Home Economics: Changing up your retirement strategy; Bank accounts feel the inflation pinch

Home Economics newsletter: How to change up your retirement investment strategy as you age, feeling the pinch from inflation and navigating the high costs of mental health care

There's an old saying that goes "with age comes wisdom." And the latest census data for 2021 paints a clear picture of Canada's aging population. With inflation, rising interest rates, high household debt and longer life expectancies, planning for retirement is getting more complicated. Personal finance columnist Dale Jackson breaks down how your retirement investment strategy should change as you age.Higher rates could encourage 'saving differently,' not more  Higher interest rates are starting to feed through to the return rates of certain savings accounts. But one investment professional says it might not be enough to encourage Canadians to save more money, especially considering the soaring cost of living. However, they might want to start thinking about saving differently.Bank accounts feel the pinch from inflation  The chief executive of National Bank is warning that many Canadians will burn through the extra savings they accumulated during the pandemic by next year because of surging inflation and rising rates. There are now serious risks to the "Goldilocks scenario" of slow rate increases and a soft landing for the economy that would benefit commercial banks, Laurent Ferreira said.Mental health should be a priority, but it costs a pretty penny  A survey conducted in late 2020 by two psychologist associations found 78 per cent of Canadians said that cost was a very significant or somewhat significant barrier to dealing with mental health issues. While there are numerous public health-care options geared towards softening the blows of mental health problems, a lack of funding and a system focused on the most acute cases can leave Canadians struggling alone. Here's how to navigate the high costs of mental health care.Kick starting your online clothing resale side hustle  With the rise of resale apps, more young people are turning to selling their gently-used clothing as a side gig or full-time job. According to a study by reselling platform Mercari and research firm GlobalData, the secondhand-clothing market is projected to more than triple by 2030. But even though it's easier than ever to sell your old T-shirts or vintage shoes, there are some things you should know to help separate your listed belongings from the competition.Apartment, townhouse construction outpacing detached homes The latest census data reveals apartment and row house construction is slowly outpacing the building of single-detached homes in Canada. Experts attributed much of the shift to zoning regulations and the lack of space in several regions, particularly heavily-populated downtown cores that are already known for their high density.  

- Your mindset about money can deeply affect how you approach your finances and constantly operating in a “scarcity” mode can have negative consequences.