Featured Post from Retire with Equity

What's Your Retirement Plan B?

Why having a backup plan is essential for many seniors right now

Apr 11, 2025

10 min

Sue Pimento

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%.

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• 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









Connect with:
Sue Pimento

Sue Pimento

Founder | CEO

Focused on financial literacy and retirement strategies. Authoring new book on home equity strategies to help seniors find financial freedom

Pension ReformInterest RatesHome EquityMortgagesReverse Mortgages

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Disclaimer: This is an opinion piece. It reflects the author's perspective and should not be considered medical advice. Please consult with your physician or healthcare provider to discuss your individual health and vaccination needs. If you’re experiencing health issues, don’t rely on blogs (even snappy ones)—rely on a qualified medical professional. Fall is here. Kids are back in class, pumpkin spice is back in mugs, and—like clockwork—news headlines are back stirring fear and doubt. This season, RFK Jr. is making noise about vaccines, throwing science under the school bus, and leaving some older Canadians wondering: Who should I trust—politics or science? Spoiler: if you’re betting on politics to keep you healthy, you might as well ask your neighbour’s cat for medical advice. So, let’s get back to basics: what shots you really need, why the science is solid, why politics muddies the waters, and how you can be your own best health advocate. Oh, and because you know me—I’ll sprinkle in a few “if only” vaccines we all wish existed. Science vs. Politics: Who Wins? Science: Vaccines work. They reduce severe illness, save millions of lives, and prevent outbreaks of diseases we thought we’d left in history books. COVID-19 vaccines alone are credited with saving over 1.4 million lives in Europe since 2020. Vaccines aren’t some modern fad cooked up in a lab—they’ve been saving lives since 1796, when English doctor Edward Jenner made a discovery that led to the first smallpox vaccines, which at the time was one of the deadliest diseases on earth. Fast forward to today, and the results speak for themselves. Data from the CDC shows that vaccines have slashed major diseases in the U.S. and Canada to the point where polio and smallpox haven’t been seen in decades—down from tens of thousands of cases every year in the 20th century. Even measles, which has made a resurgence due to rising vaccine skepticism, is still nowhere near the half-million infections Americans used to see annually. Thanks to vaccines, measles, pertussis, mumps, and rubella are now more likely to show up in a history book—or on a pub trivia night—than in your family doctor’s office. Over a century of data shows that vaccines don’t just work—they’ve rewritten medical history. A landmark CDC study published in JAMA by researchers Sandra W. Roush (MT, MPH) and Trudy V. Murphy, MD, with Centers for Disease Control and Prevention, Atlanta, Georgia did a major study comparing disease rates before and after vaccines became widespread.  The results were jaw-dropping: Cases of diphtheria, mumps, pertussis, and tetanus dropped by more than 92%, and deaths by more than 99%. Endemic polio, measles, and rubella have been eliminated in the U.S and Canada. Smallpox is gone from the globe. Even newer vaccines introduced since 1980—like those for hepatitis A, hepatitis B, Hib, and chickenpox—cut cases and deaths by 80% or more. The evidence found by the CDC study was so overwhelming that the authors called vaccines “among the greatest achievements of biomedical science and public health” (Source: JAMA, 2007) The number of cases of most vaccine-preventable diseases is at an all-time low; hospitalizations and deaths have also shown striking decreases. Think about it. When was the last time someone at your dinner table worried about catching smallpox? Enter RFK Jr., stage left. He has wasted no time since his appointment as US Secretary of Health & Human Services to undermine confidence in the public health system.  His recent moves—firing the CDC director, cutting mRNA funding (even for cancer vaccines!), and gutting expert panels—are sowing doubt faster than a Toronto raccoon opening a green bin. Even Dr. Martin Makary, Commissioner of Food and Drugs for the U.S. Food and Drug Administration (FDA), recently chimed in with an opinion piece published last week in  The Wall Street Journal. His take? Vaccines should mostly be reserved for high-risk groups, healthy people don’t really need them, and maybe we should start running more placebo trials “just to be sure.” That sounds reasonable until you realize it’s the same playbook RFK Jr. uses: shrink access, shift the burden of proof endlessly, and treat vaccines like optional extras. When Politics Drowns Out Science, Seniors Pay the Highest Price When politics drowns out science, we pay the highest price. Because the truth is: our immune systems age just like our knees do—creaky and slower to respond. Vaccines aren’t optional; they’re essential. Demanding new placebo trials for vaccines we already know work is like asking a baker to prove yeast makes bread rise every single year. And framing vaccines as “only for the sick” ignores the basic truth: when coverage falls, outbreaks rise. Period. Vaccines for Canadian Adults & Seniors (Source: Health Canada) Vaccines aren’t just for kids—they’re part of healthy aging, too. Health Canada has issued clear guidelines on which shots adults and seniors should have on their radar, from flu and pneumonia to shingles and RSV. Think of it as a maintenance schedule for your immune system. That said, every person’s health history is unique, so always check with your doctor or healthcare provider before rolling up your sleeve. Flu shot (Seasonal Influenza Vaccine) – Protects against flu strains that mutate yearly (PHAC – Influenza Vaccine). Everyone should receive it annually; seniors may be eligible for a high-dose version. Pneumococcal (Pneu-C-20) – Shields you from pneumonia, bloodstream infections, and meningitis (PHAC – Pneumococcal Vaccine). One dose at 65+. Shingles (Recombinant Zoster Vaccine – RZV) – Stops the chickenpox virus (that never left your body) from staging a painful comeback tour (PHAC – Shingles Vaccine Guidance)—two doses, starting at age 50. Tdap (Tetanus, Diphtheria, Pertussis Vaccine) – Protects against lockjaw, a throat infection, and whooping cough (PHAC – Tdap Vaccine). One-time booster, then Tdap every 10 years. Polio (Inactivated Poliovirus Vaccine – IPV) – Keeps polio from making a comeback (PHAC – Polio Vaccine). Needed if you missed doses or travel to outbreak zones. RSV (Respiratory Syncytial Virus Vaccine) – Prevents serious lung infections in older adults (Health Canada – RSV Vaccine Information). Recommended for ages 75+ or in long-term care. MMR (Measles, Mumps, Rubella Vaccine) – Blocks childhood triple threats (PHAC – MMR Vaccine). One dose if born after 1970 and not immune. Varicella (Chickenpox Vaccine) – For those who have never had chickenpox (PHAC – Varicella Vaccine). Two doses under age 50; For those over 50, the shingles vaccine is recommended. The Vaccines We Wish Existed Because let’s face it: medicine has cured smallpox, but not small talk. RV – Rectitious Vision Correction: For correcting poor attitudes and selective hearing in spouses. FOMOVAX: Stops the green-eyed monster when your friends are on a Caribbean cruise and you’re at Costco. TechTonic: For when Zoom won’t unmute and your iPad keeps asking for your “Apple ID you made in 2009.” EarPeace: Selective hearing—blocks whining, amplifies compliments. WineNot: The Thanksgiving booster that helps you tolerate in-laws, politics talk, and Uncle Bob’s gravy complaints. MemoryMap: Protects against the “where did I put my glasses?” epidemic. Spoiler: they’re on your head. If only. Until then, we’ll have to stick with flu and shingles shots. Screening Schedule: The Other Half of the Health Checklist Keeping your health on track sometimes feels like managing a full-time maintenance schedule. After all, the human body has more moving parts than a Canadian Tire catalogue—so of course things need regular tune-ups. If vaccines are like scheduled oil changes for your immune system, screenings are more like the regular safety inspections—checking the brakes, the lights, and making sure nothing rattles when it shouldn’t. Our bodies have a knack for keeping secrets until it’s too late, which is why Health Canada and national guidelines recommend routine checks for cancer, heart health, bone strength, and more. Here’s the recommended Health Canada guidelines—your doctor may adjust based on your risk.: Cervical (Pap test): Every 3 years, ages 25–69 (CTFPHC – Cervical Cancer Guideline). Breast (Mammogram): Every 2–3 years, ages 50–74 (CTFPHC – Breast Cancer Screening). Colorectal (Colonoscopy or FIT test): Every 2 years (FIT) or 10 years (colonoscopy), ages 50–74 (CTFPHC – Colorectal Cancer Screening). Prostate (PSA test): Discuss with your doctor around age 50 (CTFPHC – Prostate Cancer Guideline). Lung Cancer Screening: For current/former heavy smokers, typically ages 55–74 (Canadian Partnership Against Cancer – Lung Cancer Screening). Bone Density (DXA scan): At 65+ or earlier if at risk (Osteoporosis Canada – BMD Testing). Blood Pressure & Cholesterol: Annual or as needed (Hypertension Canada Guidelines). Diabetes (A1C test): Every 3 years starting at 40 (Diabetes Canada – Clinical Guidelines). Your Fall Holistic Health Checklist Still with me?  Here's a checklist that I personally follow as a seasonal tune-up—part vaccines, part screenings, part lifestyle hacks. It’s not about chasing perfection; it’s about making sure you’ve got the energy to keep doing what you love (and maybe even outpace the grandkids). Whether you’re just easing into retirement, solidly in the groove, or rocking your seventies with style, these age-by-age tips will help you stay sharp, strong, and one step ahead of sneaky health surprises. Pre-Retirees (55–64) • Annual flu shot • Covid-19 shot • Start shingles series (50+) • Tdap booster if due • Immunization catch-up (MMR, polio, varicella) • Screenings: Pap, mammogram, colon, bloodwork • Exercise, hydrate, and learn to say no—yes, that’s preventive care too. Post-Retirees (65+) • Annual flu shot (high-dose if offered) • Covid-19 shot • Pneumococcal vaccine • RSV vaccine (75+ or communal living) • Shingles vaccine if not done • Screenings: colon, prostate, bone density, cholesterol, diabetes • Keep bones strong: vitamin D, weight training, and occasionally lifting grandkids count. Active Retirees (70+) • All of the above • Review meds and fall-prevention strategies • Stay social—book clubs, golf leagues, dance classes. Loneliness is a silent epidemic. • Advocate for friends, spouses, and grandkids—because being the family health quarterback matters. Your Best Shot: Be Your Own (and Your Community’s) Advocate Vaccines and screenings are only half the story—the other half is using your voice. Seniors have enormous influence, and when you speak up, policymakers listen. Here are a few ways to make sure your concerns don’t get lost in the shuffle: Start local. Write a short letter or email to your Member of Parliament, MPP, or Mayor. Personal stories are more powerful than statistics—tell them why vaccines, screenings, and health services matter to you and your community. Pick up the phone. Constituency offices actually log every call, so even a five-minute conversation with a staffer goes on record. Think of it as Yelp for public policy. Go public. A letter to the editor in your local paper or a well-placed comment at a town hall gets noticed by decision-makers. Be persistent (but polite). Politics moves slowly, but steady nudges add up. You don’t need to storm Parliament—just keep knocking on the door. You’ve spent a lifetime paying taxes, raising families, and building communities—you’ve earned the right to be heard. And let’s be real: nobody wants to mess with a senior who’s got a phone, an email list, and time to follow up. This fall, don’t let politics steal your peace of mind. Don’t let headlines plant seeds of doubt. Vaccines and screenings aren’t about fear—they’re about freedom: freedom to keep moving, keep laughing, keep living the “Hip, Fit & Financially Free” life you deserve. And until they invent the "WineNot" booster or the "MemoryMap" shot, your best defence is still the good old-fashioned flu, shingles, and pneumonia vaccines—plus the screening tests that catch sneaky stuff early. So roll up your sleeve. Book that screening. Be your own health advocate. And while you’re at it, sign your spouse up for the RV shot—because an attitude adjustment should absolutely be a household vaccine. Stay healthy. Don't Retire - Rewire! Sue Resources Want to dig deeper? Here are links to a few of my other health and wellness posts where I share practical tips, a little humour, and more ways to keep your retirement years strong, savvy, and stress-free. > The Retirement Games: From Sprint to Marathon, The New Retirement Reality > Life Hacks in Retirement: Strategies for Aging Well Also for each vaccine mentioned, here are some links to trusted sources of information.  Please consult with your physician or healthcare provider before commencing with any treatment. COVID-19 Public Health Agency of Canada (PHAC) - COVID-19: Spread, prevention and risks - https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/prevention-risks.html Flu Shot (Seasonal Influenza) Public Health Agency of Canada (PHAC) – Canadian Immunization Guide, Influenza Chapter: https://www.canada.ca/en/public-health/services/publications/healthy-living/canadian-immunization-guide-part-4-active-vaccines/page-10-influenza-vaccine.html Pneumococcal (Pneu-C-20) PHAC – Canadian Immunization Guide, Pneumococcal Chapter: https://www.canada.ca/en/public-health/services/publications/healthy-living/canadian-immunization-guide-part-4-active-vaccines/page-16-pneumococcal-vaccine.html Shingles (Recombinant Zoster Vaccine – RZV) PHAC – Shingles Vaccine Guidance: https://www.canada.ca/en/public-health/services/publications/vaccines-immunization/shingles-vaccine.html Tdap (Tetanus, Diphtheria, Pertussis) PHAC – Tdap Vaccine - https://www.canada.ca/en/public-health/services/publications/healthy-living/canadian-immunization-guide-part-4-active-vaccines/page-21-tetanus-diphtheria-pertussis-vaccine.html Polio (IPV) PHAC – Polio Vaccine Guidance - https://www.canada.ca/en/public-health/services/publications/healthy-living/canadian-immunization-guide-part-4-active-vaccines/polio-vaccine.html RSV (Respiratory Syncytial Virus) - Health Canada – RSV Vaccine Information - https://www.canada.ca/en/health-canada/services/drugs-health-products/vaccines/respiratory-syncytial-virus.html MMR & Varicella - PHAC – Measles, Mumps, Rubella, Varicella Chapters: https://www.canada.ca/en/public-health/services/publications/healthy-living/canadian-immunization-guide-part-4-active-vaccines.html

8 min

The Rise of Grandparent Scams

Before you scroll past thinking, “Oh, another scam alert,” please pause. This isn’t your average “don’t answer spam calls” notice. What follows is an examination of the growing sophistication of grandparent scams—complete with call centers, scripts, and even AI voice cloning. More importantly, it’s about how to protect yourself and, especially, the older members of your family. Read on—not just for awareness, but for fundamental tools to keep your loved ones safe. Even Elvis Isn't Safe From Scammers You know the world has gone topsy-turvy when even the King of Rock 'n' Roll isn't immune to fraud. I've written before about the recent attempt to scam Elvis Presley's Graceland estate, but a recent story about senior fraud really got my blood boiling. U.S. authorities in Boston just charged 13 people connected to what I can only describe as a "grandparent scam industrial complex" – a sophisticated operation that bilked over 400 elderly Americans out of more than $5 million. These weren't your run-of-the-mill phone scammers calling from their basement. Oh no. These criminals were running call centers with scripts, managers, and daily money-making leaderboards like they were selling insurance, not breaking hearts. The math alone should make you furious: $5 million divided by 400 victims equals about $12,500 per person. That's not pocket change – that's someone's emergency fund, their vacation savings, or money they've been carefully setting aside for healthcare costs. The Grandparent Scam: Emotional Manipulation 101 If you're not familiar with grandparent scams, buckle up. These predators have turned family love into their business model, and they're disgustingly good at it. Here's their playbook: Step 1: The Panic Call – "Grandma, it's me! I'm in jail and need bail money RIGHT NOW!" Step 2: The Identity Theft – Using social media details (yes, those cute Facebook posts about little Johnny's soccer game), they sound convincingly like your grandchild. Some are even using AI voice-cloning technology. Step 3: The Time Crunch – Everything's an emergency. No time to think, no time to verify. Just panic and send money. Real emergencies, by the way, allow time for a phone call to confirm details. Step 4: The Collection – Cash via courier, rideshare driver pickup, wire transfers, even Bitcoin. Anything except the legitimate ways actual legal systems collect bail money (spoiler alert: the good guys don't send Uber drivers to your house). The Boston Grandparent Fraud Case: Scamming at Scale The level of organization in this Boston case reads like a twisted business manual. These criminals weren't just winging it – they had: • Dedicated "Opener" staff who made initial contact with victims • Specialized "Closers" who pretended to be lawyers demanding payment • Management training programs for their scam employees • Daily performance systems (because nothing says "organized crime" quite like gamifying elderly financial abuse) A number of things bothered me about this case The fraudsters got over $5 million from 400 victims. The simple math shows that, on average, each victim would have lost $12,500 – that’s not “walking around” money. I suspect many would have had to tap into a variety of savings accounts or possibly borrow from others to source funds on short notice. This creates an extra degree of hardship for victims who are struggling to manage on a fixed income. The average age of the victims was 84. This breaks my heart. The oldest in this cohort are especially vulnerable. At this age, many seniors live alone or are more isolated, making them easier prey for these deceitful tactics. Many of them are still uninformed about how these scams operate. The scammers showed a very high level of sophistication. According to court documents from the U.S. Department of Justice, District of Massachusetts (2025), the scammers operated a sophisticated “call center” with technology at multiple sites, enabling them to place a massive number of calls to unsuspecting victims. • These scams would begin with an “Opener” employee, who would call victims and read a script (see below) pretending to be a grandson or granddaughter who was in an accident. • Then, a “Closer” would allegedly follow up with another call, pretending to be their grandchild’s attorney, asking for a sum of money to pay for their grandchild’s fees due to the accident. Each of these call center locations had managers overseeing staff who trained, supervised, and paid employees. The most sickening part? They kept detailed records of how much money they stole each day, treating vulnerable seniors like ATM machines with feelings. Here is an actual photo of their “Leaderboard” taken as evidence in the Boston case. When it came to handling cash, they also had a plan for that. Most often, they used unsuspecting rideshare drivers whom they ordered to do a package pickup at the victim’s house. And these heartless criminals often went back for seconds and thirds. Using lines designed to trigger seniors into emptying their bank accounts. They would say things like "Oh, there's been a mix-up," or "A pregnant woman's baby was lost in the crash" – any lie to squeeze more money from people who'd already been devastated once. Now, I’ve been in enough boardrooms to know that leaderboards usually track sales of widgets, mortgages, or, at worst, how many stale muffins are left in the breakroom. But imagine walking into work and your boss says, “Congratulations, you scammed the most grandmas today—you win Employee of the Month!” That’s not just evil, it’s the kind of thing that should earn you a permanent bunk bed in a tiny jail cell.  And using Uber drivers to pick up cash? Please. The only thing Uber should be picking up is takeout and slightly tipsy people at 11 p.m.—not Grandma’s retirement savings. Some of These Scams Are Coming From Inside Canada Here's where this story hits close to home. While we might imagine these scams operating from some far-off location, some of the biggest operations have been running right here in Canada. In March 2025, Montreal police arrested 23 people connected to a massive network that allegedly defrauded seniors across 40 U.S. states of $30 million over three years. The suspected ringleader, Montreal developer Gareth West, allegedly ran call centers from Quebec properties and laundered the proceeds into luxury real estate. West remains at large, proving that sometimes the worst criminals are hiding in plain sight in Canadian suburbs. The Canadian Reality Check According to the Canadian Anti-Fraud Centre, emergency or 'grandparent scams' have become one of the fastest-growing crimes targeting seniors in Canada, with reported losses rising from $2.4 million in 2021 to over $11.3 million in 2023. Here's where it gets even more interesting.  Those figures are just the losses for gradparent fraud that are reported – experts estimate the true losses are at least ten times higher since only 5-10% of fraud victims come forward.  Let that sink in: we could be looking at over $100 million in actual losses annually in Canada alone. Here’s the part that really stings: no one is exempt. Not me, not you, not even that friend who insists they “don’t answer unknown numbers.” (Sure, Jan. We all know you still pick up when it says “potential spam.”) This isn’t just about losing money—it’s about losing confidence. The shame, the self-doubt, and the “How could I fall for that?” spiral are often worse than the financial loss. I’ve seen strong, capable people withdraw after being scammed, too embarrassed to tell their own families. And honestly—I get the same chill when I read these stories: Would I have caught it in time? It’s a reminder that vigilance is like flossing—we all know we should do it daily, and yet… sometimes we forget until it hurts. Supporting an Elder Who’s Been Scammed Here’s where we need to step up as families and communities Practical Support: • Help them file a report with the police and the Canadian Anti-Fraud Centre. • Contact their bank to determine if the funds can be recovered. • Lock down social media and adjust privacy settings so future scammers have less ammunition. Emotional Support: • Listen without judgment. Don’t say, “I would never have fallen for that.” (Trust me—you might.) or “you know better, Granddad”. • Normalize the experience: this can happen to anyone. If AI can clone voices and manipulate emotions, it’s not about intelligence—it’s about being human. • Follow up regularly. Shame makes people pull back, so check in to ensure they’re not withdrawing or losing confidence. Your Family’s Fraud Fighting Toolkit Look, I've spent over 30 years in the financial industry, and I can tell you that preventing fraud is always easier than recovering from it. Here's your family's defence strategy: The P-A-U-S-E Method Pause – Don't act immediately, no matter how urgent the request sounds. Ask questions only family members would immediately know ("What's Mom's maiden name?") Use known phone numbers to call your grandchild directly and verify information Set up systems to protect family members (like a secret family password) Explain to others – share this information widely with all family members Know the Red Flags • Demands for immediate action (real emergencies allow verification time) • Requests for secrecy ("Don't tell Mom and Dad!") • Payment via courier, rideshare, wire transfer, or cryptocurrency • Emotional manipulation ("I'm so scared, Grandma!") • Any request for cash payment to resolve legal issues Family Password System Set up a secret word or phrase that only your family knows. Make it something memorable but not guessable from social media. "Fluffy" (your childhood dog) is better than a pet name you posted on a recent social media post. What to Do If You're Targeted Stop. Don't. Send. Money. Instead: • Hang up immediately • Call your local police to file a report • Report to the Canadian Anti-Fraud Centre: 1-888-495-8501 or visit antifraudcentre-centreantifraude.ca • If you've already sent money, contact your bank immediately • Tell other family members what happened – you're not the only target These criminals exploit the most powerful human emotions: love, fear, and the desire to protect our families. They've turned grandparents' natural instinct to help their grandchildren into a multi-million-dollar crime operation. But here's what they're banking on (pun intended): that we'll be too embarrassed to talk about it, too confused to verify it, and too panicked to think clearly.  Don't give them that satisfaction. Remember, the average age of victims in the Boston case was 84. These aren't people who have time to recover from financial mistakes. Every dollar stolen from a senior is a dollar that won't be there for healthcare, housing, or basic dignity in their final years. We Can Fight Back Knowledge is power, and conversation offers protection. The more we discuss these scams openly – around dinner tables, in community centres, at family gatherings – the more we hinder these criminals from succeeding. Share this post with the seniors in your life. Not because they're naive, but because they're caring. And because caring people deserve to know how heartless criminals are trying to exploit their love. What is your family doing to protect against fraud? What are your strategies and ideas for keeping our loved ones safe? I’m also particularly interested in what financial institutions and various government agencies are doing these days to combat fraud and protect this vulnerable group. As I research this topic more, I’d love to hear from you. Remember: Real grandchildren in genuine emergencies can wait five minutes for you to confirm who you're talking to. Scammers can't. Helpful Resources: • Canadian Anti-Fraud Centre: 1-888-495-8501 • Report online: antifraudcentre-centreantifraude.ca • For more retirement security tips, visit retirewithequity.ca Stay safe. Don't Retire - Rewire!  Sue

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