The trade showdown ignited by U.S. President Donald Trump seems unlikely to offer much relief. Recently, Bloom conducted a survey targeting a small group of younger seniors, specifically those aged 60 to 64, probing their thoughts on how tariffs are impacting their lives. A lot of them are worried about their retirement outlook, with a striking 61% expressing that they need a minimum of $20,000 in "buffer funds" this year to enhance their financial stability.
The report highlights a key concern: "Many who couldn’t set aside a portion of their earnings to build robust investment portfolios throughout their careers can’t rely on those as significant sources of retirement income."
This predicament is part of what drove McCabe to establish Bloom. "Ignoring the most substantial asset most individuals possess doesn’t make sense," he asserts. The focus isn’t on draining a million-dollar property to stash away $500,000 in the bank; it’s about smartly increasing monthly income. A safe 4% withdrawal rate could jump up to 5% or even 6%, potentially boosting income by 50%, and parts of it may be tax-free. Given that 75% of Canadian seniors reside in homes they own and only 14% to 16% carry mortgage debt, "the majority both own their homes and don’t have much debt hanging over them."
Bloom stands out as it offers Canada’s sole non-bank reverse mortgage, along with a Home Equity Prepaid Mastercard, enabling access to home equity with a cap of $2,000 a month. This tool has an interest rate of 6.69%, mirroring that of the reverse mortgage. McCabe clarifies, "It’s not a credit card; it’s a payment tool… a means to draw from a reverse mortgage bit by bit."
Women appear to be less financially prepared for retirement
Across Canada, many are facing financial challenges, but HOOPP’s survey highlights how "women and those on the brink of retirement are facing even steeper climbs with lower savings and elevated financial stress." A significant portion, 49% of Canadian women, have less than $5,000 saved, and 28% have nothing put aside at all (as opposed to 33% and 17% of men, respectively). Moreover, in the past year, 53% of working women have not laid aside funds for retirement, compared to 45% of men. Far from banking extra cash, most Canadian women prioritize day-to-day expenses (57%) over anything else, whereas men seem more focused on retirement saving (51% compared to 46% of women).
It’s no surprise that women report higher levels of anxiety—51%, versus 39% of men—and similar trends are seen with feelings of fear, frustration, and sadness due to their financial circumstances. Women are also more worried than men about the rising costs of living, maintaining income levels that match inflation, housing affordability, and ensuring they have enough funds to retire. Bloom’s clientele is equally split between couples and singles, having an average annual household income of $36,000. Government benefits fall within the mid-$30,000 range for couples and the low $20,000s for singles.
Matthew Ardrey, a portfolio manager and senior financial planner at TriDelta Private Wealth, isn’t shocked that women face more significant risks. "Demographically, women generally earn less over their lifetimes and tend to live longer. That’s quite the challenging situation."
Finding retirement savings "prohibitively expensive"
HOOPP suggests that those with employer-backed pensions might find themselves in a better state to tackle these financial hurdles. The survey indicates that an ever-growing number of working Canadians are faced with the belief that saving for retirement has become "prohibitively expensive"—a perspective held by 70%, up from 66% the previous year. Moreover, 57% feel unprepared, with an unsettling 13% convinced they might never retire.
