Canadians’ current retirement savings aren’t likely to withstand the costs of long-term health care later in life, according to a new survey by Edward D. Jones & Co.
It found 23 per cent of respondents said they believe their retirement savings will last them less than 10 years, including 21 per cent of those age 55 and older. An additional 31 per cent of respondents said they don’t know how long their retirement savings will last, including 24 per cent of those age 55 and older.
While 61 per cent of Canadians considered health and long-term care a key retirement priority — second to taking care of basic needs — 66 per cent of respondents, including 59 per cent of those age 55 and older, said they have limited or no understanding of the long-term care options and costs they should be saving for.
In addition, only 29 per cent of Canadians said they’ve been prompted by the coronavirus pandemic to discuss a long-term health care plan with their partner. Among respondents age 55 and older that haven’t discussed their plans, 22 per cent said it’s not something they like to think about, while another 23 per cent don’t believe health and long-term care plans will apply to them.