Experts share practical strategies to help Canadians age at home

The Empire Club hosts a panel in light of finding that 91 per cent of Canadians plan to remain in their homes for as long as possible

TORONTO, Oct. 18, 2021 /CNW/ - The COVID-19 pandemic has caused many Canadians to rethink where they want to age and, with that, the security of their financial futures. In response to this, the Empire Club of Canada has convened a panel of experts to support Canadians in preparing for the retirement they want.

The devastating consequences of the pandemic to long-term care homes and other aspects of life have resulted in an increasing number of Canadians wanting to age in place. Research from the National Institute on Ageing shows 91 per cent of Canadians now reporting they plan to remain in their homes for as long as possible, but they may be financially unprepared for a safe and comfortable retirement at home.

HomeEquity Bank, Canada's leading provider of home equity-based retirement solutions, is proudly sponsoring the online event moderated by journalist and author Peter Mansbridge. The panel of experts features Bonnie-Jeanne MacDonald, Director of Financial Security Research at the National Institute on Ageing, Dr. Samir K. Sinha, Director of Geriatrics at Sinai Health System and the University Health Network and Laura Tamblyn Watts, CEO at CanAge.

"The last 18 months have caused uncertainty for all of us, especially Canadians looking toward retirement. Homeowners 55 and above are anxious for financial solutions to stay in their homes," said Yvonne Ziomecki, Executive Vice President, at HomeEquity Bank. "It's absolutely critical this group understands there are options available that allow them to retire comfortably, securely and with dignity in the place they love."

There are steps Canadians can take today to better secure their retirement, including delaying the acceptance of CPP/QPP benefits, leveraging home equity assets and purchasing private long-term care (LTC) insurance. Lasting solutions, however, must include public policy reform in areas like the creation of a national public LTC insurance program, promoting financial literacy and retirement planning and encouraging employers to offer pensions.

"The Empire Club of Canada is proud to host and facilitate this important discussion around the affordability of aging at home. As Canada's go-to forum for conversations that matter, this issue is one that is of growing importance to Canadians," said Jody Larose, Executive Director Empire Club of Canada.

The event will take place online via live webcast on Monday, Oct. 18 at 12:00 p.m. For more information or to register,  click here https://events.empireclubofcanada.com/ageing-at-home/begin. 

About HomeEquity Bank

HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product. The company was founded more than 30 years ago as an annuity-based solution addressing the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. For more information, visit www.chip.ca.

About Empire Club of Canada

Established in 1903, the Empire Club of Canada is celebrating its 118^th Season. As Canada's go-to forum for conversations that matter, the Empire Club produces over 40 events annually featuring Canada's most respected and influential leaders across government, corporate and non-profit sectors.  

SOURCE HomeEquity Bank