Are you a Senior, Seasoned Citizen or "Seenager"?

Exploring the difference: Are you old, wise, or rebelliously both?

Nov 14, 2024

4 min


Summary: The article humorously explores the different identities associated with aging: Seniors, Seasoned Citizens, and "Seenagers." Seniors embrace relaxation and nostalgia, Seasoned Citizens exude wisdom with style, and Seenagers live rebelliously youthful lives. Each group showcases the joy of aging uniquely, proving that growing older can be fabulous and fun.


The aging mindset and associated vocabulary


Aging: the thing we can't avoid, no matter how many anti-wrinkle creams or kale smoothies we try. But hold on! Getting older doesn’t have to be all about orthopedic shoes and early bedtimes. Sometimes, we can be intentional about how we age.  Bring to life the old saying, "You are only as old as you feel," or in this case, "only as old as we think. "


Aging comes with its own vocabulary these days—like a senior high school class, except your class ring is arthritis-friendly. Your mindset will determine how you behave, and your behaviour will determine what label you fall under.


Let’s dive into three hot buzzwords (labels) making waves in the grey hair community: Senior, Seasoned Citizen, and the fabulous Seenager. Buckle up your seatbelt (or your compression socks) because we’re about to break down what makes each term hilariously unique. Spoiler alert: the ability to laugh at yourself will help keep you young!


The Senior: Official Member of the Blue-Haired Special Club


Ah, Senior. It's the classic, the OG (Old Gangster) of aging terms. This one paints a picture of someone “past their prime” (which could mean they just don’t remember how Netflix works). Seniors have earned the right to relax, avoid emails, tell stories that start with "Back in my day…." and yell at the character on the TV to "speak up!"

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But let’s not sugarcoat it—being called a senior can sometimes feel like being handed a ticket to the Rest-and-Retirement Express with a Has-Been Hangover. And if you’ve ever wondered why seniors are so good at discussing the weather, it's because everyone assumes their Wi-Fi password is “sunshine.”


Historically, seniors are seen as a little out of touch, like trying to send a text from a rotary phone. But here’s the twist: while the term “senior” may suggest slowing down, many secretly download TikTok tutorials and know more about memes than they let on.


The Seasoned Citizen: Aged Like Fine Wine, Not Expired Milk


If Senior sounds too much like a countdown clock, I'd like to introduce you to Seasoned Citizen. Doesn’t that have a nice ring to it? Seasoned citizens aren’t just “old”—they’re marinated in life, baby! They’re wiser than your smartphone autocorrect and have more knowledge than an entire season of Jeopardy. "I'll take Guru for $1,000, Alex!"


Seasoned citizens have been there, done that, and have the wrinkles to prove it—but in the coolest way possible. They’re like that hip grandparent who can teach you life lessons and how to win at poker. They’re the Yoda’s of society, doling out advice with just the right amount of sass.


But don’t get it twisted. While they might be experts in wisdom, seasoned citizens know they’ve already done their share of life’s heavy lifting. They’re likelier to give great advice from the sidelines than participating in the next CrossFit challenge. And why shouldn’t they? With all that life seasoning, they’ve earned their spot as society’s wise sanseis.


The Seenager: 70 Going on 17, and Loving Every Minute of It


Then there’s the Seenager—aka the fun aunt of aging. This term combines “senior” and “teenager,” and that’s exactly how it sounds: older folks acting like rebellious teens with more fabulous cars and better credit scores.


Seenagers know how to throw a wrinkle cream party,
hit a Zumba class in the same evening
(and still be home by 9 pm).


Forget bingo; Seenagers are out here gaming on their consoles, posting selfies on social media, and flexing their fashion sense like it’s senior prom all over again. The Golden Bachelor, anyone? And don’t be surprised if they’re showing you how to work your smartphone because they’ve already FaceTimed the grandkids from halfway around the world.


Seenagers are here to remind us that age is just a number that occasionally needs reading glasses. They defy the stereotype that aging means slowing down; instead, they speed up, engage in spontaneous activities, and sometimes wear questionable amounts of leather. They’re aging rebels, shaking their fists at society’s rules like, “No, I will have dessert for dinner, thank you very much!”


What Kind of Fabulous Oldie Are You?

So, there you have it: whether you're a Senior, a Seasoned Citizen, or a Seenager, each term brings its flavour of fabulous to the aging process. Seniors take life slow and steady; Seasoned Citizens throw wisdom around like confetti, and Seenagers party like it’s 1959 all over again (but with fewer sideburns and more disposable income).


No matter which camp you fall into, one thing’s sure: getting older is a journey full of choices. You can nap through it, sprinkle sage advice everywhere, or rock that Seenager spirit with a fresh pair of Prada sneakers. The choice, dear friend, is yours—don’t forget your reading glasses!


Don't Retire---Re-Wire!


Sue


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Many Canadians have joined the growing trend of “giving while living.” This trend is not only changing societal norms but is also spreading like wildfire. The current economic climate, with out-of-reach housing prices coupled with Boomers wanting to witness the impact of their financial gifts, makes for a perfect storm. This storm, valued at 1 trillion dollars, could rebalance the distribution of wealth for many fortunate beneficiaries. Let’s explore what is motivating the Baby Boom generation in Canada to leave a living inheritance to a younger generation: 1. Psychological Reasons: Many seniors want to help their children or grandchildren with significant expenses such as education or home purchases. This provides a gratifying sense of pride. The logic is that they (children or grandchildren) will eventually get their money, so why not give it to them now when they need it the most? 2. Economic Reasons: Some parents or grandparents feel compelled to step in and help financially as they see their adult children and grandkids struggling.  It may be to help fund education or to pay off debt such as a student loan.  The burden of debt often delays other decisions, such as having children, traveling, or saving for a down payment on a first home or a bigger home to accommodate a larger family. And the price of homes today is well beyond the means of the younger generation, even without student debt.  3. Personal Reasons: Older Canadians often find joy in seeing their financial contributions positively impact their loved ones during their lifetime. Sometimes, there are some less conspicuous motivators as well. Improving their children’s financial situation may entice them to have precious grandchildren, or providing financial assistance could allow the gift giver to have a say on how the money is spent—something they would have less control over if they were deceased. 4. Tax Savings: Distributing wealth while alive can reduce the size of an estate and minimize probate fees. And with the popularity of RESP's and TFSA's there are options to gift or contribute to these plans that may offer tax advantages. And some seniors aim to avoid conflicts by distributing assets directly, ensuring clarity and fairness. 5. Cultural Reasons: Traditional notions of inheritance and family values are evolving. Many Baby Boomers see their wealth as a tool to uplift and empower their families while they are alive and are able to counsel their families on preserving and spending the money wisely. This is an opportunity for seniors to create a legacy while alive. Sharing wealth can bring a sense of purpose, gratitude, and connection. For many, it’s an opportunity to strengthen family bonds and pass on values like generosity, financial literacy, and responsibility. Impact • A Wider Wealth Gap: This transfer of wealth could have a significant impact by increasing the income disparities between the haves and have-nots. According to figures from the Canadian Professional Accountants Association, at the end of 2022, the wealthiest families in Canada (the top 20 percent) accounted for two-thirds of the country’s net worth, while the bottom 40 percent accounted for just 2.6 percent. In this latest economic cycle of soaring inflation and growing credit card debt, the net worth of Canada’s least wealthy households is suffering. And while we’ve seen recent increases in capital gains taxes, more changes from the federal government will likely be required to bridge this wealth divide. • The Need for Honest Intergenerational Conversations. Let’s face it: having a transparent conversation with family members about death and money is awkward. But post-pandemic, we’re seeing more seniors looking closely at their financial and estate plans to see what they can do to pass on wealth to deserving and often younger family members. Getting to know the impact of one’s gifts has its practical advantages in addition to the karma generated. Whether it’s to help a family member buy their first home, pay down college debt or start a business, these gestures can be transformative for other family members and very satisfying for seniors. As the saying goes, "you can’t take it with you." • The Need for Trusted Advisors. For many of these younger beneficiaries lucky to receive this generational transfer, having a clear financial plan that extends to informed tax strategies will be vital. The entire community, from financial planners to accountants, lawyers and mortgage brokers, have a lot of work ahead of them, according to the research. A recent Ipsos Reid study suggests Canadians are primarily unprepared to manage their inherited money. The Ipsos poll (conducted on behalf of RBC Insurance) reveals that 61 percent of Canadians don’t feel knowledgeable about (or haven’t even heard of) the probate process or the process to establish the validity of a will, and 57 percent don’t know that specific insurance policies can mitigate estate tax burden. • Improved Financial Literary for All Ages. Conversations about money also need to extend to better discussions about how significant assets such as real estate holdings contribute to wealth. For instance, given a considerable proportion of many family estates are related to real estate and more seniors are looking to “Age in Place” at home, seniors and their adult children must understand various financial strategies, such as equity lending, that can give seniors the financial freedom to age in place while giving them the cashflow to help younger family members while reducing potential tax burdens. Getting to know the impact of one’s gifts has its practical advantages in addition to the karma generated. Whether it’s to help a family member buy their first home, pay down college debt or start a business, these gestures can be transformative for other family members and very satisfying for seniors. As the saying goes, "you can’t take it with you." The Bottom Line One thing is certain. This is an infrequent event, which, over the next few years, will benefit many. Much is on the line for families, the financial industry, and our government. We should expect to see more discussions on tax reform and addressing wealth disparities to ensure social stability and economic growth. And it will require the financial industry to adapt in a number of ways.  For instance, how should we account for these demographic shifts and potentially longer lifespans in our guidelines and how we work with clients? I also hope we see more open and honest discussions about family legacy and financial literacy/education, which play a significant role in preparing the next generation to handle inherited wealth responsibly. As I continue research for my upcoming book, I'm looking closer at demographic trends, gaps in financial literacy, to how our industry needs to work better with Seniors in a way that recognizes these emerging cultural and economic shifts. I'd like to know what you think.  Drop me a line in the comments, or reach out to me directly at our new website - www.retirewithequity.ca Don't Retire...Re-Wire! Sue

7 min

Does Donald Trump Like Seniors?

At 78, Donald J. Trump already has 13 years of experience as a senior citizen. During his previous presidency, he occasionally referenced his senior status, particularly when discussing issues affecting older Americans. For example, in the 2020 election campaign, he acknowledged his age and addressed fellow seniors directly in his messaging, sometimes referring to himself as part of the senior community. Looking at his record, Trump appears to have a complex relationship with seniors. While expressing support for essential programs such as Social Security and Medicare, he often weaves the needs of seniors into his rhetoric. Yet some of his policy decisions have created mixed feelings among older Americans and advocacy groups. While pledging to protect these programs, he’s considered budget-cut proposals to reduce the funding of both these programs. Plus, his administration attempted to repeal the Affordable Care Act. While even the smartest of experts have learned it’s difficult to predict what Donald Trump will do on key policy decisions, there are some clues as to how his move back into the Oval Office will impact Canada and, more specifically, seniors. This topic got me wondering. Does Trump (a senior himself), like seniors? Let’s look closer at this demographic. Everyone knows that older people are the most reliable voters. The stats are compelling. According to Elections Canada - 75% of Canadians aged 65-74 voted compared to 48% of those aged 18-24. - The statistics for our US neighbours are similar, with 70% of Americans aged 65+ voting and 50% of Americans aged 18-29 voting. Knowing this voting power of the senior demographic, did Trump pander to this voting cohort? Yes, he most certainly did. He knew that as people age, their concerns narrow to a smaller list of critical topics such as Financial Security, Health, and Safety.  During his 2024 presidential campaign, Donald Trump focused heavily on appealing to older voters, who historically make up a significant portion of the electorate and are more likely to vote. His campaign emphasized economic stability, protecting Social Security and Medicare, and national security—particularly relevant to older demographics. Let’s take a closer look at how the Trump administration could impact Canada's senior demographic in the following areas: Inflation Background: Inflation has a direct correlation to the cost of living. As the prices of goods and services rise over time, the purchasing power of money decreases – a challenge for many seniors. Critical expenses like housing, healthcare, food, and utilities could increase noticeably, putting pressure on limited retirement incomes and pensions. All this is stressful. 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Interest Rates Prediction: According to Beata Caranci, SVP & Chief Economist of TD Bank, the US is likely to raise interest rates to control growth. Canada is also expected to increase its rates, mainly to keep the Canadian dollar stable against the U.S. dollar. The Bank of Canada could be forced to rescind the projected planned interest rate reductions or at least reduce them. However, it's a delicate balancing act.  Our economy could suffer if we don’t mirror the US increases in interest rates. Impact: Increasing Canadian interest rates will impact seniors by increasing mortgage carrying costs. At the same time, older Canadians with investment savings could see increased returns on these savings. A rise in interest rates would also impact housing prices and foreign exchange rates. House Prices Background: Economic, demographic, and policy-related factors influence home prices in Canada. The new Trump administration will undoubtedly impact these factors. To understand this area, let's examine some significant variables affecting housing costs. 1. Supply and Demand When housing supply is limited, and demand is high, prices rise. Conversely, when supply exceeds demand, prices stagnate or fall. Should the new administration adopt more restrictive immigration policies in the US, Canada might see an increased influx of skilled workers and families seeking an alternative place to live. Housing demand will likely increase in major Canadian cities—Toronto, Vancouver, and Calgary- resulting in price increases. 2. Population Growth An increase in population or immigration boosts housing demand, particularly in urban centers, consequently increasing home prices. Canada welcomed 485,000 immigrants in 2024, many of whom settled in cities like Toronto and Vancouver. This influx has driven up demand for housing, contributing to price increases. The Canadian government has recently reduced the number of immigrants we allow into our country, dropping the number from 500,000 to 395,000 in 2025. Current immigration numbers plus any overflow from the US should keep demand buoyant and we could see home prices continue to rise. However, Canada needs more housing, especially in high-demand urban areas. In addition to immigration, slow construction timelines and zoning restrictions are contributing factors. Canada's ongoing housing shortage and the potential impacts of Donald Trump's election win in the U.S. could exert upward pressure on home prices, particularly in major cities like Toronto and Vancouver. These cities, already grappling with limited housing and high prices, will likely see further price increases due to increased demand.  Without robust policy interventions to increase the housing supply, Canada’s housing prices, particularly in major centers, will likely continue rising. And there will be winners and losers here. This is great news for seniors wishing to sell and exit the market by finding other living arrangements, such as renting, moving in with family, or entering retirement homes. It is even better news for seniors wishing to age in place as they will have more equity to fund their retirement. But it’s disappointing news for those wishing to downsize and stay in the same communities. They may be able to sell high, but they could also be forced to buy high. 3. Foreign Currency Trump's policies, such as tax cuts and protectionist trade measures, have historically strengthened the U.S. dollar. If similar policies are reintroduced, the U.S. dollar could become more robust due to increased investor confidence and perceived economic growth in the U.S. That’s bad for Canadians traveling or living in the U.S.  Trump's potential trade disputes, particularly with China, and his aggressive geopolitical stance could also create uncertainty in global markets. While this might temporarily strengthen the U.S. dollar as a haven, long-term concerns about trade wars and deficits could cause fluctuations, impacting the Canadian dollar's stability against the U.S. dollar. This volatility directly impacts Canadians, especially those with significant financial exposure to the U.S. dollar. A second Trump presidency will likely impact the exchange rate between Canadian and U.S. dollars, which is especially relevant for 85% of Canadian Snowbirds, who, according to Snowbird Advisor, spend winters in the United States. This number was estimated to be 900,000 in 2023. These seniors may face increased expenses for property taxes, utilities, and other daily living costs in the U.S. If exchange rate volatility persists, locking in more favourable rates or using specialized currency exchange services, US credit/debit cards with lower transaction fees, and using US dollar accounts might be wise - especially for more significant financial transactions. The Bottom Line One thing is certain. Trump's second term has the potential to impact many Canadian seniors if he implements the policies he discussed during his election campaign. While some could benefit financially from higher home equity and investment returns, many may need help with increased living costs, especially food and foreign exchange challenges, particularly Snowbirds and those on fixed incomes.  While we are all watching this situation unfold, one thing is sure.  It's difficult to predict if Trump’s second term will make Canadian or US seniors "great again."

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Summary: A recent study reveals that 40% of Canadians over 50 feel financially unprepared for retirement. Retire with Equity aims to address this issue by educating retirees on the importance of leveraging home equity. The initiative emphasizes transparency, financial literacy, and personalized guidance to help seniors make informed decisions and achieve financial security in retirement. According to a recent National Institute of Aging study, almost 40% of Canadians over ​50 feel they are not financially ​prepared for retirement.  As a seasoned citizen myself, I know we can do better.  That's why we've created Retire with Equity.  It's time to help Canadians get the knowledge they need to make more informed financial decisions. My observations from my time in the industry, enriched by the research I've done over the past few years, clearly reveal a growing retirement crisis in Canada. 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Many are choosing to work longer to delay spending savings. Some need to pay off debt to eliminate payments that will free up cash flow. Others do not have enough savings to retire. I saw the stress this caused watching my Mother “do without” in her retirement.  With the benefit of experience, I now know there was a better way for her to finance her golden years. The Retirement Problem in Canada is Dire Many 55+ Seniors Don’t Have the Funds They Need: Many need an adequate budget and financial plan. And many don’t fully realize that employer and government pensions will fall short of their cashflow needs. Home Equity Unlocks Opportunities, But It's Misunderstood: Many retirees don’t fully understand the short—and long-term impacts of their home equity financing decisions. They rely on biased, incomplete,  anecdotal information from friends and family. Seniors Need to Be Cautious: Homeowners are especially vulnerable targets for misinformation and fraud. However, this demographic does not have time to recover from a financial mistake. Making the wrong choices that affect how they finance retirement and protect themselves could leave seniors without enough money later when they need cash for costly expenses like health care. The Financial Industry Needs to Do More: There is a need for unbiased, transparent, and trusted sources of information on home equity options that are aligned with consumer interests. Gone are the days of cookie-cutter retirement plans and guaranteed pensions. Every Canadian needs to proactively craft their unique vision and path for retirement.  Banking on My Experience The Retire With Equity mission is dedicated to helping retirees find the right combination of financial strategies to achieve their goals. The Equity Advantage One of the standout features of Retire with Equity's approach is our focus on home equity as a key component of retirement planning. For many Canadians, their home is their most significant asset, and unlocking its potential can be a game-changer. Whether through downsizing, refinancing, or reverse mortgages, Retire with Equity will offer guidance on integrating this valuable resource into a retirement strategy. The Human Touch At Retire with Equity, we promise to offer straightforward advice with a personal touch. It's not just about the numbers – it’s also about the dreams you have for retirement.  We will bring patience, empathy, and respect to every conversation. And we won't forget our sense of humour, as retirement is supposed to be fun.  We're committed to making things easy to access and understand, no matter where you are in life.  Education is Everything Two of our core values are empowering education and epic transparency. Our online resources, webinars, and workshops will be tailored to demystify the world of finance for retirees and soon-to-be retirees, increasing their financial literacy. We will bring transparency to the vital information reserved for the small print, answering the questions retirees don't even know to ask. Whether you're a financial guru or just starting to think about your nest egg, we'll have something for you. A Senior-Friendly Approach Our approach will integrate technology with a user-friendly interface so that retirees can access their services without hassle. Gone are the worries of getting stuck in the weeds of complex interfaces or endless financial jargon. We bring "kitchen table" logic when explaining all financial details, no matter how complex the concept is. Stories that Inspire From coast to coast, Retire with Equity will share personal stories that help educate and motivate Canadians. We want to show you visible proof that it's always possible to rethink and revitalize retirement plans. Hearing from fellow Canadians who have successfully navigated the retirement waters offers hope for those still planning their way. Feelings of guilt and shame are common among retirees searching for retirement options. Learning about countless other retirees in similar situations often alleviates this guilt and shame.  Join the Revolution Retire with Equity is more than just a company—it’s a movement. Canadians across the country will join in and transform their retirement years into the best chapter of their lives. Empowered by new tools and expertise at their fingertips, they will not just survive but truly thrive in retirement. As an "Equity Advocate," I pledge to help Canadians navigate the complexities of retirement in ways that educate, inspire, and entertain.  I look forward to the conversation.  Please subscribe to our regular updates and follow us on social media.  Here's to the best years ahead! Don't Retire---Re-Wire! Sue

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