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Seniors and Financial Planning


senior couple outdoors in park


A solid financial plan can help map your future. Many older adults either don’t have a plan in place or don’t know how to create one. Even if you are a late starter, or don’t earn a high income, a plan helps you get your financial affairs in order and have a clear picture of what to expect.

A financial plan explains where your finances are now, what you want in the future, and what you can do to make changes. You can map out your finances on your own or with professional help. Here are some tips for your financial planning.

  • Think about your financial situation now and how it might look in the future. Consider your:
    • living expenses
    • sources of income, including government and other benefits
    • assets - now and down the road
    • tax planning
    • insurance needs
    • investments

Did You Know?
There are many government benefits to help seniors and people with low income. The latest BC Seniors’ Guide has information about programs and benefits you may be entitled to receive.

  • A financial plan will answer these questions:
    • How much income do I need?
    • Do I have enough money to retire?
    • Should I continue working?
    • Should I sell property or other assets?
    • Do I have enough insurance coverage?
    • How much will I receive from government programs?
    • What will my post-retirement living expenses be?
    • How long will my savings last?

Did You Know?
Your bank or credit union has resources to help you start on your financial plan.

  • Browse the internet for free financial planning guides.
  • If your situation is complicated, consult a certified financial planner. Ask them:
  • If your plan involves legal documents, consult with a lawyer before you sign anything.
  • Keep all financial records in a safe and accessible place.
  • Be informed about financial planning. Go to or visit your local library.
  • Be prepared. If you don’t already have a financial plan, make one today.

Did You Know?
Be aware that financial planners have different ways of getting paid. Some earn commissions by selling products such as insurance or investment plans, while others are paid on an hourly basis by clients.

Last Updated: October 2, 2015