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Reduce the stress of running out of money as we age t's official, many Canadians are living longer and that has significant implications on our retirement planning. Last week, the Canadian census numbers were released and we now have specific data showing the trends that many of us have known for years. Canadians are living longer. During the last century, life expectancy has increased by more than 30 years to age 78 for men and 83 for women. That trend is most noticeable for those aged 100 or more. There are close to 6,000 of us that are more than 100 years old. That is an increase of more than 50 per cent over the last 10 years and by the year 2061, it is estimated that 78,000 will be centenarians. We know that physical and mental-health problems become more pronounced as we age. On a positive note, there is one improvement that we can use to our advantage -- in some ways we get smarter. 17 · Thursday, June 7, 2012 OAKVILLE BEAVER · www.insideHALTON.com I `Life expectancy increased to age 78 for men, 83 for women during last century' Dr. Max Cynader, from the University of British Colombia, says wisdom can improve into our 70s and 80s. We will forget some of the details but our logic and big picture thinking gets better. Wisdom is the attribute that we should try to capture and use to make smart decisions about our finances and about our life. Dollars & Sense By Peter Watson expectations of a long life affect your ability to be financially selfsufficient? Will you run out of funds and if so, at what age? Are there things you could do now to improve any financial deficiencies? The most significant financial issue for people over the age of 50 is cash flow during retirement. "(Latest) Canadian census numbers were (recently) released... showing the trends that many of us have known for years. Canadians are aging longer." Those good decisions could lead to greater health. The logic is fairly simple. We know that stress can have negative implications on our health. We also know that one of the significant causes of stress is financial. So if we can better our financial management and reduce stress, our general health could improve. Start by calling your investment advisor to request an appointment for a review of your projected retirement income. Your one question to ask is, if you will be OK? Depending on your level of interest you could ask specific questions. What will the effects of recent poor returns be on your ability to maintain your desired lifestyle? How will inflation and the "Stress can have negative implications on our health... if we can better our financial management and reduce stress, our general health could improve." As stated above, you want to know if you will be OK. If you are in good financial shape then knowing that fact can potentially reduce stress. If you take positive and proactive steps now to correct any anticipated problems, that too could reduce stress. Even if your financial future is poor, in many ways, it is less worrisome knowing the specifics than worrying about the unknown. Cash flow is your main financial concern, so reduce your stress by dealing with your most significant worry. That brings us back to the starting point of wisdom. Use your increased wisdom that comes with age to be proactive with all aspects of your life. Financially, your main concern is running out of cash flow during retirement. Ask you investment advisor to help so you can address this important issue. Your financial health will improve and the reduction of stress will have a positive ripple effect on many other aspects of your life. -- Submitted by Peter Watson, MBA, CFP, R.F.P., CIM, FCSI. Fitness and Fun for Everyone A YMCA membership offers you and your family so many options for getting fit and having fun! Visit us today! ymcaofoakville.com Connect with us! facebook.com/ YMCAOakville @YMCAOakville YMCA of Oakville 410 Rebecca Street, Oakville Tel: 905-845-3417 info@oakville.ymca.ca ymcaofoakville.com Scan with your mobile to see our new video! YMCA of Oakville Peter Gilgan Family YMCA