Have you planned for your “encore” life? You’ve likely seen these statistics: by 2030, as the last baby boomers turn 65, older adults are expected to reach 20% of the population, and by 2050, 19 million people will be in the 85+ age group. Although U.S. based, these statistics are proportionally the same for Canada, if not slightly older. Marketwatch takes a unique look at how “unretirement” has evolved. Picture your life in overlapping 25-year time spans: birth to 25; age 10 to 35; 20 to 45; and 30 to 55. Consider how much you grew and changed during each of those periods. Now imagine the life you will live between 65 and 90, assuming that much of that time you will be relatively healthy and productive.
Rethink your retirement. Enjoy the full article here
Women face unique issues when managing the transfer of wealth to their next generation. A recent Scorpio Partnership* study found only 22% of women have a full estate plan in place. In addition, the study examines the financial behaviours of women to include:
- 98% of women say they are joint or sole decision-makers for daily banking
- 84% of women have joint or full responsibility for family investments
- 92% of women are educating, or intend to start educating, the next generation on wealth and money topics
The reality of personal financial management lead by women is not new. However, the consequence of not being prepared for the implications of living longer coupled with not having an estate plan in place for a wealth transfer is concerning. Furthermore while millennial women are very active in their financial management and planning. Boomer women also play a critical role in the transfer of wealth and knowledge to the next generation. Survey respondents indicated they intend to start educating the next generation at an earlier age (generally two years earlier) than men across all areas of money management—day-to-day budgeting, investment strategy and wealth transfer.
*Source: Global research by RBC Wealth Management conducted in collaboration with Scorpio Partnership