A recent study highlighted in “The Conversation” reveals that wealthier Canadians tend to live longer and are less likely to become dependent as they age. The research, based on a 2016 survey of 2,000 Canadians between the ages of 50 and 69, found that just a one percent increase in income was associated with nearly a five percent increase in the probability of living to age 85. This also led to a one percent decrease in the likelihood of experiencing limitations in daily living activities and a two percent decrease in the likelihood of entering a long-term care home.
This study underscores the significant role financial resources play in extending life and maintaining independence as people get older. Interestingly, despite their lower likelihood of needing nursing home care, higher-income individuals perceived themselves as more likely to require it. This discrepancy may be explained by wealthier individuals considering other factors, such as their financial resources and the possibility of receiving care at home from a professional caregiver.
While we found the findings published in this article noteworthy, it is important to recognize that the relationship between income and aging outcomes is complex and influenced by many factors. We thought you would find this research interesting, as it touches upon aspects of longevity and independence that can influence retirement planning.
Although there are always uncertainties, we offer comprehensive and trustworthy financial life planning to help you and your family make informed decisions about the future. To set up a consultation to discuss your financial life plan, contact us today.