Reason 2: Women are the ones most likely to take a break from the workforce, whether to raise children, or take care of an aging parent or ill spouse.
This means they are not earning income, which directly affects their ability to save for their retirement. As a result they may not qualify to contribute to an RRSP, or have sufficient funds to invest in a TFSA.
Sadly, women underestimate the implications of caring for a loved one over the long term. The impact can be very serious for several reasons; they are not able to save their retirement, existing funds may be depleted during the care of the spouse, especially if the spouse needs to be in a retirement home. What once might have been a large retirement nest egg, can be quickly depleted.
Call me today to discuss how a Health Insurance Plan, Critical Illness and AD & D can help protect your retirement fund from being depleted due to illness of a family member.