged 60 and older, enables Canadians to access up to 40 per cent of their home's value, with no income, credit or medical requirements. Although CHIP Home Income Plan proceeds can be taken as a lump sum, seniors can also choose to receive a predetermined amount, often $500 to $1,000, of their home equity on a monthly basis. The flexibility of the planned advance option provides seniors with a dependable, ongoing cash flow which they can put towards a grandchild's education. CHIP makes it possible for seniors to enjoy life on their terms, and many Canadians are happily choosing to use their home equity to invest in the next generation's future.

More information is available online www.chip.ca or toll-free at 1-866-522-2447.

- News Canada

Put your home to work.

2008-03-07T16:33:00.001-08:00

(NC)—Alan Prescott recalls the good old days when he didn't have to shell out more than $80 (in total) for all his monthly home expenses, including heating, cable, municipal taxes and groceries. "Today, $80 would barely cover the cost of a single bill," said Alan. Despite a drop in income since retiring on his 65th birthday, Alan will no longer be giving his monthly expenses a second thought.

Through a CHIP Home Income Plan, Alan has accessed the equity in his home as a flexible and sensible way to manage his day-to-day and monthly finances. By choosing CHIP's Planned Advance option, Alan now receives $3,000 of his home's equity every three months.

"While getting all of the money I had qualified for from CHIP as a lump-sum was an option, I preferred the convenience of planned advances in the form of quarterly installments as a way to organize my spending," said Alan. Available to Canadian homeowners aged 60 and older, the CHIP Home Income Plan offers a simple financial solution that enables seniors to live in their own home and enjoy life on their terms. The added benefit of CHIP's planned advances is the flexibility for seniors who want to access their home's equity when and as they wish.

"My planned advance is automatically deposited into my bank account so I can depend on an ongoing source of cash," added Alan. "It has changed my perspective on my retirement and I no longer worry about how I'll manage my expenses."

More information is available online www.chip.ca or toll-free at 1-866-522-2447.

- News Canada

Eating well and aging.

2008-03-07T16:30:00.001-08:00

(NC)—Healthy living is a priority for everyone - making good food choices and maintaining a healthy body weight are important steps to living a healthy life. For those who suffer from a chronic disease, such as Chronic Obstructive Pulmonary Disease (COPD), being healthy is an important element to the management of the disease.

COPD is a serious lung disease primarily caused by smoking and is currently the fourth leading cause of death in Canada. Activities that were once part of a daily routine can become almost impossible.

But eating a well balanced diet nourishes the body and provides much-needed energy.
Taking the time to improve your diet can:

• Improve activity tolerance
• Improve resistance to infections
• Increase ability to prevent illness
• Reduce hospitalizations
• Improve general physical and emotional well-being

Nutritionist Helene Charlebois advises COPD patients that: "Although diet can't improve your COPD it can help make your day-to-day life more productive, manageable, and most importantly, enjoyable."

The following tips can help COPD patients when preparing and eating meals.

• Choose meals that are easy to prepare
• Cook in batches, frozen dinners, meal delivery services, commercial nutrition supplements
• Take time to eat without rushing
• Use breathing techniques while eating
• Eat five to six smaller meals a day
• Avoid temperature extremes
• Avoid gas forming foods such as raw onions, cabbage, brussel sprouts, cauliflower, peppers, radishes
• Avoid drinking with a straw as it can cause additional air-trapping in the lungs

For more information on COPD please visit www.copdhelp.ca.

- News Canada

Ask the experts!

2008-03-05T16:19:00.000-08:00

Recognized Canadian gerontologist, Rubin Becker, MD, FRCP(c)
Q: Is it true that elderly women face more hardships?

A: It's certainly true in terms of long term care. Women often spend their lives as caregivers, but when they need old age care, there may be no one to turn to. Women tend to outlive their spouses, or their male counterparts feel uncomfortable in the primary caregiver role. Consequently, elderly women often need to seek outside help for long term care. In advanced age, a woman may face retirement savings short-falls, especially if significant dollars were spent years earlier to support their partner's long term care needs. All these factors signal the need for women to be very proactive in planning for their own long term care, as early as possible.

Certified Financial Planner, Mark Halpern
Q: What should I consider in planning for my long term care needs?

A: Long term care insurance is a great solution. It's really part of a defensive asset protection strategy. The choice is simple: you can pay for long term care in the future by drawing down and depleting your investments (and potentially your children's) or you can purchase long term care insurance now and let the insurance company carry the financial risk. As an example, today's cost of private care can easily exceed $5,000 per month. That's more than $60,000 per year after tax. Now imagine the impact of being sick for many years. How many people can shoulder that kind of financial hit? Getting a retirement plan in place that includes long term care insurance simply makes good financial sense.

- News Canada