Did you know over 8 million Canadians currently care for an older adult and this number is expected to increase by 2027.1
Guiding clients through their various financial life stages is the role of a wealth advisor, but as those clients mature and approach retirement, what kinds of specific needs do they have?
With over 25 years of investment planning expertise, Jeanette is well qualified to address the ever changing issues facing individuals and their loved ones throughout their individual life stages. Jeanette's tenure has also given her the expertise needed to address financial issues of elder care and planning. Providing an objective viewpoint, she uses an informed, diligent and consultative approach to address each client's unique individual needs.
There are many options available for older adults of various independence levels and medical conditions. We’ve put together some options that you may wish to consider for your loved one:
Aging in Place refers to when seniors choose to remain in their own homes as they age rather than move to a senior living community. A family member is likely to need some support if they choose to continue living on their own, although how much help they’ll need will vary depending on their health and how connected they are to the community.
In-Home Care allows your family member who wants to stay in their home, but is beginning to need more help, choose from several options. This can range from a personal care attendant, who can assist with tasks such as cooking and cleaning, to a certified nursing assistant, who can monitor any medical condition and help with personal activities. If a family member places a high value on privacy or the familiarity of their home and neighborhood, this may be the best choice. There is also the option of a family member moving in with someone who needs continuous care and monitoring.
Independent living communities are great for seniors who are active and in good health but are looking for a place tailored to a senior lifestyle. If your loved one values their independence and isn’t in need of daily care — but perhaps is ready to stop driving, is starting to worry about their safety, or just wants more support and companionship — an independent living community can be a great choice.
Assisted living covers the middle ground in the spectrum of senior living - they serve elders who need more support than they can get living independently, but who don’t need complex medical care on a daily basis. If they are finding daily life increasingly challenging but don’t have a serious medical condition that requires round-the-clock monitoring, assisted living may be the right choice.
If you would like to read more about Canada’s aging demographics and the costs associated with care, read our CIBC reports
Economics of Aging Parents1 and Easing the financial burden for caregivers. Jeanette and The Power Investment Team are happy to assist with any questions related to elder care, your overall planning needs and those of your loved ones.
We also have materials targeted specifically to seniors that are both informative and educational. Reach out to us via email at: firstname.lastname@example.org for your complimentary copy today.