The Canadian Retirement Guide: A Comprehensive Handbook on Aging, Retirement, Caregiving and Health - How to Plan and Pay for it

People over 65 years old constitute the fastest growing segment of the Canadian population. By 2011, as the first baby boomers turn 65, seven million Canadians will be senior citizens. And by 2041 it is estimated nearly one in four Canadians will be over 65. The aging population will radically change society as individuals face the challenges of growing older, caring for parents and often times for children still at home. As our life spans increase so do our options for how we will spend our later years. However, this large group of elders is facing a crisis. Many have made few if any plans for retirement. Without clear goals, plans to support dependants and means of paying for financial commitments, in addition to increasing health risks, retirement could be a time of misery and uncertainty. The Canadian Retirement Guide solves that problem. It sets up a process by which we can plan for retirement as a family, taking into consideration the retiree, the spouse and those who depend on them. Topics covered include estate planning, wills, taxation, how to choose financial professionals, your role as a caregiver, physical and mental health issues, and the different challenges facing us as we enter our golden years. TABLE OF CONTENTS......Page 8 INTRODUCTION......Page 12 Part I: Life Planning......Page 18 1 GROWING OLDER......Page 20 Attitude......Page 21 Your Inner Self......Page 23 2 YOUR LIFE PLAN......Page 26 Reflecting on Your Life......Page 27 Aiming for Balance......Page 28 Following Your Dreams......Page 29 Writing Your Mission Statement......Page 31 Setting Goals......Page 33 Analyzing Your Situation......Page 36 Devising Your Strategy......Page 37 Putting Your Plan into Action......Page 39 3 BODY AND MIND......Page 40 Staying Healthy......Page 41 Companionship......Page 46 Appearance......Page 47 Learning, Working, Sharing......Page 48 4 WHERE WILL YOU HANG YOUR HAT?......Page 52 Making the Right Choice......Page 53 Remaining Independent......Page 56 Adapting Your House......Page 57 Some Factors for Homeowners to Consider......Page 59 Life-Lease......Page 60 Senior's Communities......Page 61 Finding the Right Fit......Page 62 Long-Term Care Facilities......Page 63 Planning the Move......Page 65 Parent–Child Relationships......Page 68 Communicating across Generations......Page 69 Planning Together......Page 70 Factors That Can Impair Communication......Page 71 Selling the Family Home......Page 73 Bequests and Legacies......Page 74 Second Marriages and New Relationships......Page 75 Living with Adult Children......Page 77 Differences in Attitudes and Beliefs......Page 80 6 PUTTING YOUR LEGAL HOUSE IN ORDER......Page 82 Powers of Attorney for Property and Personal Care......Page 83 Capacity Issues......Page 84 Capacity to Make a Power of Attorney......Page 85 Choosing Your Attorneys......Page 86 Wills and Trusts......Page 89 Selecting an Estate Trustee: Factors to Consider......Page 90 Compensation for Estate Administration......Page 91 Bequests and Legacies......Page 92 Prenuptial Agreements......Page 93 Family Law Obligations......Page 94 7 THE FINAL EXIT......Page 96 Cremation......Page 97 After Cremation......Page 98 Earth Burial......Page 99 Funeral Service......Page 100 Memorial Service......Page 101 Location of the Service......Page 103 Pre-Planning Your Funeral......Page 105 Pre-Paying Your Funeral Expenses......Page 106 Part II: Caregiving......Page 108 8 BEING A CAREGIVER......Page 110 Attitudes......Page 111 Responsibilities......Page 112 Making Decisions......Page 113 Workplace Concerns......Page 114 Stress......Page 115 Feelings Related to Caregiving......Page 117 Coping with Anger and Frustration......Page 118 Family Involvement......Page 119 Taking Care of Yourself......Page 121 Identifying Age-Related Changes......Page 124 How to Cope......Page 125 Assessing Needs......Page 126 Informal Support Systems......Page 127 Formal Support Systems......Page 129 Locating Support Services......Page 131 Elder Abuse......Page 132 Problem Solving......Page 134 Distance Caregiving......Page 138 10 COPING WITH DEMENTIA......Page 142 Causes and Development......Page 143 Diagnosing Dementia......Page 144 Coping Strategies......Page 145 Activities for Elders with Dementia......Page 149 Part III: Financial Planning......Page 154 11 WHY PLAN?......Page 156 Objectives of Financial Planning......Page 157 Why People Don't Plan Financially......Page 160 12 YOUR FINANCIAL PLAN......Page 164 Principles of Financial Planning......Page 165 The Role of a Financial Advisor......Page 167 Steps in Financial Planning......Page 168 1. Goals and Objectives......Page 169 2. Information......Page 170 3. Analysis......Page 171 4. Financial Strategy......Page 172 5. Action Plan......Page 173 6. Decisions for Action......Page 174 Review and Update......Page 175 13 BOOSTING THE BOTTOM LINE......Page 178 Principles of Cash Management......Page 179 Defer......Page 184 Divide......Page 187 14 MAKING YOUR MONEY GROW......Page 190 Types of Investment......Page 192 Inflation......Page 193 Comparing the Risks......Page 194 Managing Risk and Prospering......Page 196 Diversification......Page 197 Maintaining a Model Asset Allocation......Page 200 Contrarian Investment Approach......Page 201 Investment Management Points to Remember......Page 202 15 PROTECTING YOURSELF AND YOUR FAMILY......Page 206 Principles of Risk Management......Page 207 What Are the Risks?......Page 209 Critical Illness......Page 210 Need for Long-Term Care......Page 211 Premature Death......Page 214 Capital Analysis in the Event of Death......Page 215 16 PLANNING YOUR ESTATE......Page 220 Common Goals of Estate Planning......Page 221 Estate Planning in General......Page 225 17 CHOOSING A FINANCIAL ADVISOR......Page 226 Professional Qualifications......Page 228 Questions You Should Ask......Page 229 Fee-Only Financial Planners......Page 232 Commission-Based Financial Planners......Page 234 Fee-Based Financial Planners......Page 235 18 OVERCOMING POSSIBLE PROBLEMS......Page 238 Fear of Equities......Page 239 How Annuities Work......Page 240 Additional Benefits of the Insured Annuity......Page 241 Reverse Mortgage......Page 243 Benefits of a Reverse Mortgage......Page 246 Drawbacks of a Reverse Mortgage......Page 247 Home Equity Line of Credit......Page 248 Benefits of HELOC versus a Reverse Mortgage......Page 250 Financial Independence Deficit......Page 251 Family Dynamics......Page 252 Disability Insurance......Page 254 Life Insurance......Page 256 APPENDIX B: PREPARING TO MEET YOUR ADVISORS......Page 260 Your Financial Advisor......Page 262 Your Estate-Planning Advisor......Page 274 Your Lawyer......Page 279 Your Executor......Page 282 APPENDIX C: INTERVIEWING A FINANCIAL ADVISOR......Page 284 D......Page 290 G......Page 291 L......Page 292 R......Page 293 T......Page 294 Y......Page 295