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One-third of Canadian Boomers say costs related to their health are driving their monthly retirement living expenses higher than planned
One-third of Canadian Boomers say costs related to their health are driving their monthly retirem...
About this update from Sun Life Financial Inc.
[{"type":"text","content":"\n \n \n \n One-third of Canadian Boomers say costs related to their health are driving their monthly retirement living expenses higher than planned\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Sun Life's holistic approach to planning and solutions – spanning health, wealth and protection – empowers Canadians to thrive in all phases of life\n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 1, 2023\n \n \n /CNW/ - What do you picture when you think of retirement? More time to spend with family and friends. More time to travel and see the world. More time to enjoy hobbies. More time to volunteer and give back to others.\n \n \n While working Canadians focus on saving for retirement to enjoy the gift of time, many overlook the impact health issues will have on both their plans, and their wallets.\n \n \n In a new survey conducted by Ipsos for Sun Life, nearly a third (32%) of Boomers (fully or partially retired aged 58-77) cite health care costs as a factor causing their cost of living to be more expensive than anticipated in retirement, second only to inflation (83%). Housing costs (31%) and market volatility (23%) round out the top four reasons Boomers say their cost of living is higher than anticipated.\n \n \n \"Many retirees are not prepared or aware of the out-of-pocket medical expenses in retirement,\" said\n \n Jacques Goulet\n \n , President, Sun Life Canada. \"These costs can have a significant effect on retirement, especially for those living with a chronic physical or mental health condition that requires ongoing treatment. With the cost-of-living climbing, a holistic plan that meets your health and financial security needs can help prevent this financial burden later in life,\" Goulet added.\n \n \n Nearly half (49%) of Boomers surveyed shared that they have a chronic physical or mental health condition that requires medication or treatment. Of those living with a chronic condition, nearly a third (32%) have or have considered changing their retirement ...