Experts Matter. Find Yours.
Connect for media, speaking, professional opportunities & more.
What's Your Retirement Plan B?
Chances are, you have seen the ups and downs in the financial markets, which can really cause seniors a lot of anxiety when looking at those portfolio statements. Add to that the ripple effects of the Canada-U.S. trade war, and it’s more essential than ever to have a Plan B. The Trade War Is Personal The Canada-U.S. trade tensions may appear to be a political issue, but their repercussions are directly impacting kitchen tables across the country. Inflation is increasing the cost of everyday essentials, while investments—on which many retirees depend for income—are suffering. For those who cannot easily re-enter the workforce, this situation is more than just inconvenient. It’s stressful. Withdrawing investments during a market dip can permanently reduce your savings. Meanwhile, rising prices on everything from apples to arthritis medication stretch fixed incomes thinner than ever. This isn’t just about budgeting anymore —it's about building a wise financial safety net. Plan B Matters More in Retirement You’ve worked hard to reach this point. Retirement should be about freedom, not fear. However, having a backup plan is essential since there are limited ways to generate new income. Think of Plan B as your financial airbag — something you hope you never need, but you're grateful it's there when life encounters a bump. And let’s be honest: even the most well-padded retirement can use a little backup when the economy’s doing somersaults. The Simple Economics of Cashflow Managing your finances boils down to a straightforward equation: money in versus money out. Think of it as balancing a seesaw—on one side, you have your income (cash in), and on the other, your expenses (cash out). For seniors, especially those on a fixed income, keeping this balance is crucial. Boosting Your Income Even in retirement, there are ways to add a little extra to your “money in” side. This could be through part-time work, turning a hobby into a small business, or renting out unused space in your home. Every additional dollar earned can provide more breathing room in your budget. Another option for many Canadians, is right under their feet—their homes. Home equity can be a powerful tool, giving them access to funds without selling or downsizing. Here are some practical options you may want to consider: Home Equity Line of Credit (HELOC): If you qualify, a HELOC offers flexible access to funds and charges interest only on the amount you use. It’s perfect for short-term needs or emergency access. Remember, you’ll need to make monthly payments and provide proof of income to qualify. Manulife One is a creative and customizable solution that combines your mortgage, income, and savings into a single account. It allows you to borrow against your home with greater flexibility. Payments are required but can be made within the available limit. Qualifying is similar to a HELOC. Reverse Mortgage: For homeowners aged 55 and older, a reverse mortgage allows you to access your home equity without the need for monthly payments. The loan is repaid when you sell or move, providing you with freedom and cash flow while remaining in your home. These tools can help ensure you're not forced to withdraw from investments during market downturns, letting your money recover while you stay comfortable. Trimming Your Expenses On the flip side, reducing your “money out” can be equally, if not more, effective. Perhaps you have subscriptions you no longer use for streaming services or mobile phone plans. Or you find you are purchasing too many items at the store because you aren’t preparing a list. Or you are dining out multiple times a week. Remember, every dollar you don’t spend is a dollar saved. Let’s unpack this a bit more, looking at this from a tax perspective Understanding the After-Tax Advantage of Cost Reduction For seniors supplementing their income with part-time work, it’s crucial to recognize that reducing expenses can be more impactful than earning additional income, primarily due to the effects of taxation. For example, let’s consider part-time income at a marginal tax rate of 30%. -------------------------------------------------------------------------------------------------- • To have an extra $100 in your pocket after taxes, you’d need to earn approximately $142.86 before taxes. This is because 30% of $142.86 is $42.86, leaving you with $100 after tax. • Conversely, if you reduce your expenses by $100, you effectively save the full amount. There’s no tax on money you don’t spend. Why This Matters: Every dollar saved is equivalent to more than a dollar earned when considering taxes. This means that focusing on cost-saving measures can be a more efficient strategy for improving your financial situation than seeking additional taxable income. 3 Major Strategies to Help You Cut Costs Budgeting: Prioritize identifying and eliminating unnecessary expenses. Regularly review subscriptions, dining habits, and utility plans to find areas where you can cut back. Smart Shopping: Utilize discounts, loyalty programs, and bulk purchasing options to reduce spending on essentials. Tax Planning: Be aware of how additional income might affect your tax bracket and eligibility for income-tested benefits. Sometimes, earning more can inadvertently reduce certain government benefits. Saving Smart – Some Tips to Get Started Your Plan B doesn’t have to focus solely on earning more income or borrowing. Sometimes, the best backup plan begins with cutting the extras. Think of it as being retro cool — just like you were before it became trendy. Tip #1: Rethink Dining Out - A Once-A-Week Treat, Not a Routine I love to dine out. It’s great to leave the cooking to someone else, especially after a busy day. But this is also one of the fastest ways to drain your budget. In Toronto, the average cost of a casual dinner for two with wine is around $90–$120. Opt for a more upscale spot? You’re likely looking at $150+ after tax and tip. Savings Tips • Cutting out one dinner per week could save approximately $400–$500/month or $5,000–$6,000/year. • Think about hosting a monthly dinner with friends at home where everyone brings a dish. You’ll still enjoy social time—but for a fraction of the cost. Or maybe try organizing a game night. Perhaps it’s euchre or cribbage, or maybe charades they all have something in common (they don’t require a monthly fee). Organize a potluck to bring people together. Twister might be off the table (unless your chiropractor is on standby), but laughter and connection are always in season. • Also think about how you can share resources. From ride-shares to splitting bulk grocery purchases with a neighbor, the old-school approach of sharing is making a comeback. It’s like carpooling, but with avocados and streaming passwords. Tip #2 Review Your Subscriptions - What are you Really Using? Have you already binge-watched all the episodes of your favourite shows, but you are still paying for streaming services you haven’t used in months? Then it’s time to cancel some subscriptions. According to the Convergence Consulting Group The average Canadian household now spends $70–$90/month on streaming and digital services (Netflix, Disney+, Prime Video, Spotify, etc.). Many people are paying too much for mobile. According to the CRTC, the average Canadian pays $64/month for mobile service. Seniors who negotiate can often reduce this to $35–$45/month—a 30–40% savings. Savings Tips: • Audit Your Subscriptions: Write down every monthly and yearly subscription you have. Even cutting or optimizing 2 or 3 could save $30–$50/month. • Cancel subscriptions you don’t use often. You can always resubscribe later. Instead of paying for four platforms and using a few, consider rotating through them one at a time. You’ll be surprised at how quickly you can catch up on your favorites. Many streaming platforms also offer free trials or cheaper, ad-supported versions. • Call Your Mobile Phone & Internet Carrier Once a Year. Most people don’t realize how much loyalty can cost them. New customers often get much better deals than long-standing ones. When you call, here are some questions to ask: “Am I on the best plan for my usage?” “Are there any promotions I qualify for?” “Can I get a loyalty discount?” “Do you offer special discounts for seniors?” Keep in mind there are also senior-specific mobile plans from carriers like Zoomer Wireless, Public Mobile, or SpeakOut. • Don’t be shy about taking your business elsewhere. Carriers don’t want to lose subscribers and have special offers designed to make you want to stay. You’d be surprised how quickly they "find" a discount. Savings Tip #3: Don’t Throw Out Those Flyers and Coupons With inflation pushing up grocery prices, shopping smart matters more than ever. According to Statistics Canada, the average Canadian household now spends $1,065/month on groceries. So, it may be time to pay attention to those grocery store flyers you used to throw out. While Canadian data on potential savings is limited, US studies show that flyers and couponing can reduce costs by 10–25% for groceries and other household items if used consistently. Savings Tips: • Use apps like Flipp or visit sites like Smart Canuks to find online flyers you may have missed. • Sign up for loyalty cards to access extra discounts. One of the most popular savings programs, PC Optimum, offers frequent discounts and helps you collect points at Shoppers Drug Mart and Loblaws. Also, remember to swipe loyalty cards at the pump; many gas retailers offer discounts that can add up. • Consider shopping at stores like Walmart, which have pricing-matching policies for identical items you find advertised elsewhere. Saving Tip #4: Cut the “Daily Habits” That Add Up Remember, it’s not just the big expenses—it’s the daily ones that sneak up on you. Let’s look at a few “seemingly small” indulgences as examples: • 3 Starbucks Grande Lattes ($6.45 + tax) x 3 days/week = $1,137/year • Take-Out Lunch (for $12 + Tax) x 3 days/week = $2,115/year That’s over $3,000/year in “small” daily purchases! Savings Tips: • Prepare Meals in Advance: Cooking larger portions and planning for leftovers can minimize the temptation of ordering takeout. Planning meals and shopping with a list can prevent impulse purchases and reduce food waste. • Embrace the Home Café Trend: Investing in a quality coffee maker and brewing your own coffee can add joy to your day but also reduce your costs. • Set a Food Budget: Establishing a clear budget for dining out and groceries helps you track expenses and make more mindful spending decisions. Try allocating specific amounts to avoid overspending. Saving Tip #5: Leverage Senior Discounts if you are 60+ From transit to museums to groceries and drugstores, there are dozens of businesses that offer 10–20% off for seniors—but they don’t always advertise it. Many stores also have a set day of the week for seniors' discounts. Consider this: A $50 weekly purchase with 20% off saves $10—over $500/year. Savings Tips: • Shoppers Drug Mart has a 20% Seniors Day on Thursdays (for those 65+) • Rexall offers a 20% discount on Tuesdays • Many major retailers (e.g., Canadian Tire, Sobeys) offer senior discounts that vary by location—ask at checkout. Cineplex has special pricing for seniors plus seasonal promos like $5 Tuesdays if you want to take the grandkids with you. Saving Tip #6: Mind Your Utilities and Insurance Reviewing these bills once a year can result in hundreds of dollars saved. Consider switching to time-of-use electricity plans, which are offered in most areas. Check to see when cheaper rates are offered during off-peak hours, and look at using appliances such as your clothes dryer on off-peak hours. You can also lower your insurance premiums by looking at options such as raising your deductible (if you’re comfortable with the risk). Also, look at rates offered by providers for “pay as you drive” insurance, especially if you aren’t using your car a lot. Also, if you are not bundling your home and auto insurance, you may be missing out on some savings. Saving Tip #7: Buy & Sell Online Many items we need can be found for a fraction of the cost used on platforms such as Facebook Marketplace and Kijiji. And remember, buying a used item also saves on tax. Many retirees have extra furniture, tools, collectibles, or tech they don’t need. It's now easier than ever to declutter and turn these unused items into extra cash. It’s All About Small Changes and Big Rewards Recessions are hard on everyone, but especially on those living on fixed incomes. The good news is that there are plenty of smart, manageable ways to reduce expenses without giving up all the good things in life. By becoming a more conscious consumer and checking in on your spending habits once or twice a year, you can save thousands of dollars annually—money that can be redirected toward travel, gifts for grandkids, or, if nothing else, it just may calm your nerves. Another Tip: Don’t Wait — Timing Matters If this trade war continues, housing values may dip, which means the equity you can access could shrink. Getting your Plan B in place now ensures you lock in flexibility and peace of mind before things tighten up. Remember, it’s easier to get approved for a HELOC or reverse mortgage when you don’t urgently need it. It's better to set it up and keep it on standby than to wait until it’s too late. Talk It Out Stress develops in silence. Speak to family and friends about your concerns. They may not have all the answers, but they’ll provide emotional support — and possibly assist with paperwork or technical hurdles. If you have senior loved ones, check in and ask how they’re feeling about rising costs and uncertainty. These conversations go a long way and might even lead to better solutions. This trade war isn’t solely about economics. It involves peace of mind, dignity, and stability in retirement. While it may not be the type of Plan B that preoccupies the younger generation, it is equally important — perhaps even more so. So, take a breath. Make a plan. Get creative with your budget, and look at ways to save. Tap into your home equity if necessary, and don’t hesitate to ask for help. With the right Plan B, you can face the future with confidence — and perhaps even enjoy a little fun along the way. Here's a handy checklist to help you get started. Quick Wins Checklist ❏ Cancel one unused subscription ❏ Call your mobile carrier for a better deal ❏ Bring lunch instead of dining out 1x/week ❏ Use a coupon or flyer on your next grocery trip ❏ Look for a senior discount before you pay ❏ Brew your coffee at home 3 days this week ❏ Research potential discounts on your car insurance (bundling or pay-as-you-drive options) ❏ Use your clothes dryer or other appliances during off-peak hours to save on electricity Don’t Retire … Re-Wire! Sue
The £1.25m study, being led by the University of Derby, is trialling antiviral medications as a treatment for symptoms of long COVID Professor Ian Maidment from Aston Pharmacy School is the lead pharmacist and will provide support for the clinical trials It is estimated that more than 2m people in the UK and more than 144m globally live with long COVID Professor Ian Maidment, at Aston Pharmacy School, is the lead pharmacist on a groundbreaking research project looking to find a treatment for symptoms of long COVID, which is being led by the University of Derby. The £1.25m trial, which is the first of its kind in the UK, is exploring whether antiviral medications can be used as an effective treatment option for patients diagnosed with long COVID. It is estimated that more than 2m people in the UK and more than 144m globally live with long COVID and almost a quarter of sufferers have had their symptoms for more than two years. Symptoms are broad and include extreme fatigue and breathlessness, palpitations, and brain fog. The trial, which began in September 2024, is part of a wider programme of groundbreaking research being led by the University of Derby. Involving 72 patients, the research is trialling the use of an antiviral drug that can be given to those admitted to hospital because of a COVID-19 infection. As most people experience a community infection and are not hospitalised, they do not have a way to access this medication. By taking the drug out of the acute admission setting, the researchers are hoping to see whether it can help those living with long COVID and alleviate some of the symptoms that they are living with. During the trial, patients undergo a series of assessments at the University of Derby’s specialist facilities before attending the hospital to receive the antiviral drug intravenously for five consecutive days, delivered in collaboration with experts from University Hospitals of Derby and Burton NHS Foundation Trust. Researchers from the University of Exeter are also involved, and the study is being managed by the University of Plymouth’s Peninsula Clinical Trials Unit. Professor Maidment will provide support for the clinical trials. Patients recruited in Exeter will undertake detailed body scans, which will be analysed to check if the antiviral medication has reduced inflammation, which may occur in people with long COVID. Mark Faghy, professor in clinical exercise science at the University of Derby and the study lead, said: “The impact long COVID has on the lives of patients is huge. For many, it can be debilitating, interfering with work, family life, and socialising, and millions are suffering across the world. Yet, at present, there are no confirmed treatments for the condition. Five years on from the start of the pandemic, long COVID remains a significant health and societal challenge, which is why this project is so important. “This is an ongoing project with various phases and is still in its infancy, but we are excited to have taken the first steps to hopefully improve the quality of life for those living with long COVID.” Professor David Strain, clinical lead based at the University of Exeter Medical School, said: “There is a clear need for people living with long COVID and we hope from this study we can see a reduction in the symptoms people experience. It will be an ongoing project with various phases, but we are excited to be taking the first steps to improve patients' quality of life.” Professor Ian Maidment, Aston Pharmacy School, said: “We need clinical trials to develop new and effective treatments for long COVID. Pharmacy support is critical for the successful delivery of these studies.” Over the past four years, Professor Faghy and his team at the University of Derby have conducted a series of international studies to explore the impacts of acute and long COVID, looking to understand the causes and contributing factors of long COVID by bringing clinical insight together with the lived experience of patients.
Summary: The article explores the Fear of Running Out (FORO), a psychological phenomenon that stems from anxiety about resource scarcity, particularly in retirement. FORO is especially common among seniors who fear depleting their financial, physical, or emotional resources as they age. Unlike FOMO (Fear of Missing Out), FORO focuses on the depletion of existing assets, often leading to cautious decision-making, delayed spending, or self-sabotaging behaviours like excessive frugality or social withdrawal. While some instances of FORO are valid—such as retirees who underestimated their living expenses—others are more psychological, with financially secure individuals still feeling paralyzed by fear and unable to enjoy their retirement fully. There are practical solutions, but they require more than just emotional support. We also need to address the lack of formal retirement planning and literacy. Most retirees have insufficient knowledge about tax-efficient asset drawdowns, and the limited guidance from financial institutions exacerbates these fears. We’ve all heard of FOMO (fear of missing out)—that nagging anxiety when everyone else seems to be at a fabulous party while you’re at home scrolling through social media, eating last night’s leftovers straight from the container. As we age, the fears we carry evolve—and for some, they get a little louder, quirkier, and much more challenging to ignore. A unique set of acronyms has emerged for older adults to describe these creeping anxieties. Allow me to introduce you to the unholy trinity of aging fears: FOGO (Fear of Getting Old): This one typically kicks in around our mid-to-late 50s when the realization hits and panic sets in: "Wait... I’m not young anymore?" Have I saved enough? Have I experienced enough? Am I running out of time? Cue the classic symptoms: splurging on bright red sports cars, embarking on bucket-list trips to exotic locales, or dating someone who knows what "Netflix and chill" really means, not cozying up with a movie. And yes, sometimes while still married. It’s all part of the "midlife crisis" package—a desperate attempt to outrun Father Time. But let’s be honest: The comb-over isn’t fooling anyone. FOBO (Fear of Being Old): This stage sneaks in during your 70s, as your "best before" date blinks ominously on life’s metaphorical packaging. Many enter into a state of "defensive denial," refusing to acknowledge their age or any limitations, insisting they are still as capable as ever, even when struggling with specific tasks. In this stage, people can demonstrate "overcompensation - Desperately trying to prove they’re still youthful. Many will refuse to use mobility aids or decline assistance from family or caregivers out of pride. Others will shut down anyone who dares to suggest they are old. “Me? Old? Please. I just got a brand-new hip last year!” FORO (Fear of Running Out): Now we get to the show's real star. FORO enters the spotlight as you thoughtfully consider retirement and suddenly takes over the plot. It’s the fear of running out—of money, energy, time, or maybe even snacks at movie night. This one’s a relentless buzz in the background of every decision, from how you spend your savings to whether you should buy name-brand peanut butter or settle for the generic jar. If left unchecked, FORO can steal the joy out of today by worrying too much about tomorrow. We have all heard the stories of people passing away with millions of dollars in the bank, yet they lived in squalor, afraid to spend their money. Now, FORO can manifest in all kinds of ways. Some are almost funny in hindsight. Remember the pandemic toilet paper wars of 2020? Or that panic at a party when you’re convinced you don’t have enough food for your guests, only to find yourself drowning in leftovers? But for seniors in retirement, FORO often takes on a much more serious tone—like running out of money, energy, or health as the years go by. These thoughts can be terrifying for the aged. And sometimes, this fear is warranted. Imagine a retiree who underestimated their living expenses, burned through savings too quickly, and now faces the stark reality of financial insecurity. That’s a legitimate case of FORO that demands attention, planning, and maybe a shift in lifestyle. But other times, FORO is more like a shadow in the dark—unsettling at first glance but harmless once illuminated. For example, some seniors with reasonable pensions, savings, and even supplemental income streams might still be too paralyzed by the fear of running out to take that dream vacation or help their grandchildren with school. In this situation, it is doubtful that there will ever be enough. This type of FORO can cause harm through neglect. This unfounded FORO can keep people from genuinely thriving during their golden years. There are well-documented cases of individuals who have perished from thirst in the desert while carrying full bottles of water. They were too frightened of running out of water to save their lives by drinking it. Most of us shake our heads and think we would never do that, but FORO represents a compelling fear that can lead to self-sabotaging behaviours. If FORO could result in death in the aforementioned desert scenario, how might it influence decisions regarding our significant assets, such as our homes? Unfortunately, many retirees pinch pennies and go without while living in homes with considerable equity, refusing to access it for fear of running out (FORO). So, how do we know when FORO is a valid warning signal and when it’s just a psychological hurdle? And, more importantly, how can we tackle this fear to ensure it doesn’t stand in the way of living a joyful, fulfilled retirement? Read on; we’ll dive deeper into the concept of FORO—why it exists, how it can sneak into our decision-making, and, most importantly, actionable strategies to manage it. Remember, your golden years shouldn’t be ruled by fear—they should be a time to shine. The Fear of Running Out (FORO) is a psychological concept rooted in anxiety about scarcity or insufficiency, particularly concerning essential resources like money, time, or opportunities. It's akin to FOMO (Fear of Missing Out), but instead emphasizes the anxiety of depleting one's existing resources rather than worrying about missed experiences. While FORO has not been as widely studied as FOMO in academic circles, the term has gained traction in financial and psychological contexts, particularly regarding retirement planning, economic behaviour, and decision-making. Although it’s unclear who explicitly popularized the term “Fear of Running Out,” it has become a recurring theme in financial planning discussions and among behavioural psychologists studying how individuals manage uncertainty and risk. The Psychology of FORO FORO is deeply rooted in psychological concepts of scarcity and loss aversion, both key ideas in behavioural economics. Loss aversion, central to Daniel Kahneman and Amos Tversky’s prospect theory, highlights that the pain of losing something outweighs the joy of gaining an equivalent amount. In the context of retirement, the fear of running out of money reflects this principle—financial depletion carries the weight of losing essential aspects like security, independence, and quality of life, making it feel particularly distressing. The work of researchers like Eldar Shafir and Senthil Mullainathan on the scarcity mindset further illuminates this phenomenon. They suggest that when people are preoccupied with avoiding resource depletion, they often develop tunnel vision, focusing narrowly on the immediate issue. For seniors worried about outliving their savings, this can manifest as excessive caution or hesitation in deciding to spend or draw down resources, even when such concerns may not be warranted. Faced with this dilemma, some seniors develop inertia, choose to do nothing, and ignore the situation altogether. According to a 2024 report by the Ontario Securities Commission, 13% of pre-retirees and 19% of retirees among Canadians aged 50 and older have a formal written retirement plan, which is a significant cause for concern. This reflects a widespread lack of structured financial and retirement literacy. Without a clear strategy, many individuals may not fully understand how to manage their resources effectively throughout retirement, particularly when it comes to de-accumulating (spending) assets in a tax-efficient manner. We can quickly start to see why many older Canadians have FORO. One key issue is that minimal accessible information exists on strategies for drawing down retirement savings to minimize taxes while ensuring long-term financial security. For example, the timing and order in which individuals withdraw from registered accounts like RRSPs, TFSAs, non-registered investments, or access their home equity can dramatically impact their overall tax burden and available income in retirement. Unfortunately, this type of guidance is often overlooked in financial planning resources, leaving most retirees guessing how much money is enough. The financial industry also contributes to this gap. Banks and many financial advisors are primarily compensated through commissions tied to the sale and management of investments, such as mutual funds or other financial products. This model does not incentivize them to provide comprehensive advice on strategically spending down savings. As a result, many seniors are left without the critical guidance they need to navigate the complexities of de-accumulation, leading to suboptimal emotionally driven decisions and increased financial stress. This lack of tailored advice is particularly problematic for Canadians who rely on paying off their homes as their primary financial plan. While homeownership is a valuable asset, it is not liquid, and converting it into usable retirement income can be challenging without proper planning. The fear of running out of money (FORO) becomes especially acute for these individuals, as they may not have the financial and retirement literacy or tools to make informed decisions about how to fund their retirement, especially concerning using home equity. In short, the low prevalence of formal retirement plans, insufficient education on tax-efficient de-accumulation, and the misaligned incentives of financial institutions significantly disadvantage seniors. This gap exacerbates financial insecurity and leaves many retirees vulnerable to the psychological and practical challenges of FORO, particularly those who rely on home equity, an illiquid asset, as their primary financial safety net. Addressing these issues requires a broader emphasis on financial and retirement literacy and unbiased, accessible advice tailored to retirees' unique needs. Key Components of FORO: 1. Scarcity Mindset—Seniors facing FORO might develop a scarcity mindset, which can lead to overly frugal behaviours. For example, they may reduce spending on essential support services or forego social activities to protect their savings, even when financially secure. 2. Emotional Triggers—FORO is tied to deeper emotional needs like safety, independence, and legacy. At its core is the fear that people will have nowhere to live, won’t have enough money to care for themselves, and will not have any money left to leave a legacy. 3. Decision Paralysis - FORO can cause retirees to delay allocating resources, from downsizing a home to sourcing pension-type income. This indecision can lead to missed opportunities or unnecessary sacrifices. 4. Overcompensation—In some cases, the fear of running out can lead to self-sabotage behaviours like hoarding money or withdrawing from social activities. These behaviours reduce quality of life and increase feelings of isolation. The Solution: A comprehensive approach that combines emotional support, practical planning, and mindset adjustments is essential to helping retirees overcome FORO. By addressing their fears and financial realities, they can gain the confidence to enjoy their retirement years without worrying about running out of money. 1. Acknowledgement and Understanding - Listen and empathize: Begin by genuinely listening to the retiree's concerns, recognizing that FORO is an emotional issue tied to deep-seated fears about security and independence. Normalize the fear: Reassure them that the fear of running out of money is common, especially in retirement. Explain the reasons behind this fear: Retirees often can’t return to work to supplement income. Lifespans and healthcare costs are unpredictable, creating uncertainty. The transition from accumulating wealth to spending it feels unnatural to many. 2. Develop a Retirement Spending Plan—Create a tailored plan. Outline a sustainable spending strategy aligning with the client's lifestyle, goals, and resources: Leverage expertise: Collaborate with their bank manager or financial advisor to develop a realistic budget covering essential and discretionary expenses. Focus on balance: Establish a balance between meeting current needs and maintaining future security. 3. Generate Pension-Like Income - Explore income solutions: Help them research ways to create predictable income streams, such as: Purchasing an annuity to convert part of their savings or equity into guaranteed income. Consider equity mortgage products for additional cash flow if they have sufficient home equity. Address misconceptions: Explain how these tools can reduce uncertainty and provide peace of mind. 4. Emergency Fund - Health care may be needed later in life and can be costly. Setting money aside for unexpected expenses will offer great comfort and peace of mind. 5. Mindset Shifts - Reframe perspectives: Encourage retirees to focus on the opportunities their resources provide rather than fixating on worst-case scenarios: Promote enjoyment: Remind them that retirement is a time to enjoy the fruits of their labour, not live in constant fear. Highlight the importance of self-care and experiences that bring joy and fulfillment. 6. Legacy Planning - Address legacy concerns: Help them create an estate plan or designate resources for loved ones and causes they care about, ensuring their wishes are honoured: Provide clarity: Show how planning for a legacy can reduce anxiety about leaving something behind while meeting their current needs. The Fear of Running Out is more than just a financial concern—it’s a deeply emotional and psychological issue for seniors facing the unpredictability of retirement. By addressing this fear in practical and empathetic ways, we can give retirees the tools and confidence to enjoy their golden years without worrying about depletion or feeling like they need to stockpile financial "water bottles" for a drought that may never come. And there you have it—FORO might be a formidable guest at the retirement table, but it doesn’t have to steal the show. By addressing the emotional roots of this fear, creating practical plans, and shifting the focus to what’s possible, retirees can turn their golden years into precisely that: golden. Remember, retirement isn’t about tiptoeing around scarcity; it’s about celebrating a lifetime of hard work and savouring the moments that make life rich. So, let’s leave FORO in the shadows where it belongs and step confidently into a retirement that truly shines. And let’s be honest, no one wants their legacy to read: "Lived frugally, died rich, and missed the Boat to the Caribbean." Don't retire---Re-Wire! Sue
How to help children cope when tragedy and social media collide
When a child feels traumatized by stressful events or a tragedy, exposure to social media can exacerbate the problem. That's in part because social media can be wrought with misinformation and disinformation, and appropriate communication on its platforms is often lacking. “There are no rules on social media, and kids can gang up on each other,” says Jennie Noll, professor of psychology at the University of Rochester and executive director of the university’s Mount Hope Family Center, which provides evidence-based intervention and prevention services to thousands of children and their families in the Rochester area, with a primary focus is supporting children and families affected by stressful or traumatic experiences. What can adults do to help children cope with tragedy and check in on their emotional and social well-being? The best thing that parents, guardians, and other caretakers of children can do is help youngsters understand that there is more to communication, more to friendship, and more to their self-worth than what arises on social media."We need to understand how we treat each other as humans on social media. Social media has exasperated everything that we thought was risky with regard to how teens interact." She recommends parents check in with their children, enforce breaks from social media for them when they're confronting a stressful situation, and help them make alternative plans. Media outlets often turn to Noll for her insights into child psychology, maltreatment prevention, and social media use. She can be reached by clicking on her profile.
Professor Ian Maidment has received a National Institute for Health and Care Research (NIHR) Senior Investigator Award The award recognises his outstanding leadership contributions to the work of the NIHR and his excellent track record of securing NIHR funding Professor Maidment is the first academic at Aston University to receive the honour. Professor Ian Maidment at Aston Pharmacy School has received a prestigious Senior Investigator Award from the National Institute for Health and Care Research (NIHR). The NIHR gives the award to researchers in recognition of outstanding leadership contributions to the work of the NIHR and an excellent track record of securing NIHR funding. As a senior investigator, Professor Maidment will act as an ambassador for NIHR, and help to guide strategy and tackle challenges in the health and social care landscape. He will join the NIHR College of around 200 senior investigators. Professor Maidment is the first academic at Aston University to receive the award and one of few pharmacists in the UK to receive such an award. Professor Maidment joined Aston University in 2012 as a senior lecturer, which marked his first step into academia after more than 20 years working in the NHS, both as a pharmacist and leading R&D. During his time in the NHS, he published 40 papers in peer-reviewed journals. These formed the basis of a PhD by previous publication, and Professor Maidment was the first person to obtain a PhD at Aston University by this route. He was promoted to reader in 2018 and a full chair in 2022. Professor Maidment specialises in the health care of older people and those with mental health conditions, and the use of medication to treat them. This includes projects investigating the long-standing and international healthcare priority of managing anti-psychotic weight gain. From this research project, guidance will be developed both for patients and practitioners. His research with older people has identified the need to focus on reducing medication burden and investigating the link between some medications and dementia. He also studies how to best use the expertise of community pharmacy to improve outcomes, for example in COVID vaccination and more recently how to make independent prescribing by community pharmacy work better; the importance of this issue was identified by UK Prime Minister Keir Starmer. The award also recognises Professor Maidment’s strong links with the NIHR and critically his continued role in supporting its work. This includes mentoring other researchers, leadership and contributing to the development of the NIHR. Professor Maidment said: “Optimising medication in the real world is a key research priority; about half of all people struggle with adherence to medication. Much of my research has been focused on bringing the patient voice to key research questions. If we can fully understand the patient and family carer view, then we can start to get the medication right.” Professor Anthony Hilton, Aston University pro-vice-chancellor and executive dean of the College of Health and Life Sciences, said: “Professor Ian Maidment’s NIHR Senior Investigator Award is a well-deserved recognition of his exceptional research in medication safety and the care of older adults and people with severe mental illness, such as schizophrenia. His work has not only advanced academic understanding but has also shaped real-world healthcare practices, improving outcomes for patients. “This achievement reflects his dedication, expertise and commitment to impactful research and his outstanding leadership contributions to the work of the NIHR. At Aston University, we are delighted to celebrate Ian’s success and the significant contribution he continues to make to the field.”
MEDIA RELEASE: Nominate now: the annual CAA Worst Roads campaign kicks off
The 14th annual CAA Worst Roads Campaign is live and CAA Manitoba wants citizens to voice their concerns and nominate the roads they want to see fixed. “Our research shows that 96 per cent of Manitobans are concerned about the state of our roads,” says Ewald Friesen, manager government relations at CAA Manitoba, “the CAA Worst Roads campaign gives Manitobans a voice in highlighting the roads they believe are in need of repair which provides a valuable snapshot to decision-makers.” A recent survey conducted by CAA Manitoba found that more than half of respondents have experienced vehicle damage because of poor roads. Eighty per cent paying out of pocket to repair them – up ten per cent from last year, only five per cent filing a claim with MPI - down 11 per cent from 2024. Eight per cent of Manitobans forwent repairs altogether. According to the survey, poor road conditions, especially potholes and sunken sewer grates, are causing significant vehicle damage and increasing out-of-pocket repair costs for drivers. “Many Manitobans are experiencing the effects of the rise in the cost of living, including having to delay vehicle repairs. This makes investing in our roads and infrastructure more crucial than ever,” says Friesen. “We understand that consumers are being cautious with their spending, and many choose to keep their cars longer instead of purchasing new ones and stretching an already strained family budget." The damage caused to a vehicle by hitting a pothole can cost anywhere from $300 to $6,000, depending on the make and model of the car. The survey found that almost half of respondents paid between $500 to $1,999 to repair their vehicle, with an average cost of $882. “CAA Worst Roads campaign is a platform that gives Manitobans an opportunity to speak up and helps the different levels of government understand what roads are pain points for their constituents,” says Friesen. “We know the campaign works because we see governments prioritize budgets and move up road repairs every year after appearing on the CAA Worst Roads list,” adds Friesen. “This includes last year’s winner, 18th Street in Brandon, where we saw a swift, coordinated response between the municipality and the province.” Manitobans can nominate any road for issues ranging from congestion, potholes, poor road signs and the timing of traffic lights to pedestrian and cycling safety. “Nearly 60 per cent of those who have ever participated in the campaign believe that nominating a road could result in the repair of it,” shares Friesen, “CAA Manitoba is calling on all road users to nominate the roads they believe need attention to help make our roads safer and show decision-makers what roadway improvements are important to Manitobans.” Nominations for the Worst Roads campaign can be submitted online at www.caaworstroads.com starting March 18 until April 11. Once the nominations are collected, CAA Manitoba will compile a list of the top 10 worst roads in the province, which will be announced to the public. CAA conducted an online survey with 1,014 CAA Manitoba Members between January 6 to 14, 2025. Based on the sample size and the confidence level (95 per cent), the margin of error for this study was +/-3 per cent.
The Road to Treating Substance Use Disorder Starts in the Primary Care Office
For a groundbreaking offering in the treatment of substance use disorders, ChristianaCare’s Family Medicine residency program team received a Wellness Hero Award in the 2024 Delaware Lt. Governor’s Wellness Leadership Challenge. ChristianaCare was recognized for creating “a comprehensive program designed to address the pressing need for behavioral health services in Delaware.” ChristianaCare’s Family Medicine residency established a substance use disorder treatment program in 2020 to identify and provide targeted substance abuse treatment to patients in need and, importantly, to train future providers in the specific and unique issues that patients with addiction often face in primary care settings. “The purpose,” said James LaRosa, M.D., associate residency program director, “is to create an eager and competent workforce of providers ready to help this population.” LaRosa, an alumnus of ChristianaCare’s Family Medicine residency, is also lead for the Family Medicine substance use disorder treatment program. “James was intentionally recruited to our program to carry the torch for this important work,” said Erin Kavanaugh, M.D., FAAFP, chair of Family and Community Medicine. “He has taken the program and department to new heights, particularly in terms of grant-funded work and educational opportunities, all anchored in dedication to comprehensive patient care and improved outcomes.” “Family medicine practitioners take a holistic approach so patients receive personalized and consistent care for better health and well-being for them and their communities,” said Anna Filip, M.D., FAAFP, director of the residency program. “With opportunities like the substance use disorder treatment program, we are preparing the next generation of doctors to treat the whole person.” At the 2024 presentation, then-Lt. Gov. Bethany Hall-Long praised the program for “its impact on closing the gaps in treatment capacity for those with substance use disorders” and “taking measurable steps to expand access to care in our community.” The primary goal of the program is to support patients through withdrawal, LaRosa said. Patients identified for the program via ChristianaCare’s hospitals and emergency departments are connected with the Family Medicine Department to open the door to primary care. The program also provides vital social supports for these patients through the robust ChristianaCare network. “We utilize the services of our in-house social work, behavioral health and case management teams to help provide wraparound services to a population where those things are as crucial as the medical care,” LaRosa said. Third-year resident Deanna Gorgei, D.O., said she chose ChristianaCare’s Family Medicine residency for its “forward-thinking and innovative leadership” who support residents in exploring their interests in the field. One of her interests in addiction medicine. “Not only are residents like me getting this experience in how to treat different substance use disorders, but we’ve also gained exposure on how to set up a program like this,” she said. “It’s been a huge part of my training and has shaped my interest going forward.” Family medicine provides an especially effective setting to treat substance use disorders, in part because its providers are qualified to identify and treat comorbid conditions like hepatitis as well as a host of other illnesses and injuries. “Since starting the program,” said LaRosa, “we have stabilized multiple patients’ chronic medical conditions, identified and treated a patient with bladder cancer, and cured 26 cases of hepatitis C.” Combining care for substance use disorder with primary care, said Gorgei, is appealing for residents and fosters better patient experience and outcomes. “I like being able to have both opportunities,” she said. “It’s so beneficial to have addiction medicine rotate with routine primary care, because it is primary care.”
Expert Opinion: Maneuvering friendships in the age of half-truths can be challenging
I recently shared an op-ed written by my colleague and friend, Ted Petersen, on a few social media sites. His thoughtful piece advocated for media literacy education. Later that day I received an alert that someone had commented on my post. The comment, made by a dear friend, alluded to disinformation about U.S.A.I.D.’s use of funds ― a false assertion that the federal agency supported the news outlet Politico for partisan gain. The comment was a perfect example of why media literacy education is important ― not just for school children. It gives people the tools to navigate a borderless media environment in which news and opinion, verified facts and unsubstantiated statements, and information and entertainment coexist. My dilemma after reading the comment was multi-faceted. What should I do? Do I respond? If so, how do I tell my friend that he is misinformed? If I don’t respond, am I shirking my responsibility as a friend, a citizen, an educator? How do I now live in a world in which my friends and family consume and trust media that actively promote disinformation? And, most importantly, how do I live in a world in which people I love are listening to a barrage of messages telling them that I am evil? That I cannot be trusted? That I should be hated? Because underlying his deceptively simple comment is the possibility that, like many, my friend trusts certain media and messages while castigating all those that don’t always align with their world view. These messages are coming through media channels that give voice to leaders and media personalities who gain traction with their audiences by demonizing those they deem their enemies. They use half-truths and outright lies to gain sway with their followers. Anyone who thinks, looks, believes differently cannot be trusted. As a media scholar I have studied media effects, persuasion, and audiences. I’ve analyzed the meaning audiences give messages and how different approaches affect audience perceptions. I’ve written about the importance of narrative and message framing. I have advocated for the ethical use of these powerful tools. As a human being, I’m saddened as I witness blatant disregard for ethical principles in those leaders and media personalities who wield communication like a weapon to undermine trust. The results are impenetrable walls separating us from those who should be our allies. After spending most of my life believing I was part of a community, able to agree or disagree, discuss and argue, to teach and to learn in conversation with others, I find myself the “other.” Dismissed. Demonized. Hated. Not by faceless strangers, but by those dear to me. I suspect I’m not alone in this feeling ― regardless of ideological preferences. Discord is painful. My heart hurts. Yet, I am stubbornly hopeful. When I see my students from different backgrounds, cultures, and generations, discussing ideas for solutions to social issues, I am hopeful. When I hear my pastor fearlessly speaking to the congregation about loving each other even in disagreement, I am hopeful. When I speak to community groups and listen to their concerns and insights, I am hopeful. When I have a long-overdue conversation with my friend instead of relying on mediated social platforms, I am hopeful. I recently spoke to a Rotary Club and borrowed their four-way test to suggest a healthier relationship with media and communication generally. Of the things we produce, consume, or share, we should ask ourselves: Is it the truth? Is it fair to all concerned? Will it build goodwill and better friendships? Will it be beneficial to all concerned? If the answer to any of those questions is no, we should change the channel, seek another source for context, delete the post, block the sender, or adjust our message so we can answer yes And if you are asking yourself why you should be fair, or build goodwill, or benefit anyone from “the other side” ―perhaps scroll through your photos or look at the pictures on your desk or mantel. We are not adversaries. We’re on the same side. It’s time to stop listening to those who tell us otherwise. Heidi Hatfield Edwards is associate dean in Florida Tech’s College of Psychology and Liberal Arts and head of the School of Arts and Communication where she is a professor of communication. She began her career as a media professional and worked nearly a decade gaining experience across multiple media platforms and in strategic communication. She teaches courses in mass communication, theory, and science communication. Heidi is available to speak with media. Contact Adam Lowenstein, Director of Media Communications at Florida Institute of Technology at adam@fit.edu to arrange an interview today.
Daylight Saving Time: Baylor Sleep Expert Offers Suggestions to Help Adjust to the Change
Daylight saving time, with its one-hour spring forward at 2 a.m. Sunday, March 12, may seem like a small shift of just a single hour, but on a societal level, it has startling effects, says Baylor University sleep researcher Michael Scullin, Ph.D., associate professor of psychology and neuroscience and director of the Sleep Neuroscience and Cognition Laboratory at Baylor. So what are the consequences of this one-hour time shift on our sleep quality and how can we quickly adjust when springing our clocks forward? "Many people not only lose that single hour of sleep," Scullin said, "but also have difficulty over several subsequent nights adjusting their circadian rhythms to the new bed-wake time schedules." For example, parents who have routine bedtimes for their children experience difficulty for the whole family because children will not want to (or be able to) go to bed one hour earlier than their body is used to. "When you couple this bedtime difficulty with the fact that most people have morning school and work schedules that require them to wake up at a set time," Scullin said, "it becomes clear that ‘springing forward’ has a larger consequence than skipping a single hour." The consequences of the spring daylight saving time shift are well documented. Researchers have observed changes in cognitive functioning, increased driving accidents, moodiness and willingness to punish others for mistakes. "Researchers have also documented that acute sleep loss and circadian dysregulation lead to an increase in cardiovascular events," Scullin said. "If someone's cardiovascular health is ‘borderline’ then the springtime shift can be the factor that precipitates a stroke or a myocardial infarction (heart attack)." Scullin offers some simple suggestions to anticipate and adapt to the spring forward shift: Adjust in advance. About a week before the "spring forward," go to bed 15 or 20 minutes earlier each day. Avoid long naps during the day. If you need a nap, take it earlier in the day and for no more than 20 minutes. Bring on the sunlight. Getting more natural sunlight in the morning hours is very beneficial in resetting our biological clock. In some cases, evening melatonin also can help people to adapt to the time change. Scullin has published numerous studies focusing on sleep and brain function, including the connection between sleep and creativity, musical “earworms” and their effect on sleep and how writing a to-do list before you turn in for the night can help you get better sleep. In fact, Scullin was named Baylor’s inaugural Newsmaker of the Year in 2018, after his “to-do list” research was widely covered by media outlets, including ABC’s Good Morning America, TODAY.com, USA TODAY, Discover, LiveScience, HealthDay, BBC Radio and many more, reaching an international circulation and viewership of nearly 1 billion people. Looking to interview or chat with Michael Scullin? Simply click on his icon now to arrange an interview today.
How a Fraudster Almost Stole Graceland
In a recent case that left many “All Shook Up," a Missouri woman attempted to defraud the Presley family by claiming ownership of the iconic Graceland estate. Most stories involving “The King” make for good reading, and they also hold an important lesson for homeowners. This bold scheme is a stark reminder that fraud knows no boundaries—whether you live in a mansion or a modest home, fraudsters can and will target anyone. The Graceland Fraud Attempt Lisa Jeanine Findley, a 53-year-old from Missouri, orchestrated a plan to defraud Elvis Presley’s family of millions by attempting to claim ownership of Graceland. She falsely alleged that Lisa Marie Presley had used Graceland as collateral for a $3.8 million loan that remained unpaid at the time of her death in 2023. To support her claims, Findley fabricated loan documents and filed fraudulent foreclosure notices, threatening to auction the estate if the supposed debt wasn’t settled. Riley Keough, Lisa Marie’s daughter and heir to Graceland, challenged these claims in court, asserting that no such loan existed and labeling the foreclosure attempt as fraudulent. The court sided with Keough, blocking the sale and prompting Findley to withdraw her claims. Subsequently, Findley was arrested and charged with mail fraud and aggravated identity theft. She pleaded guilty in February 2025 and faces up to 20 years in prison, with sentencing scheduled for June 18, 2025. Lawrence v. Maple Trust - A Canadian Fraud Attempt Closer to home, in 2006, Toronto homeowner Susan Lawrence fell victim to a similar scheme. Fraudsters transferred the title of her fully paid-off home into their names and registered a fraudulent mortgage with Maple Trust. Lawrence only discovered the fraud when she attempted to access her home equity. After an initial ruling forced her to bear the mortgage debt, she appealed. The Ontario Court of Appeal reversed the decision, ruling that the lender should bear the loss, not the innocent homeowner. The case took nearly two years to resolve and cost Lawrence an estimated $50,000 to $100,000 in legal fees—not to mention the emotional and financial stress. Lessons for Homeowners about Fraud This case highlights several critical lessons for homeowners: 1. Be Vigilant Against Fraudulent Claims: If fraudsters can attempt to steal Graceland, they can target your home too. Monitor your property records for unauthorized changes. 2. Don't Divulge Sensitive Information: Fraudsters can use social engineering tactics to piece together important information you share and use it to forge or alter property ownership records etc. Be careful with what you share, especially with strangers. 3. Regularly Monitor Property Records: Periodically checking public records for any unauthorized liens or claims against your property can help detect and address fraud early. Online credit reporting services such as Credit Karma offer free apps and email alerts that can help you spot potential fraud. 4. Beware of Contracts: Watch out for deceptive practices employed by certain rental companies, leading to unexpected financial obligations and complications. Using deceptive, high-pressure sales tactics, these companies can leave homeowners burdened with property liens after signing contracts for appliances like furnaces, air conditioners, and water heaters. If you are faced with this, don't rush the process. Do some additional research and/or take the next step below. 5. Consult Legal Professionals: If you are pressured to sign a contract, receive dubious claims, or receive foreclosure notices, seek advice from qualified legal professionals to navigate the situation effectively. 4. Secure Title Insurance: Title insurance protects homeowners against potential defects in the title, including fraudulent claims. It’s a crucial safeguard that can prevent significant financial loss. Let’s unpack this last point about Title Insurance. What is Title Insurance: Your Best Defence Title insurance is a safeguard for homeowners, protecting them against potential issues related to the ownership of their property. This insurance ensures that the homeowner is shielded from financial loss if any unforeseen problems with the property’s title arise. Title insurance is a policy that protects property owners and lenders against financial loss resulting from defects in a property’s title. These defects can include unknown liens, encroachments, zoning violations, or even fraud that may have occurred before the homeowner acquired the property. Unlike other insurance types that cover future events, title insurance addresses past events that could affect property ownership. Why is Title Insurance Necessary? Purchasing a property is often the most significant investment individuals make. Title insurance provides peace of mind by ensuring the property’s title is clear and free from unforeseen issues. Without this protection, homeowners could face legal disputes or financial losses if a problem with the title emerges after the purchase. For instance, if a previous owner’s unpaid taxes or undisclosed heirs come forward claiming ownership, title insurance would cover the legal fees and potential losses associated with resolving these issues. The Cost of Title Insurance in Canada In Canada, the cost of title insurance varies depending on factors such as the property’s value and location. Typically, premiums for residential properties range from $250 to $500. However, the cost can increase for higher-valued properties. This premium is a one-time payment made during the closing process and remains valid for as long as the homeowner owns the property. Providers of Title Insurance in Canada Several reputable companies in Canada offer title insurance. Some of the prominent providers include: FCT (First Canadian Title) Stewart Title Please note: None of the providers above are sponsored links. How to Check if You Have Title Insurance If you’re uncertain whether you have title insurance, consider the following steps: 1. Review Your Closing Documents: Examine the paperwork you received during the property’s purchase. Look for any mention of title insurance policies. 2. Contact your real estate lawyer: The legal professional who helped with your property purchase should have records showing whether title insurance was obtained. 3. Contact Title Insurance Providers: Most Title Insurance companies maintain issued policy records. Contacting them directly can help confirm whether a policy exists for your property. Homeowners Without a Mortgage: A Higher Risk Group If you’re a homeowner who owns their property outright, you can be at a higher risk concerning title-related issues. Why? Fewer parties (such as lenders) monitor the property’s status when no mortgage is in place. By contrast, when a mortgage is involved, most lenders today, as a rule, require title insurance to protect their investment, indirectly safeguarding the homeowner as well. However, some homeowners might overlook obtaining title insurance without a lender's mandate. This leaves you more vulnerable to potential title defects or fraudulent claims against your property. Real estate fraud is not a problem reserved for the wealthy—any homeowner can become a target. Securing title insurance and staying vigilant is the best way to protect your property and your financial future. It's such an important topic, I'll be sharing more tips on title insurance in future posts. After all, as Elvis might say, “What I say is true; if it could happen to the King, it could happen to you.” Don’t Retire … Re-Wire! Sue