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OPINION Planning for retirement is getting more complex Many worry about having to adjust standard of living, writes Watson Historically, when thinking of retirement, the key question was whether you had enough money to support your desired life­ style for the rest of your life. The fear being you would run out of capital. Statistics Canada re­ ports that Canadians are living longer, and estimates 20 per cent of Canadians will be 65 years of age or older by the year 2024. With a large part of the Canadian population aging and en­ tering retirement, there is now a new question - will you run out of mental ca­ pacity? Diminishing mental ca­ pacity as we age is normal. The longer you live, the more chances you have of developing some form of cognitive deficiency. There are a number of reasons why someone may PETER WATSON COLUMN have impaired cognition. Dementia is one of them, and is the leading cause of disability among Canadian seniors. According to the Alzheimer Society of Cana­ da, an estimated 564,000 Ca­ nadians live with a diagno­ sis of dementia, and 15 years from now there could be as many as 973,000. For many, early retire­ ment can be expensive due to an active lifestyle that may include travel. During middle retirement things tend to slow down and spending is reduced. The last part of retire­ ment can also be expensive, but for different reasons. Many people will need as­ sistance, either at home or in an expensive retirement home. The annual cost to care for Canadians living with dementia, including Alz­ heimer's disease, was ap­ proximately $10.4 billion in 2016, and that number is es­ timated to go up by 60 per cent in the next 15 years. Most people, despite their financial wealth, wor­ ry about running out of money and having to adjust their standard of living. Financial planning can be difficult as so much of the future is unknown. Par­ ticularly life expectancy. As we live longer, cognitive deficiency is going to be more prevalent, so plan­ ning for a future potential incapacity should be a fi­ nancial priority. One way to do this is to make sure your powers of attorney are reviewed, and updated, as your personal circumstances change. - Peter Watson, o f Peter Watson Investments MBA, CFP®, R.F.P, CIM, FCSI, offers a weekly financial planning column, Dollars & Sense. He can be contact­ ed through www.peterwat- sonin vestments, com. Don't be a LitterBug! P l e a s e k e e p o u r c o m m u n i t y c l e a n . f a s a 4 a WINDOWS & DOORS SHUTTERS & BLINDS Since 1999 EC L IPSE S H U T T E R S byshadeOmatic y jn y lb ilt B I L T B E T T E R fasada.ca 905.827.3331 ON SALE NOW iViCAjkd-mi*/. Iv ic a J u k ic a SALES REPRESENTATIVE 9 O 5 . 5 9 2 . 7 i i 2 T R U S T E D IN T H E C O M M U N IT Y S IN C E 1999 D P / M A Y ESCARPMENT r % I I R EALTY INC., BROKERAGE INDEPENDENTLY OWNED & OPERATED N o t in te n d e d to s o lic it p e rs o n s o r p ro p e r t ie s c u r r e n t ly u n d e r c o n tra c t . 13 7 DAYS A WEEK A irport & Out-of-Town Service U PLO A D OUR APP! OAKVILLE TO TORONTO PEARSON AIRPORT STARTING FROM ONLY $45. CALL US FOR DETAILS. | O akville B eaver | Thursday, February 15, 2018 insid e ha lto n.co m http://www.peterwat-sonin http://www.peterwat-sonin Don't be a LitterBug! fasa4a fasada.ca 905.827.3331