Your Money Matters



December 2011 Issue


Canadians are living Longer – Need to plan accordingly

New statistics show that Canadians are living longer lives, with those born between 2006 and 2008 reaching a life expectancy of 80.9 years.

Data released by Statistics Canada Tuesday showed life expectancy at birth for the three-year period was up 0.2 years compared to the average for people born between 2005 to 2007. It’s a significant gain from the national average of 78.4 years in 1995.

Canadians living in British Columbia, Ontario and Quebec are living longer lives compared to the national average with B.C. residents hitting the highest life expectancy at 81.4 years.

The lowest life expectancy at birth was recorded in the three territories combined where, at birth, life expectancy sat at 75.2 years.

Across the country, an upward trend of seniors living longer continued, the federal agency reported.

At age 65, seniors had a life expectancy of another 20 years in 2006 to 2008, also up 0.2 year compared to 2005 to 2007.

Jack Goodman, an associate professor in the University of Toronto’s faculty of physical education and health, said a steadily increasing lifespan for Canadians can be expected as medical advancements and healthier lifestyles pave the way for greater longevity.

“When we look at healthy aging and even aging in the presence of disease, there’s one thing that’s always a factor and that’s medical care,” Goodman said Tuesday. “The hypothetical (situation) is that there’s more medical support and resources available . . . and that’s a definite factor that would in some way play a role (in longer life expectancy).

“I believe the number of baby boomers who are just passing middle age now — as their activity patterns are much higher (than the current elderly population) were when they were of baby boomer age — are going to be in much better shape . . . and should have continually increasing lifespans.”

As life expectancy in the country climbed, the gap between the sexes narrowed.

“While men generally have a lower life expectancy than women, the gains made in the previous 10 years have narrowed the gender gap,” Statistics Canada said in the release.

“During the 1996 to 1998 period, the gap in life expectancy at birth between men and women was 5.6 years, whereas in 2006-08 it was 4.6 years.”

Now, the nationwide average expectancy is 78.5 for men and 83.1 for women.

In 2008, 238,617 people died, up 1.4 per cent from 2007.

B.C. and Ontario had the lowest standardized death rates of 5.1 per 1,000 while Nunavut had the highest at 8.1.

The national average was 5.4 in 2008.

Life expectancy is the average number of years of life remaining at birth or at another age and is calculated using three-year data.

Even though genetics play a part in longevity. Current lifestyles are significantly different than our parents. As a result, the financial plans we have need to plan for us to live longer.

**article found on Postmedia News Service, September 27, 2011**


Theresa Wever and the Money Concepts Team.

Commissions, trailing commissions, management fee and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.