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









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Sue Pimento

Sue Pimento

Founder | CEO

Writer, author & presenter focused on financial literacy and retirement strategies. I advocate for the health, wealth & purpose for retirees

Public speaking & trainingFitness and WellnessBankingPension ReformInterest Rates
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At work, people come at you whether you like it or not. There are colleagues, customers, office birthdays, the Tuesday meeting that could have been an email and the office character who makes you question the entire hiring process. We grumble about the interruptions, yet they hand us connection, belonging, someone who notices when we don’t show up and a reason to put on real pants. Some of those friendships survive retirement. Plenty of others turn out to have been built around the coffee machine, and they quietly fade the day we hand in our security passes. Then retirement arrives and the whole social scaffolding comes down over a long weekend. The first few months feel glorious. No alarm, no commute, no Tuesday meeting. Just you, your coffee and the delicious freedom of doing absolutely nothing. After more than twenty-five years in banking, I had earned the right to sit quietly without somebody asking me for a sales forecast. Solitude like that is a treat, and the trouble starts when the treat becomes the whole menu. It happens so gradually we barely notice. We skip one invitation because we’re tired and stop hosting because it’s too much work. We promise to call an old friend next week, next week turns into next month, and before long our social calendar has all the excitement of a dentist’s waiting room. Being alone and being lonely are two different animals. Plenty of people who live by themselves have full, noisy lives, and plenty of married couples eat dinner in silence across the same table. Loneliness is the distance between the connection you have and the connection you want, and that distance has a way of widening while we’re busy telling everyone we’re fine. Your Heart Is Keeping Score The consequences go well past having no one to dissect the latest episode of Slow Horses with. Research has linked chronic loneliness and social isolation to higher rates of heart disease, depression, cognitive decline and early death. The U.S. Surgeon General’s 2023 advisory on loneliness found that poor social connection carries a 29 per cent higher risk of heart disease and a 32 per cent higher risk of stroke. Those are cholesterol-sized numbers, and I have yet to meet a doctor who writes a prescription for Thursday night euchre. We fuss over our blood pressure, bone density and protein intake. We count steps, lift weights, swallow supplements the size of a hockey puck and show up dutifully for every appointment. Friendship rarely makes the checklist. I teach three fitness classes a week, and I’ve learned the squats are only part of what people come for. Some of my regulars arrive early just to chat. They notice when someone is missing, swap recipes, celebrate birthdays and compare notes on everything from knee replacements to grandchildren. 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One Invitation, Two Lives You never really know how lonely someone else might be. The neighbour who waves cheerfully from her driveway may be struggling since her husband died. The friend who keeps saying no may be finding the stairs a little harder every month. The fellow from the gym might go home to a quiet house and not say another word to anyone until his next workout. Sometimes the person who turns you down needs a second invitation, one that makes yes easier. Sometimes we’re the ones waiting for somebody to ask. An invitation costs us one phone call and can make somebody’s whole week. I spent my working life helping people prepare for retirement financially. I’ve just published a whole book on it, Your Retirement Reset, and I’ll keep beating that drum. Even so, a healthy RRSP is cold comfort if your world has shrunk to the size of your living room. That’s why my philosophy has always been Hip, Fit & Financially Free. 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Retiring Solo: Table for One? featured image

10 min

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In my last article, I wrote about couples retiring together. The dishwasher. The thermostat. The 1,500 Tuesdays. If you are retiring solo, you may have read it with a certain amount of satisfaction, thinking, Thank God I don't have to deal with that. Sorry. This week is about you. There are, admittedly, some advantages to retiring solo. Nobody questions why you bought another pair of golf shoes. The thermostat stays exactly where you left it. If the dishwasher is loaded incorrectly, the list of suspects is short. You can eat dinner at 4:30 or 9:00, watch whatever you want on television, and go to bed with a book without anyone asking when you are going to turn out the light. But retiring solo has its own complications. While you may be living without a partner, you aren't retiring without relationships. In fact, those relationships may matter more than ever. Adult children, siblings, friends and neighbours begin to take on different roles in our lives. Work friendships fade. 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There is nobody to ask whether you fed the dog, what time you want to leave, whether you need anything from the grocery store, or what you feel like having for dinner. Nothing profound, just thousands of tiny conversations that made up a life. The older I get, the more I realize how much of life unfolds in those unremarkable moments. We photograph birthdays, weddings, anniversaries and vacations, but sometimes the person drinking coffee across from you on an ordinary Tuesday morning turns out to be the event. For anyone who finds themselves alone because somebody died, I think we need to be careful with our cheerful retirement advice. There is no timetable for rebuilding a life, and grief doesn't respond well to project plans, motivational sayings or well-meaning people telling you it's time to "get out there." Eventually, though, perhaps the question begins to change. "How do I live without this person?" can slowly become "What might my life become now?". That isn't replacing anyone. It's continuing, carrying them with you. Living Alone and Being Lonely Are Not the Same Thing You can live alone and have a wonderfully full life. You can also be married and profoundly lonely. A second toothbrush has never been a reliable measure of human connection. Still, retirement removes something many of us didn't realize work was providing: a surprising number of people. Think about an ordinary working day. Someone says good morning. Someone asks about your weekend. There is coffee, hallway chatter, gossip, meetings, lunch, and the person who drops by your office to tell you something that absolutely could have been an email. None of those interactions seemed particularly important at the time, but together they created the social fabric of the day. Then one Friday you retire, and come Monday morning, most of it is gone. Research supports what many retirees discover instinctively. Social isolation and loneliness are related but not the same. 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Learning to Occupy the World as One Then there are all the little firsts. The first restaurant. The first trip. Maybe, eventually, the first date. You walk into a restaurant and say, "Table for one." The host smiles brightly. "Right this way," and off you go, past the tables by the window, past the cozy booth, and around the corner to a tiny table directly outside the noisy kitchen door. Apparently, this is where they keep the single people. "Table for one" can be funny until you remember that, for some people, it used to be a table for two. But I wouldn't give up restaurants because of it. Sit at the bar. Bring a book. Become a regular somewhere. Ask another solo friend to join you sometimes, and other times don't. Take yourself somewhere nice because good food and a decent table aren't benefits reserved for couples. I especially wouldn't overlook the neighbourhood diner or watering hole. These places often become little communities. One of the women in my spinning class is in her 80s and started a euchre club that became so popular that she now has a waiting list. I love that story because she didn't wait for someone to invite her into a social life. She created one and then invited everybody else. Sometimes community isn't something you find. It's something you build. Travel requires a little nerve, too. There is something liberating about choosing where you go, when you get up, and whether visiting six museums in one afternoon sounds fascinating or like a human-rights violation. Then you discover the single supplement, the travel industry's charming way of saying, "Congratulations on your independence." That will be another $1,800. There may also be a moment when you see something beautiful and instinctively turn to share it with someone who isn't there. That's the part the travel brochures don't mention. But there may also come a morning when you realize you've travelled to somewhere you wanted to go, figured it out, and had a wonderful time. Both feelings can be true. And then, perhaps, there is dating. If you're my vintage, you may remember the old Canadian Togethers dating-service commercial: "Adult, alone, unattached? Tired of the bar scene?" I can practically hear it. Back then, joining a dating service seemed positively daring. Today, strangers can reject one another from the comfort of their sofas with a single swipe. Apparently, this is progress. Some people would rather have another colonoscopy. Others discover, happily, that companionship, romance and sex did not get the memo about retiring at 65. Enjoy it. Take your time. Keep your head along with your heart. Being 70 does not make everyone trustworthy. Age brings wisdom, just not universally. Make Yourself Expected Somewhere The more I think about solo retirement, the less I believe the goal is to ensure you're never alone. Solitude can be wonderful. There is pleasure in having your own space, your own routines, and no one asking why you're eating cereal for dinner. What matters is having somewhere you belong. Become a regular at the coffee shop where they know your order. Join the fitness class where someone notices when your bike is empty. Volunteer somewhere that counts on you. Make the lunch date. Know your neighbours. Join the euchre game, or, like my spinning participant, start one. Put things on the calendar, because Tuesday can quickly become Friday when nobody expects you anywhere. And don't just build a life full of people you can call when you need something. Build one where people call you. Be the person who remembers a birthday, walks someone's dog when they're sick, makes the lasagna, gives a ride, listens to the story, or notices when someone else hasn't shown up. There is enormous purpose in being needed. Connection isn't simply having a support system. It's participating in other people's lives and allowing them to participate in yours. The Public Health Agency of Canada identifies retirement, illness and the loss of a spouse as later-life transitions that can strain our sense of independence and connection, and encourages older adults to stay connected with family, friends, health professionals and community organizations (Public Health Agency of Canada, n.d.). That sounds very official. I would translate it more simply: keep showing up. And if your world starts to feel smaller, pay attention. If loneliness becomes persistent, tell someone. Call a friend. Talk to your doctor. Look for a community group. In Canada, 211 is a free and confidential service that connects people with government and community-based, non-clinical health and social services. In most of Canada, you can simply dial 2-1-1 (211 Canada, n.d.). Asking for company isn't imposing. You may find the other person was hoping someone would call, too. We spend a lot of retirement planning asking whether we have enough money. If you're retiring solo, perhaps there are two other questions worth asking just as seriously: Who are my people? And whose person am I? Maybe that's the real difference between retiring solo and retiring alone. One describes who lives in your house. The other describes how you live in the world. So build your community before you desperately need one. Be brave enough to walk into the restaurant, book the trip, take the class, call the friend, and occasionally admit you'd like some company. Create reasons to get dressed in the morning and places where someone notices your arrival. More importantly, create a life in which your absence would leave a small hole in someone else's day. And if the restaurant tries to seat you beside the kitchen, smile and ask for the table by the window. The couples get the dishwasher. Surely we can give the solos the good table. Don’t retire... ReWire! Sue My Book is Available for Order: I hope you will consider ordering a copy of Your Retirement Reset for yourself, a friend, or someone you love. Published by ECW Press and is available through Indigo or Amazon and McNally Robinson. If you like supporting Canadian booksellers, check with your local independent bookstore too. Most can order it.

Why the retirement plan that worked for your parents is failing millions of Canadians featured image

4 min

Why the retirement plan that worked for your parents is failing millions of Canadians

Last month, I found a jar of mustard at the back of my fridge with a best-before date of 2019. It looked and smelled fine. My wife watched me unscrew the lid like I was about to eat gas-station sushi, and I threw the mustard away. I wish Canadians gave their retirement plans the same hard look, because most of the advice we hand people over 55 carries a best-before date of 1990, the year my parents' retirement began. They met at the grocery chain where they both worked, and each left with a defined-benefit pension: a monthly cheque that arrived for the rest of their lives, regardless of what the stock market did. Their employer bore the investment risk. Their job was to show up at the retirement party and eat the cake. That plan stood on three legs: a workplace pension, CPP and Old Age Security, and a paid-off house you would eventually sell to trade down. In 1991, a 65-year-old Canadian man could expect to live about 16 more years and a woman about 20. A plan built for that stretch did its job. Look at those legs today. Only 37.7 per cent of paid workers in Canada belonged to a workplace pension plan of any kind in 2023, according to Statistics Canada, and coverage has been declining for two decades. For most people, the cheque that used to arrive like the newspaper has been replaced by a statement that reads like a horoscope. CPP and OAS were never meant to carry anyone alone. That leaves the house. A 2023 CPP Investments survey found that only 45 per cent of Canadians have a financial plan for retirement, yet about three in four Canadians aged 55 to 74 own their homes. For millions of families, the house was the plan: buy it, pay it off, and burn the mortgage papers in a roasting pan. The old playbook still has one instruction for that asset, unchanged since 1990: sell, move, and hope the condo is cheaper. Most like to stay in their neighbourhood. In Toronto, they usually can't afford to. The calendar changed, too. My parents' plan was built for that 15-to-20-year stretch. Today, Canadian financial planning standards give a 65-year-old couple an even chance of one living to 94, a retirement closer to 30 years. That is about 10 extra years of groceries, property tax and dental work, and nobody gave the plan a raise to cover them. Larry Fink, who runs BlackRock, put his finger on it in his 2024 letter to investors: we have worked hard to help people live longer and much less hard to help them afford those extra years. Those years arrived just as the guaranteed pension cheque was disappearing, a change Fink called "a shift from financial certainty to financial uncertainty." When the man in charge of the world's largest pile of other people's money says so, I'd put down the mustard. Our system does a fine job of helping people pile up money, then goes quiet the moment they need that pile to become a paycheque. We hand people a savings target, a risk questionnaire and an RRSP deadline. On their last day of work, we hand them a bouquet. How much do you withdraw? Which account first? What happens to your OAS when your RRIF minimum pushes you past the clawback threshold? Where does the house fit? The old plan shrugs. The strain shows. Statistics Canada reports that among Canadians aged 65 to 74 who worked in 2022, almost half did so out of necessity. After a late-life divorce, my mother returned to part-time work at a grocery store. She had done everything the old plan asked of her. The usual reply is that people just need to save more. Telling a 72-year-old to save more is like telling a marathoner at kilometre 40 to train harder. An up-to-date plan opens with the question that matters at 65: how will this money cover the bills for 30 years? Home equity goes on the balance sheet at the first meeting, pulled from the drawer marked "emergencies and inheritance." Ninety-one per cent of Canadians say they want to live independently in their own homes for as long as possible, so a good plan offers ways to do that beyond a For Sale sign. And the industry that spent 40 years teaching people to save owes them the same energy in how to spend it. I have a modest proposal for the banks. Every February, you run RRSP season, complete with sailboat commercials. Give us an RRIF season to match, with the same budget, and put a drawdown plan in front of every client who turns 65. And while you are at it, switch the word "savings" to "spending" or "paycheque" on our bank account. Take your retirement plan out of the back of the fridge and check the date on the lid. If it says 1990, you know where it goes. My wife will be happy to show you the garbage. This Opinion Article was published in the Business Section of the Saturday Star and online Toronto Star on October 17, 2026, 

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