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09-25-2018, 07:58 PM
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Join Date: May 2007
Location: Calgary
Posts: 689
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Financial planning for low income seniors?
Any advice on where someone looks for a financial planner who can educate a family member in a low income bracket?
Struggling with trying to help someone sort out their financial affairs who recently retired and I don't have the slightest clue where to point them. Challenges are dealing with a small amount of RRSP's, very small pension, moving money into a TSFA, ect. Just curious if there are people that know of specific senior resources available to get them in touch with planners that are more vested in dealing with seniors and/or low income situations......
Feel free to PM
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09-26-2018, 11:45 AM
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Join Date: Dec 2008
Location: Near Edmonton
Posts: 15,043
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I went looking for a group just like that as I was interested in volunteering as a coach. I could not find any group or organization in Edmonton, St Albert or area that do this kind of work. To me there seems like it would be a huge benefit for low income seniors to learn how to maximze subsidies, minimize their tax, ensure they are properly signed up for Blue Cross and other programs.
Will be interested to see if anyone pipes up with a group that does this.
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09-26-2018, 02:40 PM
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Join Date: Mar 2011
Location: Central Alberta
Posts: 95
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www.moneymentors.ca
They may be what you are looking for.
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09-26-2018, 02:48 PM
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Banned
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Join Date: May 2007
Posts: 4,130
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09-26-2018, 03:26 PM
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Join Date: Dec 2008
Location: Near Edmonton
Posts: 15,043
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Quote:
Originally Posted by bobalong
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As Bob has shown there are lots of brochures etc, what would be nice is to find a group that specialises in helping seniors through ALL of the different programs, offerings, investment counselling, tax mitigation, estate planning, property tax deferral, school tax increase refunds, health dental and housing subsidies and charitable giving etc..
Trying to get a centralised knowledge base that can be effectively applied to each senior's unique circumstances and cover the full range of options.
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09-26-2018, 03:33 PM
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Join Date: May 2007
Location: Calgary
Posts: 3,343
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Kerby Centre Calgary. Help with all aspects of life for a senior.
Dodger
__________________
Freedom comes with responsibility and integrity. Not stupidity and self entitlement.
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09-26-2018, 07:14 PM
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Moderator
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Join Date: Aug 2012
Location: Strathmore
Posts: 5,620
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Kudos, Dean2 for stepping up to volunteer to help the senior's out. There is certainly a lot of rapid change for the retired crowd to handle.
__________________
If you're not a Liberal when you're young, you have no heart. If you're not a Conservative when you're old, you have no brain. Winston Churchill
You can, you should, & if you're brave enough to start, you will. Stephen King
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09-27-2018, 12:35 AM
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Join Date: May 2007
Location: Calgary
Posts: 689
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Thx for the links thus far fellas
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09-27-2018, 05:44 AM
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Join Date: Dec 2012
Location: At the end of the Thirsty Beaver Trail, Pinsky lake, Alberta.
Posts: 24,581
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Just don't direct them to someone who will reach into thier wallet....
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Be careful when you follow the masses, sometimes the "M" is silent... 
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09-27-2018, 07:03 AM
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Join Date: May 2007
Posts: 6,918
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Quote:
Originally Posted by 58thecat
Just don't direct them to someone who will reach into thier wallet....
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That's why there is so little professional advisor service directed toward this group, there is little money in it for them. They chase the folks who do have dollars.
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09-28-2018, 07:03 AM
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Join Date: Dec 2012
Location: At the end of the Thirsty Beaver Trail, Pinsky lake, Alberta.
Posts: 24,581
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Quote:
Originally Posted by Bushrat
That's why there is so little professional advisor service directed toward this group, there is little money in it for them. They chase the folks who do have dollars.
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Yup, sat down once with my ex brother in law who was a so called financial advisor, he said if your head is screwed on right saving is real easy, thank god he said the majority can't tie up shoes and chew gum so he sits, advises and reaches into their pockets.....a lot of pockets....does well for himself.....he also mentioned that after 30 plus years in the work force he was astonished how people never grew thier investments nor thier occupations to reflect retirement but put thier hand out for the government for thier share....that's a very bad investment.....waiting for something that might not be there... 
__________________
Be careful when you follow the masses, sometimes the "M" is silent...
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