In a 2010 report to the Minister of Finance, it was found that approximately 160,000 Canadian seniors were not aware of the full range of benefits they were entitled to in their retirement years. In fact, nearly $1 billion in retirement benefits from the Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) have not been paid out to eligible recipients.

According to the Service Canada website, seniors may qualify for a number of income supplement programs that would help them make ends meet, including:

Bob and Lisa are wondering just how their retirement will turn out. After all that's happened over the past few of years, their RRSP accounts aren't what they used to be. Even in the best of times, the accounts weren't as large as they could have been, at least for all their post-retirement desires.

One of the top retirement goals for many is travel. As many as 1.5 million so called 'snowbirds' travel to the Southern United States during the winter. With summer just around the corner, thoughts turn to travel within our borders, too. The Canada Safety Council states that a few simple precautions can help ensure a safe, healthy and enjoyable trip any time of the year.

On May 25, 2009 Finance Canada announced some proposed changes to how Canada Pension Plan will work.

If approved, the changes will take effect over a period of time from
2011 to 2016, so they will affect anyone planning to retire after 2010.

Below is a brief summary of some of the most important changes:

Early retirement (before age 65) will result in a reduction in CPP benefits by 7.2% per year, which is up from the traditional 6%. This means that if you
begin to take your pension at age 60, your payments will be cut by 36%, not 30%.

Retirement funding is a complex machine, with several moving parts. For many Canadians employer pensions and government benefits will make up the core of their retirement income.

A recent RBC survey found 54% of Canadians expect their pension will be the largest source of income, but when asked what kind of pension they have, 19% do not know.

Personal savings, whether in the form of an RRSP or non-registered savings, help pad out the post-career lifestyle, but only 18% of Canadians said personal investments would be their largest single source of income.

Ralph and Louise have seen the TV commercials featuring Gordon Pape, the financial author, as the spokesman for Canadian Home Income Plan Corp. (CHIP) reverse mortgages. They were wondering if it would be a good way to go to help ease their current financial situation.

More than 65% of Canadians have made deposits to Registered Retirement Savings Plans (RRSPs). Many do so just for the tax savings, but here are some often overlooked tricks you should be aware of:

Roger and Linda are approaching their retirement. With continuing volatility in the markets, they are concerned about what effect a market downturn in the few years leading up to or just after retirement would have on their income. They also think that GIC investments would not protect their retirement income very well from inflation.