Health – Longevity – Will you outlive your money?
As Canadians live longer, retirement gets longer and more expensive, meaning that a significant percentage of Canadians are in danger of outliving their next egg. Overall today’s seniors have a good chance to live until age 85. “As the Canadian Heart and Stroke Foundation revealed in their 2013 Report on the Health of Canadians, heart attack, stroke and other chronic conditions will cause many Canadians to live their final decade in sickness, disability and immobility, putting further pressure on their retirement income and savings. That decade-long shortfall will appear in a future in which healthcare costs are expected to be higher and governments cannot be counted on to bridge the gap, putting further pressure on investment portfolios. The combination of volatility, low interest rates and living longer are putting significant headwinds into their ability to meet their goals.