Aging Beyond Retirement: How Canadians Can Afford to Grow Old

Fourteen kids.

That’s the number of siblings Dr. Bonnie-Jeanne MacDonald’s mother had growing up. An astounding number, even at a time when families were known for having large broods.

While it might seem overwhelming, to say the least, there certainly were benefits to having so many kids, says Dr. MacDonald, the director of financial security research for the National Institute on Aging (NIA).

“My mother came from a family of 14 kids, and suddenly you have much fewer people to do that care for aging parents,” MacDonald says. “These family members are under a lot of financial and mental distress, and that’s a big challenge.”

That challenge is becoming an expensive one. By 2050, the cost of public care in nursing and private homes in Canada will more than triple to $71 billion annually, according to a study by the NIA. Much of this is from the 120 per cent increase in older adults needing care support by 2050, mainly the baby boomers.

READ MORE HERE