On Oct 18th, CanAge CEO Laura Tamblyn Watts sat on a panel of experts for a live event hosted by the Empire Club of Canada: “Ageing at Home: Is it an Affordable Option?”. The event was a hosted by esteemed journalist and author, Peter Mansbridge.
About the Event
The impacts of the COVID-19 pandemic have caused many Canadians to re-think where they want to age, with 91% now reporting they plan to remain in their own homes for as long as possible. Despite this overwhelming preference to age in place, many older adults are financially unprepared for a safe and comfortable retirement at home. A number of factors contribute to this landscape of financial vulnerability, including low levels of personal savings, higher levels of debt, a scarcity of workplace pension programs, inadequate government-run retirement programs, and a care system that provides greater financial coverage for institutional care over homecare. There are a number of strategies and programs that Canadians can use today to better secure their retirement, such as delaying the acceptance of CPP/QPP benefits, leveraging home equity assets, and purchasing private long-term care (LTC) insurance. Lasting solutions, however, must include public policy reform in areas like the creation of a national public LTC insurance program, promoting financial literacy and retirement planning, and encouraging employers to offer pensions.