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Don't underestimate the costs in the years leading up to retirement when you're not quite eligible for benefits.
In my research I have found one age group that is at much greater financial risk than others. It’s the age 55 to 64 group—both male and female. The risks for this group are almost always health related. Most Canadians greatly underestimate health risks. Individuals in this age group who have had to stop working due to health issues are not eligible for many retirement benefits until they reach age 65. In this corridor leading to retirement there are increasing expenses such as prescription medications and health aids, but often there is little or no insurance available. Until the individual reaches age 65 they find it necessary to tap into their savings or take on more debt. Even upon reaching age 65, some continue with financial challenges.
Three key factors for financial security later in life:
…I am weary of even attempting the “strictest scrutiny” of the impact of every financial decision, global, environmentally…Even when I do try, the potential for innocently getting it wrong is huge. I never wanted to be an expert on everything…I have no longing to live as if every decision matters…Too many people rationalize their lack of ability to save for retirement as something they will adjust to later in life. Allen demonstrates how painful it is to live without financial resources—a place none of us wants to be. Lee Anne Davies has worked as a consultant for insurance, wealth management, banking and financial education companies. She has a PhD in Aging, Health and Well-being and a Masters of Arts (MA) in Gerontology and Health Studies from the University of Waterloo and an MBA from Athabasca University’s Information Technology Management program. She’s also successfully completed the Canadian Securities Course and the Professional Financial Planning Course. To read more from Davies, visit her blog Agenomics.
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