|
Financial
Well-Being: Get Ahead
of the Game
There’s
no time like the present to sit with your parents to assess
their financial situation. Discuss your circumstances as well
since you may have to adjust your strategy if you detect a
shortfall in your parents’ plan. Asking a financial
advisor to participate may help focus your conversation. Discuss
any investments that might help to ensure the best possible
care. Consider, for example, that dental work such as dentures
can cost more than $2,300. Common assistive devices such as
hearing aids, canes, walkers and wheelchairs may also be required.
Together, you can develop an investment program that combines
growth and safety to ensure your parents don’t outlive
their money. It makes sense to table financial issues before
the aging process accelerates.
|
For
today's 65 year old
|
Average
life expectancy
|
If
reach 80, average life expectancy increases to
|
If
reach 85, average life expectancy increases to
|
Planning
Horizon
|
|
Woman
Man
|
85
81
|
89
87
|
92
90
|
20
years+
15
years+
|
  
(3)Statistics
Canada, 1999 A Portrait of Seniors in Canada, third edition.
|
|
