When people enter the later phase of their lives, they are prone to have more uncertainties and face unique financial challenges in life. According to a report in 2014 from the Financial Consumer Agency of Canada (FCAC), there are roughly 10 money-related life events or changes in one’s later life, namely: 1. planning for retirement; 2. changing housing needs; 3. starting another career; 4. coping with illness or disability; 5. converting savings into ongoing income; 6. losing partner; 7. dealing with attempted fraud or financial abuse; 8. caring for spouse or other family members; 9. travelling, and 10. making estate arrangements.
Cao, T. (2015). Financial preparation and needs of older people. Asia Pacific Institute of Ageing Studies Newsletter, 6, 13. Retrieved from http://commons.ln.edu.hk/apias_nlj/vol6/iss1/18/