Planning for Retirement on a Low Income: A background paper on retirement financial planning for Canadians with very low incomes (2012)

The purpose of this paper is to educate people who help low-income adults plan for their financial future. It is aimed at financial planners; staff of banks and other institutions; financial writers and broadcasters; community agencies that run tax clinics for low-income people; organizations that design and provide training in financial literacy; and friends and family of low-income people.

Low-income people need savings and retirement strategies that won’t leave them worse off in their senior years, the author notes. Most financial advice fails to take into account the availability of Canada’s Guaranteed Income Supplement (GIS) for low-income seniors.

People eligible for the GIS need very different financial advice from what is normally heard in the media. Some forms of private savings reduce GIS entitlement, while others do not. Advising a low-income person to save within a Registered Retirement Savings Plan (RRSP), for example, can be very bad advice.

The author’s aim is to put GIS planning at the centre of the pre-retirement discussion for singles and couples with low incomes. He says that far too many low-income people have failed to get good advice about filing their taxes and applying for a program to which they are entitled, and the effect of this is to take millions of retirement dollars off the table for Canada’s most vulnerable seniors.

Get resource
Authors: 
Publishers: 
Added: 
2013-08-29
APA citation
John Stapleton. Planning for Retirement on a Low Income: A background paper on retirement financial planning for Canadians with very low incomes 2012. Web. 28 Sep. 2020 <http://en.copian.ca/library/learning/john_stapleton/planning/planning.pdf>
John Stapleton (2012). Planning for Retirement on a Low Income: A background paper on retirement financial planning for Canadians with very low incomes. Retrieved September 28, 2020, from http://en.copian.ca/library/learning/john_stapleton/planning/planning.pdf
© 2020 Copian Library