Ottawa, November 18, 2013
Archived - Living in Retirement: a new FCAC resource to help Canada’s seniors understand and manage the financial realities of retirement
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For people who are preparing for, or are currently at this stage of their lives, the Financial Consumer Agency of Canada (FCAC) has developed Living in retirement, a comprehensive free guide that covers a variety of financial matters that many seniors will face, announced Minister of State (Finance) Kevin Sorenson. Filled with valuable tips and information, the new resource helps Canadian seniors prepare themselves financially so they can navigate their retirement years with confidence.
“Whether we retire early or work well into our elder years, we all need to think about our personal finance needs and plan accordingly,” said Minister Sorenson. “Through this new resource and our Government’s Economic Action Plan 2013, we are working to equip Canada’s seniors with high-quality information so they can make good financial decisions and safeguard their well-being."
“Our government is committed to improving the lives of seniors in many ways, including financial literacy," said Minister of State (Seniors) Alice Wong. "It is a critical life skill for all Canadians and particularly for Canadian seniors – who often face unique financial challenges.”
Living in retirement deals with a number of topics relevant to seniors, including:
- Budgeting in retirement
- Sources of retirement income
- Public pension benefits, tax credits and other benefits for seniors
- Working in retirement
- Preventing financial abuse and fraud
- Dealing with transitions such as changing living needs, care giving and the loss of independence.
To create the resource, FCAC consulted extensively with several external stakeholders and partners.
“Living in retirement contains relevant material for seniors as a result of our collaboration with a variety of partners, many of whom deal with seniors’ issues on a regular basis and therefore, are well aware of their informational needs and the money matters they struggle with,” said Lucie Tedesco, Commissioner of FCAC.
The resource is a new addition to FCAC’s Life Event series, designed to help Canadians plan for important milestones in life so they make good financial decisions and reach their goals. Other events in the series include Planning your retirement, Living as a couple and Teaching children about money and are available on our website: itpaystoknow.gc.ca.
The launch of Living in retirement coincides with Financial Literacy Month in Canada. All month long in November, there are activities happening across the country to help Canadians increase their knowledge of personal finances. Both the Government of Canada and FCAC have hosted and participated in a number of events.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: itpaystoknow.gc.ca.
For further information, media may contact:
Acting Media Relations Officer
Office of the Minister of State (Finance)
Department of Finance