Illustration by Sam Island
Oh, hello again. Very exciting news: The country’s business journalism association SABEW Canada has named Retiree Rich Finalist for Best Editorial Newsletter.
It’s been one year since I took over the newsletter, and I wanted to take a moment to thank everyone who sent ideas, shared their stories, or simply asked a friend to subscribe. We’re just getting started!
Now back to our regularly scheduled programming. I look forward to hearing from families about an issue that can quietly reshape even the most carefully laid financial plans. Let’s join in.
No one talks about retirement risks
There are many things that can throw off a financial plan, including inflation, market fluctuations, job loss, or a death in the family. But there’s a challenge in many households that people still don’t talk about openly: how cognitive decline changes the way families manage money.
A new survey from Raymond James found that 63 per cent of Canadians are concerned about how cognitive decline could affect their financial future. Yet when brain health comes into the conversation only 29 percent feel strongly connected with their family on inheritance and wealth planning.
By the year 2050, more than 1.7 million Canadians are expected to suffer from dementia, with an average of 685 individuals diagnosed every day. Alzheimer Society of Canada.
But we have to remember, cognitive decline is not always obvious. In many cases, people do not recognize the changes in themselves at all.
in 2024 Study Published in the Journal of Political Economy, researchers looked at more than 16,000 Americans between the ages of 50 and 80 and found that those who did not realize that their cognitive abilities were declining were more likely to make poor financial decisions and lose money because of it. Their wealth declined by an average of 8.2 percent over a two-year period.
The biggest losses were seen among wealthier households, especially in investments and savings, which were easier to access and move around. This is especially surprising considering that many of these people have spent decades successfully managing their finances. But even though their cognitive abilities changed, their confidence in making financial decisions often decreased.
I want to delve deeper into this topic, and to do so, I would love to hear from families who have dealt with this firsthand. Have you or a loved one experienced cognitive decline that has affected financial planning? If so, drop me a line at mraman@globeandmail.com.
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calculator
is your retirement savings goal Probably less than you think, According to Frederick Wettes, former chief actuary of Morneau Shepell.
Yes, but: The numbers change significantly depending on what your life looks like before retirement. Vetsey compared a variety of households, including couples with income levels ranging from $70,000 to $280,000, who are still paying mortgages and raising children without those costs.
Takeaway: Canadians who spend more in their working years may actually need less retirement income to maintain the same lifestyle later on.
are you looking for? financial facelift? Share your financial situation with The Globe and Mail and get free expert advice on whether your plan is on track. E-mail finfacelift@gmail.com.
retirement receipt
A car passes through Canmore, Alta., on the Trans-Canada Highway. Concerned about flight prices and fed up with tensions with the US, some Canadians are planning to hit the road for short domestic trips.Jeff McIntosh/The Canadian Press
What is happening: there are more canadians Rethinking big summer holidays And instead opting for short road trips and “microadventures” closer to home, writes The Globe’s Zarif Sinha.
Why is this happening: As Canadians adjust to higher costs and global uncertainty, travel habits are changing in real time. Rising fuel prices, more expensive flights and lingering uneasiness about traveling to the US are forcing many families to scale back their plans.
have your say
How is retirement going so far? Now what is good and what is bad about not working every day? What was surprising to you? The Globe wants to hear your stories about life in retirement golden age stories series. If you are interested in being interviewed and agree to have your full name used and to be photographed, e-mail: goldageglobe@gmail.com. Please include some details about how you saved and invested for retirement and what your life is like now.
best among the rest
📉 Canadians are filing for bankruptcy at the fastest rate in more than a decade. Bankruptcies increased by 8.5 percent in the first quarter of 2026 as rising housing costs, expensive groceries, car loans and job uncertainty pushed more and more families to the financial brink.
🏡 Don’t expect baby boomers to flood the housing market with affordable homessays Mike Moffat, founding director of the University of Ottawa’s Missing Middle Initiative. While Canadians aged 55 and older own about half of the country’s single and semi-detached homes, strong demand from young families means many of those homes may be inherited rather than sold.
🎟️ Ontario’s new ticket resale rules were designed to prevent scalpers from harassing fans. But some concert-goers say the price cap is now forcing them to resell tickets at a loss if they change plans or are unable to attend a concert.
💰 The “average” retirement account can be misleading. Canadians aged 55 to 64 have an average of $216,900 in RRSP savings, but the average balance is only $100,000 – a sign that a small portion of wealthy households are skewing the numbers heavily upward. Comparison is the thief of joy!
try this
🤖 Investors are turning to AI to gain an edge in the market. The Globe’s Andrew Galbraith recently reported on how people are using technology to analyze earnings calls and company releases for trading insights. But, and there’s always a but, planners say investors should be wary of AI analysis.