Royce Shook

2 years ago · 1 min. reading time · visibility 0 ·

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Healthy Ageing 4

Back in 2011, the Ministry of Health for British Columbia looked at what the literature said about healthy ageing. Here is some of what was in this report, looking at finances.

Finance

At every income level, financial planning can contribute to greater well-being, and is a pillar of healthy ageing. It can help older adults avoid or reduce poverty, and maintain an adequate income for an active and independent lifestyle. It can also provide more options, should life circumstances or health status suddenly change, and a cushion is needed. For example, if the ability to do yard work or house cleaning becomes a challenge, it can still be possible to remain at home by engaging in assistance with these tasks.

A significant percentage of Canadian seniors live below the poverty line, with women at higher risk for financial insecurity in older age. Women are generally less financially prepared for retirement: they are less financially literate, save less, and live longer, so they must support themselves longer.

Many older adults rely too heavily on the Old Age Security and Canada Pension Plan as their main retirement income. One or two sources of income are not a strong financial foundation, should changes in health or circumstance occur. A three-pronged approach is recommended, public pension plus two other sources, such as savings, employer pensions or real estate investments. Most people need to pay more attention to financial planning and begin thinking earlier about the desired lifestyle in retirement and discover the steps to achieve it. All mid-life adults and older adults should become financially literate and work for financial stability.

Since 2011 the Provincial government has not increased low-income subsidies, but the Federal government is talking about increasing the Old age Security when a person reaches 75. I am not holding my breath, as promises easily made are easily broken.


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