Canadians are forecast to live longer lives. It’s a fact. In a recent article, CBC reported on a study led by Prof. Majid Ezzati of Imperial College London that disclosed the living longer projections. The CBC article discussed what these extra years will mean to Canadian’s life-styles.
To be sure they had all the angles, CBC called in the financial experts, including Judith Cane, Canada’s Money Coach to weigh in on the results.
Some primary considerations to living longer:
- Retirement dates.
- Health care for a large and aging population.
- Financial planning.
- Lifestyle changes.
- Mortgage dates and rates.
- Even divorce rates are higher regions with a high life expectancy.
Farewell early retirements, hello to crowded work spaces
Excerpt from the CBC article:
Early retirement goals — and indeed, the idea there’s work freedom at age 55 — are no longer a reality for many Canadians. Ottawa-based finance expert Judith Cane, says many of her clients have part-time jobs to help bolster their retirement savings. Cane urges saving with the idea of living to 95.
“If they retire at 55, they might live for another 40 years. If they don’t save enough money, there’s no way they’ll be able to sustain the lifestyle,” she said. “Forty years is a long time.”
How will living longer make a difference in your life and that of your children? Can your retirement plan stretch? How about your savings plans? Judith Cane, Canada’s Money Coach has answers and strategies you can employ to make your money work for you, today and in the future. Live long and prosper. 613-875-5834.