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  • Writer's pictureDarryl Smith

Before you enter retirement, make sure you account for your health.


When you’re young and carefree, your health considerations are often minimal. After all, youth brings with it the luxury of resilience so when you fall off the horse, you just get back on (so to speak).

However, as we age our bodies don’t bounce back nearly as well or as fast as they did in our younger days, so when we fall ill or suffer an injury it can really disrupt not just your life, but your financial well being too.

For that reason, considering your health as you age is something I urge all of my clients to carefully account for in their retirement plans.

So…What Does That Mean and What do you need to account for? It’s no secret, as we age our reliance on health care services will inevitably arise. If you didn’t plan for such increases, you may be surprised to find out how quickly those costs can impact your budget and your overall savings. When you’re saving for retirement, here are a few health care considerations to include: 1. Critical Illness 2. Short-term disability 3. Long-term disability 4. The rising cost of health services 5. The cost of medication & prescriptions

How Should You Amend Your Plan and What options are available? Each person’s path to retirement savings will look different. Your age, income, health, and lifestyle all come in to play when creating a strategy to help you save effectively. It is also important to remember that you can never predict what will happen, however, you can plan for it as best as possible.

That’s why a solid financial planning strategy will include a combination of savings tools as well as the appropriate insurance coverage for you and your family. These tools include things like: • RRSPs • TFSAs • Personal savings • RRIFs • Long-term care insurance • Critical illness insurance • Disability insurance • And more

An experienced financial advisor can help you determine which tools will help you save effectively for your big goals and dreams, as well as the “worst-case scenarios”.

You can never be sure just what expenses will affect you, and as you age your needs and goals will likely change with you. The best offence is a good defence especially when it comes to your health and retirement. Make sure your plan helps you live out your dreams and goals and protects your health and family as you age. If you’re ready to get started on a strategy that accounts for YOUR life, or you’d like to review your current strategy to get a second opinion, contact Darryl Smith of Synergy Life at (705) 424-0562. As a well-versed financial advisor with designations in planning for health care as you age, for seniors specifically, Darryl knows how to create a plan that accounts for life as it happens, so you can live the retirement of your dreams! All you have to do is give him a call and you’ll have a trusted advisor by your side, each step of the way.

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