Meeting expenses is challenging for many Canadians aged 55 and older, finds a survey by the Chartered Professional Accountants of Canada.
While 50% of those 55 or older appear to be meeting their monthly expenses with ease, 25% are finding it difficult.
A majority of the respondents (60%) expect their savings and income to be sufficient to last the rest of their lives, but 30% of those surveyed aren’t as optimistic.
Advisor’s Suzanne Sharma writes about six ways to help clients who are nearing retirement and having trouble making ends meet.
“The client could set up a GIC or annuity ladder, which will help stretch income. A life-only annuity is another option if he wants maximum cash flow and isn’t as worried about protecting capital.”
Read her other suggestions here.