Planning for your Care years is a new financial risk that is facing retired or retiring Canadians. It is no secret that as people age, their need for security increases. Age and Health issues can effect ability to earn income and as a result reliance on pension and investment income becomes the norm.

Most people do their retirement plans without considering the impact that health care costs can have on their retirement plans. Diversification, withdrawal rates, inflation rates, investment plans are all normal parts of a retirement plan and can take care of most risks. Plans are not always considering the fact that Government is not able to support many of the costs that people face as a result of age related illness. They often fail to realize that your highest spending years can be your last few years of life due to health care spending. This can’t be budgeted for or planned for because it is health related and it can happen at any time. What if you are 60 and your spouse falls ill at 65 and you spend and extra $5000.00 per month for 5 years on a private care facility because the government facility was either full or did not provide the care you wanted for your loved one. Can your retirement plan accommodate a $300,000.00 early withdrawal? What will the rest of your retirement look like in this scenario? Will your retirement dreams still look the same?

Did you know the government has done a study and concluded and recommended Canadians take action to mitigate this risk? (insert link here to paper?)

We have specialists available across Canada that provide education to Canadians about this risk. Our specialist will also take it one step further and will help you take action to remove this risk from your retirement plan.