This Week’s Around the World (ATW) looks at the issue of Health Care costs and their impact on retirement portfolios. The Globe & Mail article (link) highlights the economics of caring for aging parents, including the cost of assisted living which averages a whopping $4k-$5k a month. https://www.theglobeandmail.com/business/article-health-care-costs-threaten-even-the-most-robust-retirement-portfolios/
Providing for aging parents in their later years is the precursor to providing for ourselves when we are in our later years. This means that planning ahead is critical and a viable retirement plan must include vehicles like Critical Illness Insurance to ensure sufficient capital exists to meet our health-related financial needs. This product provides tax-free dollars in the eventuality of one of 24 major critical illnesses including cancer or heart disease. The longevity of Canadians all but ensures that policy holders will collect at some point in time on their Critical Illness Insurance policies, making the premiums paid over time an investment in their financial dayfuture.
Financial Advisors spend a great deal of time speaking of the importance of financial health and perhaps not enough time speaking of health in general. We know that we can’t take it with us, so using some of our retirement capital to protect ourselves while we’re here is therefore eminently sensible.
Look for further articles about Critical Illness Insurance in future issues of ATW and I look forward to speaking with you in this regard. As always, please call me at any time on this article or any previous ATW issues you may like additional information about.
Happy Victoria Day Weekend to all of you and your families!