National Institute on Ageing

NEW PAPER! Deciding when to claim CPP/QPP benefits is a life-altering choice for many Canadians – but their inability to connect with their future selves often leads to short-sighted decisions that aren’t in their best interests. In Steps 5 & 6 of an 8-part paper series, Improving Long-term Financial Decision-making by Bridging the Psychological Divide Between Today and Tomorrow, Bonnie-Jeanne MacDonald, PhD FSA FCIA offers practical strategies to help retirees overcome the psychological factors that hold them back from making more informed choices. Delaying CPP/QPP benefits past age 65 can provide inflation-adjusted, secure income at a time when retirees are most financially vulnerable. But here’s the catch: research shows that financial incentives alone aren’t enough to shift behaviour. That’s where behavioural economics comes in. Using tools like storytelling, goal visualization, “What if?” scenarios and gamification – as well as communicating the deferral as a “good deal” with immediate financial value – we can help change this behaviour for the better. Learn how these insights can help Canadians make well-informed decisions to enhance their retirement security, with the ultimate goal of spending more freely and joyfully in retirement. Read Steps 5 & 6 of our series here: https://lnkd.in/gu-Ngji9

Canadians face many psychological challenges in prioritizing their future needs and retirement plans. Learn more by reading the latest report in our 8-part paper series! https://lnkd.in/gu-Ngji9 #RetirementPlanning

How can we help retirees resist their natural inclinations toward money sooner over higher secure pension income later? In Steps 5 and 6 of the NIA’s paper series, by blending behavioural economics insights with financial mathematics, Bonnie-Jeanne MacDonald, PhD FSA FCIA introduces various financial metrics that make waiting for a bigger pension benefit tomorrow feel rewarding now. This includes the “SMarTS” strategy, where a pre-retiree would be told by their advisor how much more they can “Spend More Today Safely” by choosing to lock into higher lifetime income through delaying CPP/QPP benefits. More secure long-term income not only gives retirees the confidence to spend more, but it also gives them the financial case to do so and reduces their downside financial risk tomorrow, helping them achieve the retirement financial security they so badly want and will most likely need. Learn more about SMarTS by reading our latest report: https://lnkd.in/gu-Ngji9

📢 New Insights from the NIA: Strategies to Help Canadians Secure Greater Retirement Income When should you claim your CPP/QPP benefits? Timing this decision is critical to retirement security, yet many Canadians claim benefits earlier than necessary, leaving long-term income on the table. In Steps 5 & 6 of our paper series, Improving Long-term Financial Decision-making, we explore practical strategies to help retirees overcome the psychological factors that drive a wedge between what people say they want and need, and what they actually choose to do. These strategies include: 1. Strengthening the Connection to the Future Self, using tools like stories, testimonials and gamification techniques that help individuals visualize their future needs. By making these needs more tangible, Canadians are more likely to consider the long-term implications of their financial decisions today. 2. Framing Delayed Benefits as a Unique Financial Opportunity with Immediate Value, such as emphasizing the "Lifetime Loss" for those who choose earlier benefits and comparing deferral to affordable longevity insurance, to highlight the clear financial advantages of delaying CPP/QPP benefits. Learn more today: https://lnkd.in/gu-Ngji9

The NIA released 16 reports last year - all of which feature important research on the experiences and barriers facing older adults in Canada. This critical research can inform policy decisions, like the ones made on Parliament Hill. Our director of policy, Gabrielle Gallant, was in Ottawa this week to discuss our research with elected officials, including CPC Seniors’ Critic MP Anna Roberts , MP Yasir Naqvi 🇨🇦 and MP Michael Coteau. We appreciate the warm welcome we receive when in Ottawa!

Join us on Monday, December 2, from 2:30 to 4 p.m. for “Long-Term Care Transitions – Presented by Defy Dementia” an interactive virtual event hosted by Baycrest's Defy Dementia podcast team. In this webinar, Dr. Adriana Shnall, Program Director at Baycrest’s Koschitzky Centre for Innovations in Caregiving, will share essential insights to help you navigate the move to long-term care. The session will also include a live Q&A, allowing for questions and conversation. Hosted by Defy Dementia co-host Dr. Allison Sekuler, President and Chief Scientist at the Baycrest Academy for Research and Education, this empowers you with actionable steps to support this significant life change. This free event will be held virtually on Zoom, making it easy to attend from anywhere. This event is in partnership with the Ontario Centres for Learning, Research and Innovation in Long-Term Care. Funding for this event has been generously provided by The Slaight Family Foundation. 💻 For more details and to register, visit: https://lnkd.in/giW5UjKV

Did you know that caregivers give three hours of unpaid care for every hour provided by our healthcare system? One in four Canadians is a caregiver today – and 50% of Canadians will be a caregiver at some point in their lives. Caregiving is a critical issue facing older adults in Canada, and the NIA has been so pleased to support the Canadian Centre for Caregiving Excellence as they have advocated for a National Caregiving Strategy. Gabrielle Gallant, the NIA’s Director of Policy, was on Parliament Hill last night to celebrate the launch of the National Caregiving Caucus. Pictured here with the CCE’s Director of Policy and Advocacy, James Janeiro, Gabrielle heard caregiving stories from many of the attendees at the event. With the new Caregiving Caucus, there is a nonpartisan group of elected officials dedicated to moving policy that supports caregivers forward. Government exists to do big things together! Congratulations to the CCE on this meaningful accomplishment!

Defy Dementia is BACK with our latest episode all about how well-being can support your brain health! Join hosts Dr. Allison Sekuler and Jay Ingram as they welcome Dr. Agnes Chinelo MBBS, MRCGP, CCFP, Dr. Emily Willroth (Washington University in St. Louis), and Dr. Martin Picard (Columbia University Irving Medical Center) to discuss how well-being is linked to brain health at the macro and micro levels! They offer tangible tips on how YOU can enhance your well-being, optimize your brain health, and reduce your dementia risk. To listen to the full episode, please visit: defydementia.org #defydementia #healthyaging #brainhealth Baycrest | Rotman Research Institute at Baycrest | Centre for Aging + Brain Health Innovation | Slaight Music | Public Health Agency of Canada | Agence de la santé publique du Canada | University of Toronto | Washington University in St. Louis | Columbia University Irving Medical Center | Alzheimer Society of Canada | Alzheimer Society of Ontario | Alzheimer Society of Toronto | Alzheimer Society of B.C. | National Institute on Ageing | Toronto Public Library

In the latest paper in the CPP/QPP report series, the NIA addresses the cognitive and behavioural hurdles that lead to short-sighted decisions when claiming CPP/QPP benefits. Reframing CPP/QPP deferral as a uniquely financially advantageous option with immediate value can help Canadians make more informed retirement choices. Read the report here: https://lnkd.in/gu-Ngji9 #CanadaPensionPlan #QuebecPensionPlan #Canada #Retirement

It was a pleasure to attend the 2024 Home Care Ontario Symposium on November 27. With Ontario’s older adult population projected to grow by 15% in the next five years, expanding home care is crucial. It supports ageing in place, reduces strain on hospitals and long-term care, and improves cost-effectiveness. The symposium fostered insightful discussions on enhancing care quality, autonomy, and sustainability—ensuring Ontarians can age comfortably and confidently at home. Together, let’s build a Canada where home care empowers healthy ageing! Alyssa Brierley; Sue VanderBent, BA, BSW, MSW, MHSc, CHE; Amy Coupal, M. Ed., ICD.D; Cynthia Davis