Caleb and Riley discuss aging, health and how this is often an underestimated area of our retirement planning. How long should we plan for our finances to last? Will we encounter daunting health care costs? The number of Canadians aged 100 or older has increased from just 1,065 in 1971 to 9,545 in the 2021. Listen in to understand how we can better navigate changing health as we age and maintain a robust retirement.
Learn more about:
- How changing health affects lifestyle and finances in retirement
- The health related expenditures retirees may encounter in retirement in Canada and the living situation changes that go along with it
- How to make robust assumptions about our health and longevity in our retirement plans
- The ways we can plan in advance of declining & changing health to avoid being a burden to family members
Memorable Quotes:
- "On Average inflation the last 30 years has been about 2%, meaning if you were spending $48k/year in 1992, you need $87k to purchase the same goods today!"
- "The average national cost of a private room in a long-term care home is $33,349 per year."
- "By planning to live to age 100, you have a very little risk of running out of money, great! You've brought down the risk of outliving your money less than 10%. But you've also increased the risk of underspending by 90%!
Resources:
Hosted by Caleb Miller and Riley Anderson of InvestorDNA
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