A.T. Financial Newsletter
If building your savings is top of mind for 2014, remember that the New Year also starts with a clean slate for anyone able to contribute to a registered savings plan, such as an RRSP or TFSA.

Not only does the amount of the annual contribution room reset with the calendar year, you can also carry over any allowable room you didn't use in past years. This could present a great opportunity to power-up savings.

If you have questions about how to maximize registered plan contributions, or any other concerns about the year ahead, we can help. Once again, a sincere thanks for your confidence in us, and for your business.
FOCUS ON INSURANCE
Consider long-term care in
retirement planning
More than half of Canadians are unaware of the potential costs related to long-term healthcare, suggests a report conducted by the Canadian Life and Health Insurance Association (CLHIA).1 Even more troubling, few are financially prepared to cover these expenses if they need them, it says.

In fact, more than two-thirds (67%) of the Canadians aged 60 and over who were surveyed said that they have no financial plan to cover ongoing care expenses. A majority (56%) didn't know the potential costs related to long-term care in their province, with many incorrectly assuming the government will cover these expenses.1

Many Canadians may not realize that their retirement years may not all necessarily be healthy ones. Health-adjusted life expectancy - counting only illness-free or disability-free years - is considerably shorter than actual life expectancy. Women
and men can expect to live, on average, 83.6 and 78.9 years, respectively; however, their health-adjusted life expectancy is estimated at just 72.1 and 69.6 years.2

The potential need for long-term care services, ranging from home assistance to full-time care in a nursing facility, suggests it may be prudent to purchase long-term-care insurance to cover the potential costs. Those who have not prepared properly could see their retirement plans hit hard if healthcare-related expenses deplete resources intended for travel, lifestyle amenities, gifts to family and planned bequests.

We can help you review your insurance needs and take appropriate steps to help ensure that you'll be able to get the appropriate level of care you want.
1 CLHIA Report On Long-Term Care Policy: Improving the Accessibility, Quality and Sustainability Of Long-term Care in Canada, June 2012.
2 Statistics Canada, CANSIM, Table 102-0122, "Health-adjusted life expectancy, by sex," May 2012
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