Skip to main content

Financial Advice for Retirees and Seniors

financial advice for retirees and seniors

Retirement is a big milestone in your life, and planning for it in advance is important. While you can save for retirement in many ways, if you are a retiree or a senior, you should be aware of the financial advice that can help you make the most of your retirement years.

In this article, we provide financial advice for retirees and seniors to help you make the most of your retirement funds. We discuss topics such as budgeting, managing debt, estate planning, and more.


Retirement is a time when many seniors find themselves with more free time, but also with less money. To ensure that your finances are managed correctly and that you have enough money to live comfortably and enjoy your retirement years, it is important to create a budget that works for you. A budget allows you to keep track of your income and expenses, as well as plan for any unexpected costs. By creating a budget, you can make sure that your money is being used wisely and that you are able to enjoy your retirement years without financial stress.

Generating Cash Flow

Generating cash flow is one of the most important aspects of retirement planning. Various strategies can be used to ensure you have enough money to cover your living expenses. Some of these ways include:

  • Make sure you receive full benefits from your workplace pension plan, CPP, and OAS
  • Draw from your RRSPs and/or TFSAs
  • Invest in income-generating investments, specifically dividend-paying stocks
  • Draw from your investment portfolio
  • Use your home equity
  • Return to the workforce

Managing Debt

As a retiree or senior, managing debt in retirement is critical to ensure that you have enough money available to cover your living expenses and other costs. With the right strategies, you can reduce or eliminate your debt while still being able to enjoy the retirement you have worked so hard for.

Estate Planning

Estate planning is an important part of planning for retirees and seniors, as it helps ensure that your finances are in order and that your assets are protected. Estate planning involves creating a plan for how your assets will be managed after death or incapacitation. It can also include setting up trusts, selecting guardians for minor children, and making sure that all debts are paid off. By taking the time to create an estate plan, you can make sure that your wishes are fulfilled after you pass away or become unable to manage your own affairs.

Managing Your Investments with Bloom Investment Counsel, Inc.

Established in 1985, Bloom Investment Counsel, Inc. is a Toronto-based independent, privately-owned boutique investment management firm with experience in managing more than $2.5B in assets over the years.

We provide actively managed, customized Canadian and U.S. dividend-paying portfolios for wealthy individuals, family offices, foundations, corporations, institutions, and trusts.

For over 25 years, we have specialized in one thing and strive to be the best at it—investing in income-producing investments, specifically dividend-paying stocks, which can help you generate income, if needed, and growth from investing in the stock market.

If you’re looking for an investment management firm to help you generate extra cash flow, let’s talk. Call us at +1-416-861-9941 or email us at

This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.

Leave a Reply

Your email address will not be published. Required fields are marked *