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Tuesday, September 20, 2011

Are You Prepared?

 Craig Huckerby for local2 sault ste. marie
September 6th, 2011 | Last Updated at 11:02am
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One day, you might find yourself needing long term health care, or you find you can no longer keep up with the maintenance of owning your own home. Then what do you do? Will you have enough money in retirement to give you a lifestyle that you want?

RETIREMENT FUNDS 1Chances are that you haven't given it that much thought.

"Many people have no real plan, they either assume the government plans are sufficient or they will start working towards saving for retirement"soon". Don Ford, a financial advisor with Sun Life Financial

"Even those on a company pension or RRSP should meet with a Financial Advisor and at least determine what their retirement income looks like."

But is it enough if for some reason, you need round the clock care due to health problems or an accident? A basic standard type of accommodation which in most cases has three beds to a ward could run you over $1,600 month.

Fees for nursing homes are standardized across Ontario and are established by the Ministry of Health and Long Term Care. The Ministry of Health provides funding for homes, the amount paid by the residents for the accommodation is called "co-payment"

When it comes to private retirement facilities it's a different ball game altogether.

You may recall a feature article on local2 last month, Retirement Homes Can Be Financial Abuse of the Elderly - Says Sault Family For many it was an eye opener when it comes to the actual cost of a private long term care facility or home.

The cost for retirement homes, especially for those who need extensive care is very expensive - knowing that, when should a person be looking at saving for this need - what age? "The sooner you start a separate plan specifically for Long Term Care/Facilities Care the less costly it will be. Take advantage of your age and good health. This benefit in my opinion is becoming as important as life insurance." says Ford, the benefit Ford speaks of, helps with the cost of living a lifestyle that you are accustomed to. "We can custom make a Long Term Care based on individual situations.The cost is based on age and current health." Ford added, "Many Planners suggest 60-75% of their pre-retirement income. Again meet with your Financial Advisor to see what is appropriate for you." According to recent statistics , Baby Boomers will retire with a lot of debt. That's not an ideal situation when it comes to their retirement living.

The actual monthly costs at a private home can be staggering to most, private rooms for example can range from $1,300 to $7,500 , suites can go as high as $2,400 to over $9,000 a month and if that's what you want , does your current retirement plan cover that amount?

Ford says Sun Life offers the Sun Long Term Care Insurance plan that gives the client a peace of mind and flexibility and control to choose the level of care the client receives while at the same time protecting the client's savings, income and other investments.

Ford urges those interested to give him a call for a no obligation quote, you can call Don Ford at 705-253-1966 ext. 235 or visit the
Ref:web site, sunlife.ca

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