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Make the Old Age Security Pension work for you

072115_old_age_pension_37478429In 2012, the federal budget included an important change: the eligibility date for the Old Age Security Pension (OAS) increased from age 65 to 67. However, your eligibility date is not affected if you were born before April 1958 – and there are other details everyone should know.

Some retirees see the OAS as a Golden Age perk. For others, it’s a vital addition to their retirement income, so from the Investors Group, here’s how to ensure it will deliver what you need:

• OAS is one of the resources on which to build your retirement income. It is available to most Canadians aged 65 or older, whether or not you have worked.

• You must apply to receive OAS. You’re eligible if you are 65 or over and have lived in Canada for at least 10 years after turning 18. You can apply six months before you turn 65, using an application kit available at Service Canada.

• Once approved, you’ll receive your OAS pension payment during the month after your 65th birthday, the month after you meet the requirements, or during a month of your own choosing (whichever is latest).

• You are eligible to receive a full OAS pension if you have been a legal resident in Canada for at least 40 years after age 18. If your Canadian residency is less than 40 years, you may be approved for a partial pension.

• The maximum monthly OAS benefit is reviewed each quarter against the Consumer Price Index and adjusted as necessary to keep up with cost of living increases.

• An OAS pension is taxable income. Each tax year, you’ll receive a T4-OAS information slip to complete your income tax return.

• Beware the OAS clawback. It kicks in when your yearly net income hits a certain threshold (adjusted annually).

Financial advisors remind us that OAS is an important source of retirement income – but it is only one component of your overall retirement and financial plan. Additional information on this topic is available online at www.investorsgroup.com – and to make the most of your retirement income for all the years you will need it, talk to your financial advisor for professional assistance.

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Editor Note: This column, written and published by Investors Group Financial Services Inc. (in Québec – a Financial Services Firm), and Investors Group Securities Inc. (in Québec, a firm in Financial Planning) presents general information only and is not a solicitation to buy or sell any investments.

Are you saving enough for retirement?

84043_optMost Canadians do not know how much money they’ll need to save to maintain their desired standard of living in retirement. Fortunately, there are resources online that will help you work that out and make concrete plans to achieve it.

How much money you will need depends on several factors, including when you plan to retire, your goals for your retirement years, your spending before and after retirement, debt and inflation.

A man aged 65 today can expect to live to 84, and a woman to 87. It’s important to take this time span into account when making retirement plans.

Most people will spend less when retired than when working. Whether you still have debt, downsize your home, move to another community, travel or save for your grandchildren’s education are just a few of the factors that affect spending levels after retirement.

Traveling or living in another country after retirement can affect spending, as well as taxation and your health and pension benefits.

Health emergencies and other unexpected events can also have major impacts. While many of us find it difficult to think about the idea that we may need long-term care when we get older, it’s essential to plan for that possibility because it can be very costly.

You also need to estimate your income in retirement. Most Canadians will receive income from a variety of pension plans. These include government pensions, employer pensions and Registered Retirement Savings Plans (RRSPs). Personal savings and investments are also important parts of retirement plans. In addition, many Canadians choose to work and earn income after retiring. This can affect pensions, other benefits and taxes.

A good place to start assessing what you’ll need is on the website of the Financial Consumer Agency of Canada: itpaystoknow.gc.ca. See the header: Planning Your Retirement.

The Living in Retirement section guides readers through: budgeting; benefits and discounts available to retired people; options for travel, work and housing; protecting against financial abuse and fraud; loss of independence; and other aspects of retirement.

Once you have figured out your goals, plans and contingencies, you can use the Financial Goal Calculator to work out how much money you’ll need to save or invest.

Other resources are available on the Canadian Financial Literacy Database where you can search for Retirement and Pensions.

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Don’t let Psoriasis have a negative impact on your life

psoriasis_19396973Brooks Harvey knows first-hand the impact psoriasis has on the lives of the 1 million Canadians with the skin disorder that causes disfiguring red, scaly and itchy rashes.

“I was only eight years old. On top of all the challenges a young child faces growing up, I was also saddled with this incurable condition”, he says. “I struggled for many years with my confidence and disengaging from society to hide my psoriasis.”

Brooks says he is not hiding any longer. Now president of the Canadian Association of Psoriasis Patients (CAPP), a resource group for Canadians with psoriasis he says he finds strength in speaking about psoriasis.

Unfortunately, he is not alone in having experienced this negative impact on his life from psoriasis, a non-contagious inflammatory skin disorder related to a problem with the immune system.

In a recently published major international survey of more than 3,400 people with psoriasis,2 including Canadians, 22 per cent of patients reported that the disease significantly impacted their daily life.3 In fact, some cases can see sufferers troubled by more serious complications including infection, pneumonia and congestive heart failure. Up to 30 per cent of patients will develop psoriatic arthritis, combining skin rashes with joint pain and swelling similar to rheumatoid arthritis.

The survey, however, reveals a troubling reality: almost half (47 per cent) of people with psoriasis hadn’t seen a healthcare provider for their condition in the previous 12 months. This concerns dermatologist, Dr. Kim Papp.

“It is important to regularly check in with your dermatologist to ensure you are managing your psoriasis as well as possible. New treatment options may help in reducing symptoms and progression of the disease.

It’s helping other psoriasis patients that inspires Brooks Harvey and the association to continue their work. CAPP exists for a single reason, to help psoriasis patients live a better life. This is what we’re all about,” he says.

More information is available from your doctor or at www.canadianpsoriasis.ca.

Sources:

1 National Psoriasis Foundation. “About Psoriasis: Statistics.” National Psoriasis Foundation. Accessed January 22, 2013. http://www.psoriasis.org/learn_statistics.

2 Lebwohl M, Bachelez H, Barker J, et al. “Patient perspectives in the management of psoriasis: Results from the population-based Multinational Assessment of Psoriasis and Psoriatic Arthritis Survey. Journal of the American Academy of Dermatology. 2014.

3 Lebwohl M, Bachelez H, Barker J, et al. “Patient perspectives in the management of psoriasis: Results from the population-based Multinational Assessment of Psoriasis and Psoriatic Arthritis Survey. Journal of the American Academy of Dermatology. 2014.

www.newscanada.com

6 top tips to help older folks sleep better

84022_optIf you don’t sleep like a baby any more, you’re not alone. As we age, our brains change, which affects how we sleep. While many changes are normal, scientists think that helping older people sleep better may one day help rejuvenate brain functions like concentration and memory.

“Sleep patterns change as we get older,” explains Dr. Julie Carrier, a scientist with the Centre for Advanced Research in Sleep Medicine in Montreal. Many older adults go to bed and wake-up earlier, take more naps and sleep less at night. They also tend to wake up more often and sleep more lightly.

“We’ve all seen how a baby can sleep right through a Christmas party,” she says. “By the time we reach the age of 50, it’s just not possible.”

As we sleep, our brains get a chance to recharge. But gradually, our brains lose that capacity, which can affect our ability to learn and remember. Dr. Carrier and her colleagues are looking at ways to stimulate the brain to give older adults back the qualities of sleep they’ve lost.

“Some people think of it as searching for the Fountain of Youth,” she says, laughing. Her research is still in its early stages. In the meantime, if you’re tired of counting sheep, try these six tips for a better sleep:

1. Cut back on smoking, as well as coffee and alcohol.

2. Stay active and eat well, but don’t eat too much or exercise near bedtime.

3. Make sure your bedroom is quiet and dark with a comfortable temperature.

4. Go to bed at the same time every night.

5. Try to avoid stress at bedtime.

6. Don’t panic. Many changing sleep patterns are normal. But if you’re not sleeping well, talk to your doctor. Your insomnia might be caused by a medical condition.

The Centre for Advanced Research in Sleep Medicine, located within the University of Montreal, has several labs where researchers use advanced technology to explore different aspects of sleep. These include how chronic pain affects our sleep, why we sleepwalk, how sleep patterns change after a brain injury and the sensitivity of our brains to light.

Dr. Carrier’s research is funded in part by the Canadian Institutes of Health Research. You can keep up-to-date on her work at www.ceams-carsm.ca.

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Make your dental hygienist a partner in disease prevention

84147_optResearch shows that unchecked plaque on the teeth can lead to periodontal disease – and that is a risk factor for serious illnesses, such as diabetes, lung and heart diseases, and stroke.

The dental hygienist is highly skilled to examine your mouth, head, and neck. He or she will recommend preventive treatments such as dental sealants or fluoride, and will also give you referrals to a specialist when warranted. A dental hygienist can also custom-fit you with a mouthguard if you’re involved in sports where orofacial injury is a risk.

A good pro-active plan for daily oral hygiene is based on six simple steps:

1. Brush your teeth twice a day with fluoride toothpaste.

2. Floss daily.

3. Rinse with an antiseptic mouthwash once a day.

4. Eat healthy foods and avoid sugary treats.

5. Eliminate tobacco use.

6. Schedule regular dental visits.

Dental hygienists remind us to tap into their expertise as our ‘partners in disease prevention’. They work in dental offices, clinics, hospitals, homes, and in the community to ensure good oral health throughout our entire lifespans. This is the cornerstone, they say, of overall physical, social, and mental well-being. If it’s time for you to do more for yourself in this regard, additional information is available online at www.dentalhygienecanada.ca.

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Could dementia be preventable?

84020_optThose at risk of having a stroke may also want to pay attention to their risks for dementia. This is concerning news, but it may also lead to new approaches for preventing Alzheimer’s disease and other forms of dementia.

Dr. Sandra Black at the University of Toronto sees increasing evidence that strokes and dementia are connected. Both conditions, her research shows, are related to the health of the blood vessels – the arteries and veins – in your brain.

A growing number of researchers share Dr. Black’s view. This shift in opinion suggests an exciting possibility – namely, that controlling risk factors like hypertension and high cholesterol could help prevent or delay forms of dementia, such as Alzheimer’s disease.

The challenge will be to identify people in the early stages of the disease, so that they can take steps to reduce their risk.

Through the ongoing Sunnybrook Dementia Study, started in 1995, Dr. Black has collected brains scans of more than 1,000 patients with dementia. In addition, she’s attempted to link the patients’ brain scans with changes in their memory and behaviour, and comparing them to scans of healthy aging brains.

“We’ve done scans in a way that’s enabled us to measure the brain changes in an objective way that can be linked to cognition and behaviour,” says Dr. Black.

These scans have revealed the widespread nature of silent strokes – strokes that cause no obvious symptoms, but leave behind small holes in the brain.

“A quarter of Canadians 65 and older have these tiny areas of dead brain tissue,” says Dr. Black. Unlike major strokes which result in dramatic, almost immediate paralysis or loss of speech, silent strokes can cause a gradual, cumulative decline in mental abilities. Another condition that affects the small blood vessels of the brain causes partial brain injury that appears as small white dots or patches, and is present to some degree in 95% of the elderly.

Her imaging research, funded in part by the Canadian Institutes of Health Research, has laid the groundwork for the possibility of using brain scans as an early detection and screening tool for dementia-related changes. Patients who show these early changes could then be prescribed tried-and-true stroke interventions, such as blood pressure medications, exercise and diet changes, to reduce their risk of dementia.

“I have a sense of urgency about the future,” says Dr. Black. “We need to find ways to set up care to prevent this disease.”

www.newscanada.com

Clever tips for a new exercise routine

83396_optExercise is a key component in maintaining a healthy lifestyle. If you are new to daily workouts, or if you are just looking to ramp up your existing routine, there are a few things you might consider to achieve success.

“Two of the most important first steps are to set a realistic goal followed by a plan to achieve that goal,” says Stephanie Dupuis, National Director of Personal Training with GoodLife Fitness Clubs. “Being realistic will help make a positive impact on your overall health, but it also needs to fit into your existing lifestyle. The goal should be something you can commit to.”

When getting started on a fitness program, don’t overdo it. Tackle one lifestyle change at a time. “If you haven’t been involved in exercise, your first lifestyle change can be as simple as exercising two to three times per week. Once you have been exercising for a month incorporate another change into your routine. Your next lifestyle change can be as simple as increasing the amount of water you drink daily,” suggests Dupuis. However, she stresses that your changes should be gradual. “Changing your health and fitness is a lifelong journey and you have time to make changes.”

Regardless of your exercise experience, incorporating a warm up into your routine is vital, Dupuis says. “Your warm up and cool down are important for safety. A warm up doesn’t have to be long—it can be five to ten minutes. That short warm-up will increase blood flow to your muscles and help reduce your risk of injury.”

After your workout, a proper cool down is equally important. Dupuis recommends, “Gradually reduce the intensity and speed of your activity in preparation for stopping your workout.” A proper cool down allows your heart rate to return to normal and can help prevent you from feeling dizzy or fainting.

When you first begin working out it’s not uncommon for your muscles to ache a little bit—not severe or sharp pain, but a small amount of tension. Soreness comes from using muscles that haven’t been used in a while. It’s normal to feel some soreness 24 to 48 hours after exercising. It will go away. To sooth sore muscles Dupuis suggests that you keep moving the day after you work out. Even going for a walk can help. Remaining still will cause soreness to set in.

Most importantly, remember that everyone starts somewhere. If you need help, don’t be afraid to reach out to a professional. Dupuis advises, “Work at your own level and incorporate things you like into your workout. Exercise should be fun.”

www.newscanada.com

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