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%.

--------------------------------------------------------------------------------------------------

• 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

You might also like...

Check out some other posts from Retire with Equity

5 min

Federal Budget 2025: What's In It for Seniors?

Let's be honest: the word "budget" probably makes you want to take a nap. Or pour a stiff drink. Maybe both. We spent decades pinching pennies, brown-bagging lunches, and watching every dollar so we could finally retire and stop thinking about money every waking minute. Now here I am, telling you to read about a government budget. I know. I'm sorry. But stick with me—I promise to make this as painless (and possibly entertaining) as possible. Why You Should Care About the 2025 Federal Budget (Even If You Really Don't Want To) Some of you hate talking about money. I get it. But here's the thing: information is power, and denial isn't just a river in Africa (give it a second to land)—it creates unnecessary ignorance and real missed opportunities to regain some control over your financial life. Plus, this budget affects your kids and grandkids too. So even if you're sitting pretty, the people you love might not be. The Economy Right Now: A Very Quick Explainer You've probably noticed everything costs more. A lot more. Welcome to inflation, courtesy of today's tariff-happy trade wars. (And if you want a deeper dive into how inflation affects more than just your wallet, check out my earlier piece: "Inflation: It's not just for prices anymore".) Here's the short version: When governments slap tariffs on imported goods (think: "You want to sell your stuff here? Pay up!"), companies pass those costs directly to you at the checkout. Your grocery bill goes up. Your heating costs rise. Even that new garden hose costs more because apparently, everything comes from somewhere else now. So when you're living on a fixed income—CPP, OAS, maybe some RRIF withdrawals—and prices keep climbing while your income stays flat, that's a problem. A big one. Enter: the federal budget. It's basically Ottawa's financial to-do list: where they'll spend money, what they'll cut, and (theoretically) how they plan to make your life easier. Or at least less expensive. What's Actually In This Federal Budget Thing (The Good Parts Only) I've waded through the charts, jargon, and multi-billion-dollar announcements so you don't have to. Here's what matters to you: 1. Your House: Now it's a Potential ATM Remember when turning your basement into a rental suite sounded expensive and complicated? Ottawa heard you. Secondary Suite Loan Program is expanded: Borrow up to $80,000 at 2% interest (15-year term) to build a basement apartment, garden suite, or in-law unit.  The refinancing rules are also relaxed: You can now refinance up to 90% of your home's post-renovation value to fund these projects. Translation: You can turn unused space into monthly rental income, house a caregiver, or create a spot for family—all while boosting your property value. It's like your house went to entrepreneurship school.  For more on Additional Dwelling Units (ADUs), check out this post. 2. Slightly Less Painful Tax Season Ottawa is cutting the base federal tax rate for modest-income earners and cancelling the consumer carbon price on heating fuels. Translation: If you're still working part-time or living on CPP + OAS + RRIF withdrawals, expect slightly lower deductions and cheaper heating bills starting this winter. We're talking maybe $30–$50 more per month—not a windfall, but enough to buy groceries without wincing at the checkout. 3. Health Care: Maybe, Possibly, Getting Better The budget includes more money for provinces to spend on health care and long-term care reform. The goal? Shorter wait times and expanded home-care programs. Translation: The government says they're helping seniors age at home with dignity. Whether that actually happens depends on your province not blowing the money on consultants and photo ops. Keep your eyes on provincial announcements for new or expanded home-care subsidies. 4. Your Savings: Slightly Less Likely to Evaporate Budget 2025 confirmed Canada has the lowest debt-to-GDP ratio in the G7. They're also cracking down on bank fraud and scams targeting seniors. Translation: Lower national debt helps keep interest rates and inflation under control, protecting the real value of your fixed income. And Ottawa is finally recognizing that scammers love targeting retirees. (If you haven't already, read my piece on The Rise in Grandparent Scams—it's eye-opening.) About time. Watch for my upcoming article on a recent senior scam making the rounds—and my assessment of how banks can do much more to protect seniors.  5. $60 Billion in "Savings" (Don't Panic) You'll hear politicians bragging about cutting $60 billion. Before you worry they're gutting CPP or OAS, relax. They're trimming their own bureaucracy—less middle management, more digital tools, fewer wasteful meetings about meetings. Translation: They're supposedly spending less on themselves so they can spend more on things that matter—like housing, health care, and infrastructure. Whether they actually pull this off remains to be seen, but at least they're talking about it. So What Does All This Actually Mean? Look, I won't pretend this budget is a game-changer. It's not. But it does offer a few smart moves if you're willing to act. And let's remember: this is Carney's first budget. Changing financial policy and spending priorities takes time—and some patience on our part. Rome wasn't built in a day, and neither is a functional federal budget that actually helps everyday Canadians. Review your home equity. Could an ADU loan help you age in place and generate income? Audit your expenses annually. Cutting $100/month in spending equals roughly $1,500 in pre-tax income. That's real money. Stay vigilant against scams. Government protection is nice, but it starts with you not clicking sketchy emails and text messages. Ask about tax credits. Low-income seniors may qualify for increased refundable credits under provincial top-ups this year. This isn't a flashy budget. There are no big checks in the mail. But it does signal a shift toward pragmatism: help Canadians stay housed, healthy, and financially secure while Ottawa tightens its own belt. For Canadians 55+, that means: Slightly lower everyday costs More options to create income from your home Continued investment in health and home care A more stable economy to protect your savings Progress? Maybe. One cautious, bureaucratic step at a time. Your Next Move Take 30 minutes this week to think through how these programs could fit into your life. Could an ADU loan make aging in place possible? Could refinancing free up cash flow? Small adjustments now = big peace of mind later. And that's what being hit, fit, and financially free is all about. And hey—you just read an entire article about a government budget. Voluntarily. That deserves recognition. Go ahead, brag about it. You've earned it. Now go enjoy your retirement. You've definitely earned that too. Sue Don’t Retire…Re-Wire!!!

7 min

Why Brokers Are Canada’s New Mortgage Rockstars

There’s a quiet revolution happening in Canadian mortgage lending—well, as “quiet” as anything can be when two-thirds of Canadians are shouting, “We’d rather deal with a broker than a bank!” According to the most recent Mortgage Professionals Canada (MPC) Consumer Survey, 67% of Canadians now say they’d rather work with a mortgage broker than a bank. Among those who already have? A whopping 81% would do it again. That’s not just a statistic. That’s a standing ovation. The Great Mortgage Broker Boom According to recent MPC data, broker market share reached 33% in 2024—a four-point increase in just two years. Nearly half of all borrowers now choose brokers. The message is clear: Canadians are tired of sales reps; they want advocates who speak human, not policy manual. And who can blame them? With 1.2 million mortgages renewing in 2025 and average payments increasing by $513 a month, people aren’t just rate-shopping anymore—they’re seeking guidance, reassurance, and maybe a bit of hope. Let’s face it: they want their cake and still be able to heat their home too. Why This Matters—Especially for Seniors I work with Canadians aged 55+ every day, and about three-quarters of them are homeowners. They’ve done everything right: worked hard, paid off debt, raised families, and built wealth through their homes. But now, many feel… trapped by them. Here’s the reality: Mortgage renewals are costing hundreds more monthly (some facing 15–20% jumps) Inflation is eating into fixed incomes; and downsizing, aging in place, or tapping into home equity all feel like high-stakes decisions. Almost 80% of Canadians over 55 say their savings and pensions aren’t enough. (Source: Home Equity Bank Ipsos Survey) According to this same survey, half of respondents believe home equity is crucial for retirement—yet 76% feel pressured to downsize even if they’d rather not trade their garden for a balcony (or their favourite hairdresser for whoever’s closest to the condo). What they don’t need: A one-size-fits-all sales pitch from someone who thinks “retirement” means early-bird specials and Sudoku marathons. What they do need: A mortgage broker who listens, educates, compares options, and helps them sleep at night—not just sign on the dotted line. The Missing Link: Transactional vs. Conversion Sales Traditional mortgages are what we call commodities, sold using a transactional method. In this approach, the need is obvious—the customer wants a mortgage—and the focus is on competing for the best price and terms. It’s fast, efficient, and, let’s be honest, a little impersonal. It’s the classic hammer-and-nail approach: every client looks like a nail, and the broker just keeps swinging rates and terms until something sticks. That may work for a first-time buyer chasing the cheapest five-year fix—but for seniors? It’s about as effective as putting a Band-Aid on a broken arm. The 55+ demographic doesn’t want a hammer. They want a conversation. They want to understand how to stretch their pension income, cover rising expenses, and prepare for life’s curveballs—like healthcare costs or home repairs—without feeling like they’re going backwards financially. That’s why this is not a transactional sale; it’s a conversion sale. A transactional sale happens when someone already wants what you’re selling—you’re just facilitating the purchase. A conversion sale, however, is when the client doesn’t yet believe they need or want what you’re offering. You’re not closing a deal; you’re changing a mindset. And that’s the secret sauce for brokers working with older Canadians. You’re not selling debt—you’re offering financial flexibility. You’re helping people reframe home equity from a “last resort” into a retirement resource. How Brokers Can Shift the Conversation Lead with empathy, not economics. Ask about life goals, not loan size. Do they want to age in place, help kids, or reduce financial stress? Start with why, then move to how. Rebrand the conversation. Words matter. “Mortgage” can feel like failure. Try “home-equity strategy” or “retirement cash-flow plan.” You’re not adding debt—you’re unlocking options. Talk cash flow, not contracts. Focus on income versus expenses, inflation resilience, and emergencies. Discuss how home equity can supplement pensions, create predictable, guaranteed income (like our parents had), and—most importantly—boost that all-important sleep score. Include the family. Adult children often play a major role. Involve them early—these are emotional, multi-generational conversations, not just financial ones. Educate, don’t sell. Show examples, calculators, and real-life case studies. Transparency earns trust—and trust is the true currency in a conversion sale. When brokers shift from “rate pitching” to “retirement planning,” they go from hammer-swingers to problem-solvers—and that’s where the real magic (and business growth) happens. What Mortgage Brokers Bring to the Table The broker market is projected to grow at a 5% CAGR through 2030, driven by consumers demanding personalization over cookie-cutter lending. And the reverse-mortgage space just got a serious glow-up. Home Trust Bank has just entered the market, announcing its new Equity Access Reverse Mortgage product at this week's Mortgage Professionals Conference in Ottawa. That brings the total to four active lenders in Canada’s reverse-mortgage space: HomeEquity Bank, Equitable Bank, Home Trust Bank, and Bloom Finance Company. More lenders mean more credibility—or, as I like to call it, street cred for seniors. The kind that lets retirees walk down the street (or the fairway) with a little swagger, knowing their financial toolkit has options. With more players in the mix comes more choice, sharper pricing, and—most importantly—a sense that reverse mortgage products have finally crossed over from “fringe” to financially fashionable.  Reverse mortgages are no longer the “we-don’t-talk-about-that” cousin at the financial family dinner—they’re sitting proudly at the adult table. The product is being normalized—treated as the legitimate, strategic retirement tool it has always been. So, brokers—be honest. Isn’t it time you caught up to the trend? Reverse mortgages have gone from taboo to totally credible. And if your clients still say, “We’re just not reverse-mortgage people,” that’s your cue to help them unpack that posture of financial marginalization. Because what they often mean is, “We don’t want to feel old, desperate, or dependent.” That’s not who they are—and that’s not what this product is. It’s not about retreating; it’s about reframing. Helping them see home equity as strength, not surrender. Because empowering clients to live comfortably, confidently, and cash-flow secure isn’t just good business—it’s the kind of advocacy that gives everyone involved a little swagger. Older Canadians Need Advocates—Not Just Advisors As a spokesperson for this group, I urge brokers to master Equity Literacy—the ability to explain complex tools like reverse mortgages and HELOCs in plain language. It’s about helping retirees access equity wisely, preserve benefits, and create peace of mind. Canadian reverse-mortgage debt reached $8.2 billion in mid-2024—an 18.3% year-over-year increase. (Source: Office of the Superintendent of Financial Institutions - OSFI). Canadians are catching on: their house can help them, not haunt them (could not resist the Halloween joke). Help seniors understand the range of uses for Reverse Mortgages like paying off high-interest debt, helping family through early inheritance or gifting, and supplementing retirement income to maintain independence. And here’s where brokers can really shine—by guiding family conversations about inheritance, housing, and aging in place. According to CMHC’s 2025 Mortgage Consumer Survey, 41% of first-time buyers used a gift or inheritance to cover mortgage costs.  That's up from 30% the year before. Those gifts averaged nearly $80,000. The Bank of Mom & Dad just got promoted to Wealth Management HQ. To the Canadian mortgage broker industry You’re not just in the mortgage business—you’re in the dignity business. You help Canadians stay in their homes, reduce stress, and live comfortably in retirement. With home sales slowing and fewer purchase deals, this is your moment. Building expertise in the 55+ market isn’t just good karma—it’s good business. How to start: educate your database about equity-release benefits and tax-free cash flow; host workshops on “Aging in Place with Equity”; partner with financial planners, lawyers, healthcare providers—and yes, Realtors—to build a holistic approach to retirement housing. Involve adult children in every conversation; they’re tomorrow’s clients. The data says Canadians need you more than ever. And I’ll say it louder: so do I. Let’s make retirement planning better, smarter, and more human—one conversation at a time. So here’s the truth: the 55+ crowd doesn’t need rescuing—they need respect. They’re not clinging to the past; they’re funding their future. They don’t want pity; they want power—and they’ve earned it. This generation built Canada’s equity base—literally—and now it’s time they get to use it wisely, proudly, and on their own terms. Whether that means a new roof, a family gift, or finally taking that long-postponed trip to Italy, it’s not about borrowing money—it’s about buying freedom. So, brokers, financial pros, and anyone guiding retirees—remember: your role isn’t to sell products. It’s to spark possibilities. To help older Canadians move from fear to freedom, from “we’re not those people” to “why didn’t we do this sooner?” Because the real revolution in retirement isn’t about rates or renewals. It’s about reclaiming confidence, creating financially viable futures, and knowing you’ve made a real difference—something your clients will remember long after the ink dries. Trust me, that’s far more gratifying than handing out a 4.99% five-year fixed. I want to know what you think.  Send me your feedback.  Want more insights like this? Subscribe to my free newsletter here, where I share practical strategies, real-world stories, and straight talk about navigating retirement with confidence—not confusion. Plus, all subscribers get exclusive early access to advance chapters from my upcoming book. For Canadians 55+: Get actionable advice on making your home equity work for you, understanding your options, and living retirement on your terms. For Mortgage Brokers and Financial Professionals: Learn how to become the trusted advisor your 55+ clients desperately need (and will refer to everyone they know). This isn't just another revenue stream—it's your opportunity to build lasting relationships in Canada's fastest-growing demographic. Sue Don’t Retire…Re-Wire!

6 min

Who Decided 50 Means Beige Pants?

Recently, I was invited to my friend Paul's 80th birthday party. To his credit, he did it up right. We all dressed in an '80s theme, danced to '80s music, and he even hired a Michael Jackson impersonator. It was a blast—and it got me thinking. Why do we treat milestone birthdays as such big moments? And what flashes in your head when you read "80th birthday"? A rocking dance floor—or a rocking chair? The Big Deal About Big Birthday Numbers Somewhere along the way, we decided that birthdays ending in zero were cosmic mile-markers. Turn 50? Buy beige pants. Turn 70? Slow down. Turn 80? Put away your passport. Really? Who wrote this memo—and why weren't we asked to edit it? Here's the truth: age is a marker, not a mandate. You don't "have to" start coasting at 50. You might actually be hitting your stride. At 70, maybe you're still climbing mountains (literal or metaphorical). At 80, maybe it's not about stopping travel but upgrading to business class—because you've earned the legroom. The Year Before: A Release Valve Melissa Kirsch recently pointed out something fascinating in her recent New York Times article, "Banner Year: The Year Before a Milestone (39, 59, 79) Often Carries More Anticipation and Anxiety Than the Milestone Itself.  You're approaching the summit," full of pent-up energy and maybe even dread. And then you get there—and it's oddly a relief. You've crested the hill. The anticipation is gone. You're not nearing 70 anymore—you are 70. Sometimes naming the number feels like releasing a pressure valve. The Psychology of Birthday Milestones Humans love structure. We love mental reset buttons—New Year's Day, Mondays, and yes, milestone birthdays. Psychologists refer to it as the "fresh start effect." It's why we so often decide to start new habits after birthdays or holidays. But here's where it gets tricky: we often judge our progress against societal norms we've internalized without question. Be married by 30. Have kids by 40—career set by 50. Start winding work down by 60. Head to the bleachers by 70—health issues by 80. You get the point. These invisible benchmarks can make milestone birthdays feel less like celebrations and more like report cards. Instead of asking "What awed me this decade?" we ask "Why haven't I achieved X by now?" UC Berkley, Psychologist Dacher Keltner, in his book titled Awe: The New Science of Everyday Wonder, reminds us that awe is a muscle we can develop through experiences such as music, nature, crowds, or small acts of gratitude. What if we countered our harsh self-judgments with awe instead? What if milestone birthdays became moments to marvel at what we've experienced rather than tally what we haven't accomplished? Instead of seeing milestones as end points, why not use them as launchpads? At 50, instead of coasting, maybe you finally train for that half-marathon—or half-marathon Netflix binge—both count. At 70, you don't have to slow down—you might adjust the pace. Hike the mountain, but pack the good snacks. At 80, don't stop travelling—travel better. Upgrade your flight, book the tour guide, or better yet, let your grandkids carry the luggage. Milestones are invitations, not limitations. The Self-Fulfilling Prophecy of Age What we whisper to ourselves about aging matters. A lot! Psychologist Robert Merton coined the now infamous term "self-fulfilling prophecy": hold an expectation, behave as though it's true, and—voilà—it becomes true. Becca Levy's Stereotype Embodiment Theory at Yale demonstrates how cultural age stereotypes become internalized, ultimately affecting our physical, cognitive, and psychological well-being. Decades of research confirm it: people who view aging positively live 7.5 years longer on average than those who don't. Your expectations are literally a health factor.  So when we tell ourselves "70 means slowing down," guess what? We often slow down. But if we say, "70 means redirecting my energy," the body and mind rise to meet it. Real-Life Icons Who Didn't Get the Memo Need proof? Could you just look around? Barbara Walters retired at 84 and lived to 93. Andy Rooney continued to share his witty commentaries on 60 Minutes until the age of 92. Grandma Moses began painting in her 70s and built an entire art career. Laura Ingalls Wilder published her first Little House book in her 60s. Benjamin Franklin produced much of his most famous work after the age of 50.  These aren't exceptions. They're reminders that energy, purpose, and influence aren't tied to the number of candles. Beyond Decades: Other Ways of Marking Time Why are we so obsessed with zero-ending birthdays? Some ancient Greek philosophers suggested dividing life into seven-year stages. Other traditions slice life into "seasons" or chapters. Victor Hugo famously quipped: "Forty is the old age of youth; fifty the youth of old age." I'd add: "Seventy is the mischievous middle age of wisdom, and eighty the encore tour." We may need to stop seeing decades as finish lines and start seeing them as chapters. The real story isn't the number—it's how you're writing the next page. Routines, Rituals, Traditions As I reflected on Paul's 80th birthday, I realized that birthdays are part of a bigger theme: how we structure our lives. We often use "routine," "ritual," and "tradition" interchangeably—but they aren't the same. Routines ground us—morning coffee, workouts, journaling. They stabilize our health and cater to every age group. These predictable patterns provide comfort, calmness, and a sense of direction. They're the scaffolding that holds our days together, especially during times of uncertainty or transition. And here's something beautiful: the best way to support someone older in your life is to make connection a routine. Tuesdays on the telephone with Toonie. Jeopardy on Wednesday with Gram. Sunday brunch with Dad. These aren't just nice gestures—they're anchors. They say "you matter" in the most reliable way possible: showing up, predictably, with love. Rituals connect us to meaning—lighting a candle, walking at dusk. They remind us of our values and create moments of intention in our lives. Rituals transform ordinary acts into sacred pauses. Traditions connect us to community—holiday dinners, family reunions. But some age as well as polyester leisure suits—time to remix them. Traditions connect us to community—holiday dinners, family reunions. But some age as well as polyester leisure suits—time to remix them. The key is to keep what serves us: comfort, connection, and a sense of continuity. However, we should abandon the "I should have accomplished X by now" narrative and replace it with one of celebration and gratitude. Ask not "Am I where society says I should be?" but rather "Am I building a life that feels meaningful to me?" One of my favourite traditions comes from Denmark: on birthdays, the Danish flag is placed at the celebrant's place setting. It's a small gesture, but it turns an ordinary meal into a moment of honour. Sometimes it's the little flags, not the giant balloons, that matter most. Practical Tips (With a Wink) Write Your Own Script: Stop asking, "What should I be doing at this age?" Ask instead, "What do I want to be doing?" Shrink the Feast, Keep the Fun: Big productions can be scaled down into smaller, more frequent micro-celebrations. Take a page from Frank Sinatra and do it "my way." Invest in Memories, Not More Stuff: Hot-air balloon ride VS another knick-knack. Say Yes First, Edit Later: Pickleball at 75? Say yes. Forget your shoes later. Celebrate in Advance: Start the party a month early. Stretch the milestone like an all-inclusive buffet.  Here's a thought: the older we get—whether it's 80, 90, or more—the more we should celebrate. Why restrict joy to just one day? Turn it into a birthday week. Or even better, a birthday month. We've earned it. A Toast to Us Milestone birthdays aren't warnings to slow down; they're reminders to cherish the present. They're reminders to double down. They're invitations to rewrite rituals, remix goals, and re-ignite purpose. If younger generations can say "live your best life," then let's steal that line and run with it (but don't break a hip). At every age, every stage, we can choose growth over decline, curiosity over fear, and why over why not. So the next time you're invited to an 80th birthday, picture the dance floor, not the rocking chair. Paul sure did. When I asked what's next, he smiled and said: "Finding ways to make it to 90!" Raise a glass and repeat after me: "If not now…when?" Because we're not over the hill—we're still building trails on it, with snacks. Sue Don't Retire... ReWire!

View all posts
Powered by