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Planning for Health Changes in Retirement

Be Prepared for Changes in Independence and Health

Canadians are living longer than ever, and this means retirement can often last 30 years or more. It also means a greater chance for disabilities and health issues. Here are some things you can do to plan for these types of situations down the road.

Have Someone You Trust Who Can Act in Your Best Interests

It seems intuitive to think that if you were to become mentally or physically incapacitated because of an illness or accident, your spouse or partner could simply make decisions for you. But this is not the case. Without a court order or general Enduring Power of Attorney, your family members could not manage your healthcare decisions or finances.

To help protect your interests and desires, it’s important to have a Power of Attorney (mandate in Quebec).

A Power of Attorney is a legal document that lets you give another person (or people) the authority to act on your behalf. The Power of Attorney can be used to make key decisions about your finances, property and even your personal care.

For more information, see What is Estate Planning and Why Does It Matter?

Look at Your Current Home

If you’re like many people, you want to stay in your own home for as long as you can—forever, if possible! As you age, however, you may need to look at your home through a different lens. For example, would your home still work for you if you could no longer drive at night or comfortably walk up and down stairs?

Watch these tips to help make your home as safe as possible:

Have a Financial Plan Just in Case You Can’t Live at Home Forever

Retirement residences and nursing homes can cost big money! Even if you are perfectly healthy right now, you will thank yourself later that you planned for this type of situation.

Here are some things to think about in case you were to ever need care outside of your home:

Are You a Caregiver or Know One?

Caregivers often face many challenges—managing work demands, navigating intricate family dynamics, burnout, guilt and more. If you’re a caregiver—or know someone who is—you’ll find some great tips in these videos:

What to Check Out Next

Right-Sizing Case Study: Sophia and Raj

See the Case Study

What is Estate Planning and Why Does It Matter?

Read Now

How Will I Fill My Time in Retirement?

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Let’s Start the Conversation

RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.
The content of this publication is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. All charts, illustrations, examples, case studies and other demonstrative content are general and have been provided in this publication for illustrative purposes only. The case studies included do not represent actual events or real individuals. While efforts are made to ensure the accuracy and completeness of the information at the time of publication, errors and omissions may occur. Readers should consult their own professional advisors when planning to implement a strategy. This will ensure that individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax and legal rules and other investment factors are subject to change.
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