Cherry Financial Services
350 Third Avenue South S7K 1M5 Saskatoon, SK, Canada

In a survey of over 17,400 people covering 16 countries and territories, including 1,005 Canadians, the bank found that 50% of working-age Canadian women are worried that they will not be able to cover their medical or care expenses during retirement. Nearly the same percentage (44%) expressed concern over their ability to pay for basic necessities at that time; this is compared to only 37% of men with the same fear. Part of this fear stems from a lack of knowledge and prepar...ation. Fifty-one per cent of Canadian working-age women in the survey either did not know how much they’re saving for retirement, or have not started saving at all, in comparison to 46% of working-age women globally. And when it comes to how much of their pre-retirement income they should set aside for a financially comfortable retirement, 38% of Canadian female respondents did not know, compared to 23% of Canadian men. ... Forty-eight per cent of Canadian female respondents feared they wouldn’t have enough to pay for basic living needs if ill health forced them or their partner to retire early; only 40% of Canadian men felt the same. If their partner were to pass away, 42% of working-age women in Canada worried that they wouldn’t be able to cope financially, as opposed to just 30% of men. Focusing on respondents already in retirement, HSBC found that Canadian women were more likely than men to expect to rely on their spouse’s income or pension (42% vs. 30%) and financial support from their children (16% vs. 6%).

The number of consumers seeking debt relief jumped 5.1 per cent to 11,320 in November from a year earlier, the Ottawa-based Office of the Superintendent of Bankruptcy reported on Jan. 4. October and November combined saw 22,961 consumer insolvency filings, the most for those two months since at least 2011. It’s a worrying sign for an economy that has relied so heavily on consumer spending and the housing market to drive growth. The Bank of Canada has lifted its key lending ra...te five times since mid-2017. Policy makers, who meet this week to determine their next move, are closely monitoring the impact of higher borrowing costs on the economy. ... On a year-over-year basis, filings during the two months were up in every province except Prince Edward Island, which was unchanged, according to the OSB data. Alberta was the hardest hit, with insolvencies rising 16 per cent.

Generation X will be the wealthiest generation in 25 years. Generation X will supplant baby boomers as the wealthiest generation over the next 25 years as $68 trillion in wealth gets passed down to heirs and charities, a new report says. The report by Cerulli Associates provides greater detail on what has become known as the *great wealth transfer* the expected transfer of trillions in dollars of assets as wealth is passed from one generation to another.... Baby boomers are expected to be responsible for 70 percent, or $48 trillion, of the total wealth transfers, with nearly 93 percent of the assets being transferred at death and the rest donated to charity and gifted to heirs during benectors' lifetimes, the report said.

Do executors need insurance? The growth of online estate planning resources makes it easier for beneficiaries to inform themselves about their entitlements The executor’s job is complex. Given that executors could be held personally liable for their mistakes, should executors purchase insurance to protect themselves?... Things happen Executor’s insurance is a direct result of the increasing possibilities for executors to get themselves into trouble, says Jordan Atin, counsel at Hull & Hull in Toronto and adjunct professor at York University’s Osgoode Hall Law School. *There’s more estate litigation now than there was 20 years ago,* he explains. *Law has become more complex, and estates are increasingly complex. There are new tax issues; there are new legal matters that arise now. There is a whole list of things where executors can get sued for making mistakes.*

An article was posted to: https://www.investmentexecutive.com//cost-of-post-seconda/ < snip > Survey reveals parents aren’t accounting for all of the costs... The majority of Canadian parents with children aged 12 and under underestimate the total average cost of post-secondary education and may be inadequately saving as a result, according to a study commissioned by Mississauga, Ont.-based RESP provider Knowledge First Financial. The survey discovered that while two-thirds of parents with children aged 12 and under say they’ve anticipated the cost of post-secondary education, 73% are taken by surprise when presented with a calculated cost based on their child’s year of birth. Parents are underestimating post-secondary tuition fees by up to 27%, and even further up to 49% to 60% when tallying additional costs, such as residence. The report says that new parents with children born in 2018 can expect to pay $124,956 including residence for a four year degree when their kids head off to school in 2036.

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