A growing number of adults will have to care for their aging, or less autonomous, parents and their own dependent children at the same time. There are 3 explanations for this phenomenon:
- Life expectancy has increased;
- Couples are having children later on in life;
- Children are staying financially dependent on their parents longer.
A couple with children at home and whose parents are still alive must plan for this new reality and prepare to deal with its financial consequences.
Plan for your parents’ loss of independence
|Your parents’ loss of independence may lead to demanding and very expensive care. Long-term care coverage can lighten the financial and psychological load by allowing you to delegate your parents’ care to professionals.|
Plan for the consequences of a serious illness
|If you support your parents and your children financially, you have to protect your own physical and mental health and know where to find support and respite when you need it. |
If it becomes necessary, critical illness insurance would make it easier for you to deal with the financial consequences of such an illness.
Invest in an RESP
|Your children’s university education will be expensive. Start financing it early with an Education Savings Plan (RESP).|