More from Rhona Konnelly
Rhona Konnelly works with Canada's Association for the 50 Plus in Vancouver.
Rhona's advice to seniors in the face of significant losses in their investments? Sit tight, if you can. Be ready to rethink your plan. Segment your needs for the next 2, 5, 10 years. Get a neutral, second opinion.
Read the Financial Consumer Agency of Canada tipsheet on Reverse Mortgages.
More from Peter Merrick
Peter Merrick is a Certified Financial Planner, who advises on succession planning, tax, estate planning and employee benefits. He is the author of the best selling book "The Essential Individual Pension Plan Handbook". His new book "The T.A.S.K. - The Trusted Advisor's Survival Kit" (Lexisnexis Canada, 2009) will be released early next year. It's a reference guide for public accountants, lawyers, and Human Resources professionals, to help them assist clients who are going through transitions, both financial and personally. Find out more about Peter here.
Peter Merrick says the best way to secure your retirement in these insecure times is to make your own plan, according to his STEW formula. "S" stands for "Save more". "T" stands for "Take less". "E" stands for "Earn more". "W" is for Wait - wait longer to retire, or to make large purchases.
If you, like the Boission family featured in our video, live in Ontario, The Financial Services Commission of Ontario provides pension information for consumers and pension plan members on their website. Their guide, "Your Pension Rights: A Guide for members of Registered Pension Plans in Ontario" is available online.
There's more on the Ontario Pension Benefits Guarantee Fund mentioned in our story here.
Pension information for all provinces, territories, and jurisdictions is available here.
Read the CBC News Indepth report about the fate of pension plans upon bankruptcy at cbcnews.ca.