In Canada, men can expect to live to an average of 86 years of age, while women live to 89. According to statistics from Health Canada, three out of four Canadians over the age of 65 have at least one in 10 common chronic. Disease. This means that the average retiree faces a real prospect of living with a chronic condition for at least two decades and living on a limited stream of income.
“At my company, we really try to educate and encourage members of the Baby Boomer generation to reflect on what the silent generation is doing,” McGrath says. “We are at a point in human existence when people are living longer than ever before, and chronic diseases are much more prevalent. People in general are not used to what it means for their wealth , and will they be able to pass on anything to the next generation.”
Canadians should not take the risk of liquidating their assets. While many parents prefer not to burden their children into their old age, they often do not attribute the toll chronic diseases can take on their quality of life, and the day-to-day care they require. How will it be She says that even if one is physically capable in old age, the question of mental ability is also left, which can also drain people’s finances as they require more care.
To properly prepare for those risks, McGrath says baby boomers should think about different types of support during their old age.
First, there is financial support from advisors and accountants who can protect their money, as well as help them plan how much they’ll need to set aside for care in their old age. She further says that medical aid will be key to helping them understand the diseases they may develop in their old age.