It is seldom planned or wished for, but it is a reality and something that requires discussion - the illness and/or death of a spouse or partner. As the so -called Baby Boomer generation ages, there is a marked increase in widowers suddenly left with financial situations that they do not fully understand. There are others that are forced to financially self-educate while providing quality of care for a partner that previously, and perhaps solely, took care of that role.
According to the Statistics Canada website, common-law relationships are more likely to fail. The General Social Survey issued by Statistics Canada in July 2002 illustrates that common-law unions are twice as likely to end in separation as marriages and these relationships are far more common today than they were over a decade ago.
The results of a recent poll reported by Fidelity Investments stated that 71% of retirees who worked with a financial advisor have the retirement they were hoping for. Of those retirees who did not use an advisor, only 53% have the retirement they had hoped for. Additionally, 52% of pre- retirees expect to continue working in retirement, and 48% of working retirees do so for financial reasons.