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Implications of an Aging Population

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This slide share talks about the implications of an Aging Population.

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Implications of an Aging Population

  1. 1. Implications of an Aging Population 1
  2. 2. 2 Our Population is Aging  • By the year 2050, approximately one-third of all Canadians will be  aged 60 and above (Global AgeWatch Index 2015) • This is a result of the aging baby boomer generation, combined  with increasing rates of longevity • An aging population brings with it issues for which the elderly and  the young alike may wish to consider planning
  3. 3. 3 Increasing Prevalence of Dementia  • According to the Alzheimer Society of Canada, by 2031, there will  be approximately 1.4 million Canadians (and approximately 75.6  million individuals worldwide) living with Alzheimer's disease and  other forms of dementia • The risk of diagnosis with Alzheimer's disease and other  dementias increases significantly with older age • Individuals should consider obtaining assistance in creating an  incapacity plan that includes a Power of Attorney for Property and  a Power of Attorney for Personal Care
  4. 4. 4 Upcoming Transfer of Wealth • It is anticipated that over 30 trillion dollars will be passed on from  baby boomers to the next generation (Accenture, 2012) – this  represents the greatest transfer of wealth in history • It is important that individuals who wish to control what happens  with their assets after death have an up-to-date Last Will and  Testament in place • Proper estate planning may be able to help prevent some of the  significant tax liabilities and estate litigation that will be triggered by  the transfer in wealth
  5. 5. 5 Strain on Health Care System • Seniors are now living longer on average, but continue to experience the same health problems associated with old age • Surveys suggest that most Canadians are not confident that our health care system can accommodate the needs of aging patients as their numbers increase • The Canadian Medical Association has stated that our health care system is ill-equipped to deal with the aging population and has suggested that a national strategy, which includes increased accessibility to long-term care facilities, be developed
  6. 6. 6 Long-term Care Considerations • Individuals who have not made adequate financial plans for retirement may rely on younger family members and friends for caregiving assistance • Because of the aging population and increasing rates of dementia, it is anticipated that family caregivers in Canada alone will work 1.2 billion unpaid hours per year by 2040 (Alzheimer Society of Canada, 2015)
  7. 7. 7 Thank you for reading!

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