The Canadian Life and Health Insurance Association has launched a new website to provide a checklist of resources for Canadians who are on the verge of retirement. The goal of the Retiring Soon? site is to provide a “one-stop-shop” about both the financial and non-financial aspects of retirement, when transitioning from the workplace into retirement.
Lack of resources
The launch comes at a time when there are more Canadians aged over 65 than under 14 and approximately 1,000 Canadians turn 65 every day. Statistics Canada reports that within a few years the number of people retiring every year will grow to 400,000 up from the current 250,000 Canadians retiring yearly.
The CLHIA says despite these figures, most retirement planning tools focus on long-term and not immediate planning. The association has identified that while there is a lot of information available for those retiring five to twenty years from retiring, there is a major lack of resources available for near-retirees, specifically those who are planning on retiring within 6-12 months.
“We believe that this is a one-of-a-kind resource targeted specifically to the 'nearly retired', one that gathers together all the key information that you should consider before leaving the workforce,” says Frank Swedlove, president of the CLHIA.
The Retiring Soon? site is accessible via computer, tablets and smartphones and gathers information that near-retirees need to think about and steps they need to take. CLHIA says this includes how to apply for government benefits such as CPP and QPP, converting workplace pensions and personal RRSPs into retirement income, how to organize family and financial documents, the role of financial advisors and links to provincial resources for seniors.