As our population gets closer and closer to the retirement Tsunami (also known as the baby boomers retiring) there are a few things we need to take a closer look at.
In retirement planning we look at whether we will run out of money or not. We run forecasts and projections look at best and worst case scenarios and try to plan for them. One scenario that doesn’t come up very often is our ability to pay for medications and drugs to keep ourselves healthy when we are retired.
When we retire, most of us will not have group benefits anymore and we’ll be on our own to afford any medications that the Canadian Government will not cover. Did you know that in a report put out by the Fraser Institute in April 2012, titled “Access Delayed, Access Denied 2012” that only 23% of the new drugs approved by the Canadian Government in Canada are covered by Provincial Public Drug Programs? That’s a scary thought when you think about the fact that you would be out of pocket just to receive the treatment you need.
These drugs will not be an option when it comes to your quality of life in retirement. These are all things that need to be considered when we talk about your Financial Plan especially when considering retirement.
To read the whole report, click here: Healthcare Access Denied – Fraser Institute copy
I’d love to help you plan this out, so please call if you live in the Langley, BC area at 604-308-6030.
Travis