Seniors and their Finances in Alberta’s Economic Recovery by Lorrie

LadiesCorner SSeniors and their Finances in Alberta’s Economic Recovery By Lorrie Morales Be sure to have financial legalities in place by speaking with your lawyer..

e have seen the

Wdisruption in people’s lives and in our communities throughout the world over the course of this past year. The economic repercussions of COVID-19 are still being felt with loss of jobs, struggling and closed businesses, and ever-wavering financial markets. As we start to see some emerging hope from this economic downturn, past experience and history tell us that this will be a slow recovery that affects health and finances and a myriad of other concerns. The impacts from this downturn are just starting to emerge. Alberta seniors are definitely affected. When there is a problem, we look for solutions. Years ago, I remember a wise soul telling me that when there is a problem, develop a video game based on the elements of the problem and have gamers play to determine how to overcome and find a solution. If only it were that simple. According to the February, 2021 Alberta budget, eligibility for the senior income supplement program was to remain unchanged. What that basically means is that the annual non-deductible income threshold for a single senior was to remain at $21, 515, but they had not finalized any new threshold limit yet. The ASB (Alberta Senior Benefit) increased their funding and was budgeting $345 million for this coming year. So how does that affect seniors and what does that have to do with economic recovery that seems hopeful but is still saturated with doom and gloom?

Seniors, Canadian citizens or permanent residents, who are eligible for Senior’s Benefit need to be 65 years or older, have lived in Alberta for 3 months and meet the financial eligibility criteria set by the government. Generally, if you are a single senior with an income annually of $28,785 or less or a couple with a combined income annually of $46,745 or less, you may be eligible for the benefit. But you need to apply at www.alberta.ca/alberta-seniors-benefit.

On the provincial government website, there are two projects that are being supported: new affordable housing in Sherwood Park and area with more capacity and supports and the construction of a new continuing care centre in Fort McMurray that has started to improve the facility with medical equipment and supplies. As much as we want

to believe that the government has seniors’ best interests in mind, there are vast concerns regarding elderly cost of living, housing and needs.

Lobbying the government to express concerns to our MLAs, writing letters to agencies and sharing true stories on social media or with senior advocacy groups are ways we can have voices heard.

Cost of living has increased. If people were struggling before, they will be even more in the future years. Many adults, over 65, depend largely on government benefits, such as CPP (Canada Pension Plan) or OAS (Old Age Security) which is a major source of income for many seniors. Even though this covers approximately two thirds of expenses, many seniors need additional resources to make ends meet, but have fewer resources to rely on. Even financially secure seniors may have to use income from savings or other investments when confronted with financial strain so they don’t fall into economic insecurity.

What can we do to ensure that senior finances are not impacted by the changing markets?

First of all, we need to simplify our financial lives. I have three bank accounts—I really only need one. Selecting a few investments, whether that be a GIC or RRSP or streamlining assets, gives you some stability instead of working with fluctuating markets. If you are investing, talk with a financial advisor to understand where to invest your money wisely.

Secondly, be sure to have financial legalities in place by speaking with your lawyer. Have your power of attorney, signing authority, on your accounts with a trusted family member or friend and preauthorized people for contact.

Lastly, have someone trustworthy to monitor your accounts (fiduciary) for the simple reason that if you develop any difficulties understanding your finances, that person is there to clarify and assist you.

These are difficult times and with lower financial income, rising costs in housing, medication and cost of living, we have to think about budget, savings and financial security in the midst of economic collapses. Over the course of history, from the Boston Tea Party and the Great Depression of the 30’s, the OPEC crisis of the 70’s and present-day recession, we have and will see recovery. Lorrie Morales is a published author of the best selling book We Can Do This! Adult Children & Aging Parents: Planning for Success. She can be reached at

authorlorriemorales@gmail.com