Close to home. As you approach the age of needing residential care, here are your options - and the price tag
PUBLISHED JULY 29, 2024
The key for Canadians of average means, writes David Aston, is to make the most of government-supported care where available and supplement with care paid for out of your own pocket.
RBC Wealth Management partners with experts to help women plan today for the possibility of solo living later
PUBLISHED MARCH 29, 2023
Women’s life expectancy is several years longer than men and many will end up living solo at some point later in life. RBC Wealth Management has partnered with experts to examine this issue and also focuses on helping clients plan for this potential event so they are financially prepared if it happens.
Worried about your health as you age? Create a care plan
A care plan helps families understand and budget for the different types of care an older adult may need.
RBC Wealth Management Canada announces partnership with Elder Caring Inc.
RBC Wealth Management and Elder Caring Inc. partner to help educate clients on healthy ageing
PUBLISHED MARCH 29, 2023
Canadians are living longer, healthier lives than ever before. Just examine some statistics:
- Eighteen per cent of Canadians are over the age of 65 which is greater than the number of people under the age of 15.
- The number of people over 65 is expected to increase by 68 per cent over the next 20 years,making up 25 per cent of the population.
- 91% of all Canadians – and 100% of Canadians aged 65+ plan to live in their own homes as long as possible.
Canadians want to age with dignity and ensure we, and our loved ones, receive the care we need, which can be summed up in two words: healthy ageing. This is what happens when older Canadians effectively prepare for, navigate and implement sound personal finance, investment, and planning decisions.
There are many obstacles that can impact a person’s ability to age in a healthy manner: dementia, Alzheimer’s, financial elder abuse, enough savings to safely stay in their homes as they age, and more.
Continuing its focus to enhance clients’ peace of mind, preparedness, and security, RBC Wealth Management is now partnering with Elder Caring Inc., and recognized expert in life care planning, ageing and caregiving issues, Audrey Miller, to extend its services to the firm’s investment advisors (IAs) and counsellors (ICs). As part of the partnership, IAs and ICs may engage Audrey to assist their clients with strategies for care and support, navigating the healthcare and home care systems and caregiving challenges.
This latest partnership is another example of the importance RBC Wealth Management places on healthy ageing. It currently has partnerships with the National Institute on Ageing where they provide Canadians with the sound information and resources needed to achieve financial well-being and general peace of mind about the unpredictable future, as well as the Women’s Brain Health Initiative which focuses on educating families about brain-ageing conditions that affect women and can have a devastating impact on their financial stability and retirement security.
Schlesinger, Joel, “ Cost of Care, Retirement planning is, like, so yesterday; aging well requires a different set of considerations - and financial institutions are pivoting to help” Winnipeg Free Press December 11 2021
Boughton, Noelle, ” How RBC partnership is helping advisors and clients prepare for aging” WP Industry News November 1, 2021
“Recognizing the early signs of dementia“, RBC Wealth Management, February 1, 2021, interviewPaterson, Jennifer. “One in four Canadians taking on caregiving responsibilities: Stats Canada Benefits Canada” January 10, 2020
Ranos, Rachel. “Canadians forced to juggle work and elderly care duty“, HRD, January 14, 2020
Sibonney, Claire. “The Art of Staying Put” Reader’s Digest, July/August 2019
Harris, Catherine. “Parental guidance” Ivestment Executive, November 2018
Paterson, Jennifer. “How does Hawaii’s new caregiver bill measure up against Canada’s new EI benefit?” Benefits Canada, January 8, 2018
Deveau, Denise. “Planning for the cost of care is all about balance” National Post, December 1, 2016
Paterson, Jennifer. “How to Support Working Caregivers” Benefits Canada, October 4, 2016
“Aging in place: How to make your home a retirement haven” The Globe and Mail, January 27, 2016
“Retirement lessons children can learn from elderly parents” The Globe and Mail, January 28, 2016
Aston, David. “Go Small, Think Big.” MoneySense Magazine, September/October 2015.
Sheard, Sarah. “PSY Interview with Audrey Miller.” Psychologica Magazine, Winter/Spring 2015.
Aston, David. “The Toughest Choice.” MoneySense Magazine, April 2012.
Industry Publications
“Role Played by the Family Caregiver.” Age Comfort.com October 16, 2017.
“Rehabilitation and the Elderly, Age is not a Disability.” VRA Magazine, Summer 2009.
“Upfront Retention: Elder Care Benefits.” HR Professional, Vol. 26, No.1, December 2008/January 2008.
Television Interviews
CTV Your Morning: How seniors care plays a large role in the federal election, September 19, 2019