Page 8 - 50+ Guide & Directory -Spring Summer 2019 Web_Neat

5 BIGGEST PROBLEMS

Facing Boomers & Seniors Today.

Baby boomers and seniors make up almost 40% of the Canadian population. Despite generational
differences, both groups share many of the same problems and concerns.
1. Financial Uncertainty: Not knowing how 2. Health Worries: Concerns about physical
much you’ll need in retirement. and mental health.
An RBC survey found that 1 in 6 Canadians Even though boomers and seniors are living
55+ hasn’t even started saving for retirement and longer, increases in longevity have been accom-
almost half feel they are not on track with their panied by an increase in disability. Over 90% of
retirement planning. Canadian seniors have at least one chronic con-
Almost 50% of Canadians aged 55 to 64 don’t dition. Heart disease, stroke, cancer and diabe-
have formal pension plans. And in a recent poll tes are amongst the most common health issues.
by CIBC, over half did not know whether their Falls are the leading cause of injury among the
savings would last through their retirement. elderly. Cognitive health is of primary concern
Is procrastination to blame? Perhaps, but an- as the number of people with dementia and Alz-
other factor could be false confidence. Close to heimer disease grows. As many as 15% of adults
half of seniors believe they are reasonably pre- over the age of 60 suffer from a mental disorder
pared for what lies ahead. Many feel they can such as depression while others may be grap-
survive comfortably on their Canada Pension pling with some form of substance abuse.
Plan and Old Age Security benefits alone. Re- While health concerns can seem overwhelm-
lying on CPP and OAS to fund your retirement ing, there are steps to take and available re-
may give a false sense of security. The combined sources to prevent illness or lessen symptoms.
benefit may offer less than $1,500 per month. Awareness and self management support is key.
Even with the Guaranteed Income Supplement Learning to recognize problems early and man-
(GIS) added, an individual’s income may be less age chronic conditions regularly can help reduce
than $25,000. pain and disability and perhaps even prevent the
Another reason could be the impact and fall onset of illness.
out of unavoidable risks caused by once-or- The medical community can play a vital role
twice in a lifetime surprises. Sixty-six per cent in providing information, education and person-
of retirees with savings regret can identify a neg- al care plans to support seniors and their families
ative shock during their working years related in self-managing chronic conditions. Self-man-
to an event such as divorce, illness or job loss agement support can also be provided through
which caused their savings shortfall. Such an group programs. Social support from family,
event coupled with slow recovery can result in friends and support groups can also help. Do
hindsight bias, the assumption that history will what you can now to prevent illness. Preven-
continue to repeat itself. tative measures should include an examination
Fortunately, it’s never too late to get back on of your diet, a review of your medications, an
track. Start with a review of your current finan- annual check up and a list of resources for infor-
cial situation and set some realistic goals. Many mation and support.
banks include free retirement planning tools and
calculators on their websites. You can also refer 3. Downsizing Dilemma: Deciding whether
to the Government of Canada’s Canadian Re- to move or re-locate.
tirement Income Calculator at www.canada.ca/ Change is stressful. Unfortunately, when your
en/services/benefits/publicpensions/cpp/retire- home’s upkeep becomes too overwhelming or
ment-income-calculator. financial and health issues dictate a change, then
It’s always best to speak to a profession- downsizing or relocating may be the best option.
al advisor, financial planner or accountant that How to make the decision? Take a proactive
can uncover the things you may not even have approach and consider your options ahead of
thought of. And always remember to build in a time. Evaluate your current health and financ-
margin of safety for unexpected negative shocks es but take into consideration what your needs
to ensure you stay on track. (Continued on page 10....)
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