Older Canadians fiercely independent

(NC)—A new survey shows that seniors are a fiercely independent bunch who will do whatever it takes to avoid moving into a nursing home or extended care facility. The Ipsos-Reid study reveals that nine out of ten people aged 65 to 85 want to live independently for as long as possible.

Although the study revealed a strong desire for independence, it also showed that close to three-quarters of seniors will not admit to needing help around their home. Holly Quinn, chief nursing officer of Bayshore Home Health, the sponsor of the study, says this attitude could be detrimental and suggests families take a number of steps to plan for a future of independent living:

1. Talk openly with family, friends and health care professionals about future needs and possible living arrangements.

2. Evaluate current living arrangements. A smaller house that requires less maintenance or one that has fewer stairs might make sense. Or consider making home modifications.

3. Consider hiring help for housekeeping, grocery shopping or traveling to medical appointments.

You can learn more about independent living online at www.bayshore.ca or toll-free at 1-866-265-1920.

Source: www.newscanada.com

Older Canadians more prepared for dying than aging

(NC)—A recent survey designed to provide a 'snapshot' of Canadians aged 65 to 85 has provided some surprising results to those working on the frontlines with aging Canadians.
According to the study conducted by Ipsos-Reid, nine out of ten Canadians between the ages of 65 and 85 have a will, half already have a cemetery plot and 44 percent have a pre-arranged funeral. At the same time, much fewer are actually taking the necessary steps to help ensure they're leading independent lives for as long as possible.

“The survey results show a big discrepancy between seniors' desire to remain in their homes and the plans they're taking to reach this goal,” says Holly Quinn, chief nursing officer for Bayshore Home Health, the sponsor of the survey.

Although the vast majority of older Canadians will do everything they can to avoid moving into a nursing home, less than half have researched ways to help themselves live independently at home. Many seniors believe they can avoid a nursing home by relying on their family to care for them. Yet according to the survey, families don't appear to be talking about the issue.

According to Quinn, experience has shown her that seniors are afraid to introduce the idea of outside help with family members. “Their greatest fear is that they'll be put into a nursing home,” she says. “They're really hoping that they'll be okay, they'll stay healthy and then die peacefully in their sleep.”

With many of today's seniors living longer, healthier lives, the right mix of nursing, personal care, home support and companionship services will help them live comfortably in their own homes for a longer period of time. Talking openly about options and services is an important first step.

More information on independent living and home care is available online at www.bayshore.ca or toll-free 1-866-265-1920.

Source: www.newscanada.com

Women boomers need to plan for retiring alone

(NC)—Women who find themselves single in retirement face increased financial risks, says a new report from the BMO Retirement Institute.

Some may have lived their entire lives as part of a couple, and therefore never put a solid “single retiree” plan into place. A spouse's death or divorce could leave them starkly unprepared.

“Our research suggests that a growing number of Canadian women are retiring alone, and this presents unique set of financial, emotional, and planning challenges,” says Tina Di Vito, director, Retirement Strategies, BMO Financial Group. “Based on our research, many single women boomers are not prepared for the potential effects on personal finances of being found suddenly single and the importance of having a contingency plan.”

For the most part, women still earn less in the workplace, and may have worked fewer years while raising children. This translates to fewer savings and less access to benefits, such as company pensions.

According to the 2006 National Population Health Survey, 43 per cent of Canadian women who have undergone a marital breakup, either divorce or separation, had a substantial decrease in household income, while only 15 per cent of separated or divorced men had a financial decline.

When a spouse dies, the resulting loss of earnings, particularly if the spouse was still active in the labour force at time of death, are usually very difficult to replace.

When it comes to retirement savings, history shows women in particular lean towards GICs as the 'safe' investment option, but there is a real risk of GICs being too conservative, yielding a lower rate of return over the long term.

As a result, many women, especially those without survivor income sources to fall back on, may need to rethink their long-term investment strategy and prepare more actively for the possibility of becoming single in their retirement years.

Source: www.newscanada.com