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Workshop offers seniors financial planning information

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By on January 1, 2021

Financial planning can be a daunting or overwhelming task at any age. On Nov. 27, the Diocese partnered with a Lutheran charitable foundation and the Canadian Foundation for Economic Education (CFEE) to offer a helpful online workshop “Managing Your Money in Canada: A Financial Literacy Workshop for Seniors.”

Kevin Maynard, VP and COO of CFEE, guided those who attended through a broad range of topics that offered many useful starting points and resources for people at different stages of life and financial planning. While the presentation included lots of facts and figures, such as the average amount the Canada Pension Plan provides retirees and a chart showing the differences in the amount paid by CPP depending on the age of the person when they begin to draw on it, Maynard made the discussion a personal and relatable one. He shared insights from his own experience losing a partner at a young age and helping his parents with financial planning and end-of-life issues. 

A quick survey showed that almost two-thirds of those who signed on to attend the workshop were 70 years old or older, but others were in their 50s and 60s. Another survey question revealed that participants’ concerns included worries about not having enough retirement income or outliving their savings, increasing expenses, and not having a legacy to leave to loved ones or valued groups such as churches.

The workshop included information on sources of retirement income, budgeting, planning for changing financial and health conditions, making wills, designating executors and power of attorney, and estate planning. Throughout, Maynard reminded participants to focus on what was important to them as individuals, looking for ways to match their goals and values to their spending and planning.

Steve Gobel, a certified financial planner with IG Wealth Management, was also available to answer more specific financial questions from participants.  Kathryn Smith, a giving advisor with the Lutheran foundation ELFEC and Jane Scanlon, director of communications and stewardship development with the Anglican Diocese of Ottawa, were also online to answer questions about planned giving and legacy gifts.

More workshops are planned for 2021. 

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