Long-term care is essential to your retirement plan. If you fall within the Baby-Boomer or Gen X groups, you’ll count among 9.8 million senior citizens by 2036, according to Statistics Canada. And if you’re currently between the ages of 40 and 60, you’ve started planning for retirement by putting money away in an RSP or pension.
For some, this is the extent of their planning. Not many people consider what might happen if they become sick with a chronic illness. Current research shows that chronic illnesses like Alzheimer’s will be become more prevalent over the next 30 years. In fact the Alzheimer Society of Canada predicts that 1.2 million Canadians will suffer from dementia by 2038, which means that the need for long-term care services will increase. Currently, assisted living services can cost up to $50,000 a year. In the next 20 to 30 years, it’s expected that the need and cost for these types of facilities will increase substantially.
But taking time now to plan ahead is key to ensuring that you and your loved-ones won’t become financially burdened if you lose your independence during retirement.
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