Tuesday, July 16, 2024
HomeWealth ManagementRetirees' sudden well being care prices is a warning to youthful Canadians

Retirees’ sudden well being care prices is a warning to youthful Canadians


Half of respondents on this age group mentioned they’ve a persistent bodily or psychological well being situation requiring remedy or remedy, and one third of these have thought of altering their retirement plan to cowl prices.

“Many retirees aren’t ready or conscious of the out-of-pocket medical bills in retirement,” mentioned Jacques Goulet, president, Solar Life Canada. “These prices can have a major impact on retirement, particularly for these residing with a persistent bodily or psychological well being situation that requires ongoing remedy. With the cost-of-living climbing, a holistic plan that meets your well being and monetary safety wants may also help stop this monetary burden later in life.” 

Subsequent-gen warning

The problems confronted by Boomers ought to function a warning to future generations of Canadian retirees.

For instance, amongst respondents aged 27-42, the Millennials, 31% have a persistent bodily or psychological well being situation requiring remedy or remedy, so this must be a part of their retirement planning. Nevertheless, greater than half of this group haven’t performed so.

Ladies (61%) are extra seemingly than males (43%) to have neglected this essential a part of their plan.

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