Good afternoon! Retirement is getting redefined on every front this week — parents leaning on their adult kids to cover the bills, banks facing new pressure to protect what's in your account, and a growing number of Canadians deciding retirement isn't the finish line they once thought. Here's what each one means for your own plan.
On The Money Today:
Why more retirees still carry mortgage debt into their 60s and what it's costing their kids
The court ruling that could force your bank to warn you about fraud
Why some Canadians are chasing financial freedom, not early retirement
Let’s dive in.
RETIREMENT
If your parents lean on you to help with a mortgage, medical bill or care cost, you're not alone — more Canadian retirees are carrying debt later in life than ever before. Here's what's driving it, why it often falls on adult kids to fill the gap, and how to protect your own retirement savings while you help cover theirs
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NEWS
If your bank knew about a scam and said nothing, you may now have legal grounds to push back — a new BC court ruling gives fraud victims a real legal path for the first time. Here's what the ruling changes, and what it could mean for your money if you're ever targeted.
FEATURE
Financial Independence, Retire Early (FIRE) used to mean quitting work in your 30s and never looking back. Today it's less about escaping work altogether and more about having the option to downshift, switch careers, take a break or walk away entirely — without wrecking your finances in the process.
MONEY IQ
What percentage of Canadians nearing retirement have no workplace pension to fall back on, according to a recent industry study?
ALSO MAKING THE ROUNDS TODAY
REAL ESTATE: Nova Scotia's affordability edge is fading fast, what it means if you're thinking of relocating
MONEY IQ: HOW'D YOU DO?
Answer: C) 52% — More than half of Canadian workers don't have a workplace pension to fall back on, according to IG Wealth Management, leaving CPP and OAS as their main source of guaranteed retirement income. Without that extra cushion, a lot of retirees end up leaning more heavily on RRSPs, home equity or family support to cover the gap.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every reply.
