STAYING ONE STEP AHEAD from New Investment Approaches to Caring for Aging Parents, It Pays to Keep One Eye on the Future MK2870E 11/17 WINTER 2017
FOR FINANCIAL PLANNING STAYING ONE STEP AHEAD From new investment approaches to caring for aging parents, it pays to keep one eye on the future MK2870E 11/17 WINTER 2017 Aging parents and the cost of care 5.9 MILLION 8.1 MILLION Canadians are Canadians care for an ill 65 and over. 1 or aging family member.2 28% OF CAREGIVERS are “sandwiched” between caregiving and childrearing, with at least one child under 18 living at home.3 425,750 CANADIANS (OR 1.2%) live in nursing homes or residences for senior citizens.4 $1,500–5,000 $2,500–8,000 Average monthly cost of living Average monthly cost of living in in an assisted living facility.5 an “around-the-clock” care facility.6 33 BILLION 14% Annual cost to Canadians of of Canadians pay an average of caring for aging parents, including $3,300 per year out-of-pocket to out-of-pocket expenses and time cover the costs of parental care.8 taken off work.7 With increasing life expectancies, caring for an aging parent is an eventuality that many Canadians face. To learn more about how to get financially prepared, read the article on page 20, then speak with your advisor. 1 Statistics Canada, Canada [Country] and Canada [Country] (table), Census Profile, 2016 Census, Statistics Canada Catalogue no. 98-316-X2016001, released August 2, 2017, www12.statcan.gc.ca/census-recensement/2016/dp-pd/prof/index.cfm. 2, 3 Maire Sinha “Portrait of caregivers, 2012,” Statistics Canada Catalogue no. 89-652-x, last modified September 28, 2017, www.statcan.gc.ca/pub/89-652-x/89-652-x2013001-eng.htm#a2 4 Statistics Canada,
[Show full text]