The accumulation years. The retirement years. The care years Estate transfer
We are living much longer than our forebears. Naturally, we spend more time in retirement as a result. But this also means that many Canadian sons and daughters – and spouses – must care for their aging loved ones for extended periods, taking up “care careers” that were never considered in younger years.
What are some of the issues we face in Canada when a loved one needs additional care? And what can be done ahead of time to prepare for this?
Patty Randall is an author, speaker and care years advocate who has focused her passion to educate Canadians on the topic. She has written many articles for various publications. In this one she introduces the concepts of our "longevity bonus" and our "care-years continuum."
We have all witnessed as our family members age. But have we ever considered the added stress that caregivers must experience and the toll it can take on their health?
- caregivers have a 63% higher death rate than others their own age
- 43% of Alzheimers caregivers (usually spouses) will die from stress-related disorders before their loved one
- “seniors looking after seniors” is now an everyday scenario in our country (the average older caregiver in Canada is 73-76)
- we now have more parents than we do children in Canada
- care years are the largest single financial risk to Canadians over the age of 60
Ms. Randall raises prickly issues, then gives a number of ideas about how to plan for this stage of life in our first of a series.