Newly Arrived Women
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When they immigrate, women can face many challenges related to retirement. To provide proper support, it is essential for financial services professionals to understand their background and personal situation, and to explore the possibility of repatriating assets left in their country of origin. A 360-degree approach helps establish a solid financial plan.
More Support for Newly Arrived Women
When they immigrate, women can face many challenges related to retirement. The years they have not contributed to plans like the QPP or in RRSPs and TFSAs will impact their retirement income.
Similarly, to fully benefit from the Old Age Security (OAS) pension, they must have resided in Canada for several years, which is not always the case.
How can professionals provide proper support? It is essential to understand their history and personal situation and explore the possibility of repatriating assets left in their country of origin. A 360-degree approach, considering their marital status, insurance coverage, etc., helps establish a solid financial plan.
Specific Challenges
- For new arrivals in the country, it is common for financial assets to be concentrated in the purchase of a residence.
- Despite having university degrees and professional experience, the recognition of the skills of newcomers remains an obstacle, exacerbated by language barriers.
- Some women need to return to studies and work part-time in low-paying jobs during a transition period.
References
Interested in this topic? This summary is taken from a full article in CSF Mag+, in this edition (in French only, on page 27).
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MAIN FEATURE
Income inequality during active working years has been discussed for several years, but other lesser-known sources of imbalance have significant impacts in retirement. Whether it's the impact of lower contributions, the division of tasks and expenses within couples, or women's approach to risk in investments, these issues benefit from being discussed during client meetings. Professionals can play a crucial role in overcoming obstacles for women to achieve a financially satisfactory retirement.
